单选题 A private agreement between two parties to exchange a series of future cash flows, with at least one of the two series of cash flows determined by a later outcome, is best characterized as a(n):

A、

A. swap.
B、

B. futures contract.
C、

C. exchange-traded contingent claim.

【正确答案】 A

【答案解析】A swap is equivalent to a series of forward contracts.