Before revision:  Although fair-value swap rates are independent of monitoring frequency, the associated risk premiums are not. A historical analysis based on 16 years of S& P500 data demonstrates the diversity of the risk exposures attainable through trading these swaps, as well as floating-floating swaps that trade differential risk premiums and maturities .
After revision:  Although fair-value swap rates for such characteristics which have no jump or discretisation errors. This theory underpins specific examples for swaps based on higher moments of a single log return distribution where exact replication is possible via option-implied `fundamental contracts' like the log contact. The common factors determining the S& P500 data demonstrates the diversity of the risk exposures attainable through trading these swaps, as well as floating-floating swaps that trade differential risk premiums and maturities .