Barclay (one of the major financial center bank in the UK) and has a swap operation. It currently has a quote for a five-year swap with semiannual payments is 3.5-3.6 percent. This means that: 1. Barclay will pay semiannual fixed-rate dollar payments of 3.6 percent against receiving six-month dollar LIBOR. II. Barclay will receive semiannual fixed-rate dollar payments of 3.5 percent against paying six- month dollar LIBOR. III. Barclay will pay semiannual fixed-rate dollar payments of 3.5 percent against receiving six- month dollar LIBOR. IV. Barclay will receive semiannual fixed-rate dollar payments of 3.6 percent against paying six- month dollar LIBOR. Ill only O I only III and IV O I and