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Published in:
1994 | OriginalPaper | Chapter
Swap Markets
Author : Charles Errington
Published in: Financial Engineering
Publisher: Palgrave Macmillan UK
Included in: Professional Book Archive
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An interest rate swap is an agreement between two counterparties to exchange interest payments and receipts on a number of occasions during a specified period. It is equivalent to two simultaneous cash transactions — each counterparty is, in effect, lending to and borrowing from the other the same capital amount over the same period.