2013 CFAI Mock Afternoon - Rudi Kesselaar

I have a problem understanding the solution in the 2013 CFAI Mock Afternoon session Rudy Kesselaar case Question 7. Where do they consider that the swap pays semi-annually? I don’t get it from reading the case. Given exhibit 1 I would have rather considered quarterly payments. Is it market knowledge that a swap makes semi-annual payments unless stated otherwise? Thanks for your opinion.

Found this post and I share the same befuddlement as OP. Is the semi-annual payment a currency swap market convention ?

Any light that you can shed would be most appreciated. :slightly_smiling_face: