Company X borrowed $100M for 5 years at a floating rate but wishes to switch to a fixed rate. Company Y borrowed the same amount for the same period at a fixed rate, but wishes to switch to a floating rate. The following rates are available to X and Y, respectively. Both approached FINM Bank for advice on how to transform their exposures and to potentially receive a better deal.

	Fixed Rate (p.a.)	Floating Rate (p.a.)
Company X	3.4%	SOFR+0.1%
Company Y	3%	SOFR

(a) As the head of FINMs swap desk, you have designed a swap that gives 60% of the gains to X and the rest to Y, and charged 10bps p.a. as commission. All payments within the swap are exchanged via FINM. The floating rate is paid all the way across. What does X receive via FINM within the swap? What does Y receive via FINM within the swap? Explain and support with calculations.