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Swap - Financial definition

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Translations:      FR  swap (n.m.)     ES  permuta financiera (n.f.) , swap (n.m.)     DE  Swap (n.m.) 

Concise definition of the term swap

A swap is a cash-settled over-the-counter financial derivative where two counterparties agree to exchange two streams of cash flows during the life of the swap. In its most basic form, the exchange involves a fixed and a floating interest rate, but swaps can be used to exchange virtually any type of cash flows.

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