Assume you are a floating rate borrower. Circle the position you would take in each of the following instruments to protect yourself against a rise in LIBOR rates: (you will circle one position for each type of derivative, i.e. whether you would Pay or Receive on a swap).

Position (circle one for each derivative)

Swaps PAY RECEIVE

FRA LONG SHORT

EuroDollar Futures LONG SHORT

IR Option Call Put

Swaption Payer Receiver