In the absence of market imperfections and swap externalities, swaps are a zero-sum game such...
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Accounting
In the absence of market imperfections and swap externalities, swaps are a zero-sum game such that the QSD cannot be exploited for economic gain, that is, the QSD cannot be arbitraged. In the light of this statement, briefly outline and explain possible reasons other than arbitrage that might explain why the QSD exists.
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