Which of the following descriptions of equity swaps is true?

A) The payment on an equity swap is not known until the end of the settlement period.

B) In an equity swap, there is always an exchange of cash flows linked to the performance of an equity with another stream of cash flows based on a swap fixed rate.

C) The notional principal amounts are exchanged at initiation and expiration of an equity swap contract.

D) Buyer of an equity swap owns the individual stock or index which the equity swap is based on and receives return on it.