Hi, I understand the need for convexity adjustments in the following payoffs:-libor-in-arrears-futures when used in curve buildingI understand these adjustments from the angle of "early payment advantage", where an investor has a choice of investing a payment at a higher rate (when he is in receipt), or borrowing at a lower rate (when he is in payment). I shall not go into the martingale measure vs payment measure definition, and will also leave CMS and quanto adjustments out of this discussion for now. Now, how about these set of payoffs:-fixed leg range accrual swap-floating leg range accrual swap (with float = range index)-floating leg range accrual swap (with float <> range index)-zero Coupon Swap ? No Compounding-zero Coupon Swap ? With CompoundingCan anyone share with me their thoughts on the 5 payoffs above--whether convexity adjustments are necessary?Thanks!