关于frm一级notes中一个问题

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p12 Presettlement risk is lower than settlement risk because, with this measure, payments will offset (i.e., are netted). On the other hand, settlement risk exposure deals with the full value of each payment.

也许问题略显小白了点，可是我疑惑的是presettlement risk到底怎么界定，为什么比settlement risk低
还有后句该怎么理解

麻烦高人指点啦，谢谢

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关键词：frm一级 notes note FRM not payments because

求助啊T T

DEFINITION OF 'PRE-SETTLEMENT RISK'
The risk that one party of a contract will fail to meet the terms of the contract and default before the contract's settlement date, prematurely ending the contract.

This type of risk can lead to replacement-cost risk.

INVESTOPEDIA EXPLAINS 'PRE-SETTLEMENT RISK'
For example, let's say ABC company forms a contract on the foreign-exchange market with XYZ company to swap U.S. dollars for Japanese yen in two years. If prior to settlement XYZ company goes bankrupt, it will be unable to complete the exchange and must default on the contract. ABC company will have to form a new contract with another party which leads to replacement-cost risk.