A swap that technically is a succession of forward contracts on interest rates is

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The question asks about a swap that is technically a succession of forward contracts on interest rates.
Option a: a commodity swap. This involves exchanging commodity prices or quantities (like oil or corn) and is not primarily based on interest-rate expectations, so it does not match the description of a series of forward rate contracts.
Option b: a credit swap. Credit swaps (such as credit default swaps) deal with credit risk transfer, not with interest-rate forwards or RSS-like rate exposure, so this is not correct for a sequence of forward rate contracts.
Option c: an interest rate swap. An interest rate swap is precisely a contract where a series of cash flows is exchanged, typically based on forward-looking interest rates (e.g., exchanging fixed rate payments for floating rate payments), effectively a succession of forward-rate agreements embedded in the deal. This aligns with the description of forward-rate contracts carried out over time.
Option d: a currency swap. A currency swap involves exchanging principal and interest payments in different currencies, addressing exchange-rate and interest-rate aspects across currencies, but the core mechanism is not simply a chain of forward contracts on rates themselves.
Option e: an equity swap. An equity swap exchanges exposure to equity returns, not interest-rate forwards; it targets stock or index performance rather than interest-rate movements.
In summary, the definition points to a structure that reproduces a stream of interest-rate forward decisions, which is characteristic of an interest rate swap, whereas the other options describe swaps tied to commodities, credit risk, multiple currencies, or equity performance rather than a chain of forward-rate agreements.

A swap that technically is a succession of forward contracts on interest rates isSingle choice

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