2005 | OriginalPaper | Chapter
Swaps
Authors : Moorad Choudhry, Dr Didier Joannas, Richard Pereira, Rod Pienaar
Published in: Capital Market Instruments
Publisher: Palgrave Macmillan UK
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Swaps are off-balance sheet instruments involving combinations of two or more basic building blocks. Most swaps involve combinations of cash market securities, for example a fixed interest rate security combined with a floating interest rate security, possibly also combined with a currency transaction. The market has also seen swaps that involve a futures or forward component, as well as swaps that involve an option component. The main types of swap are interest rate swaps, asset swaps, basis swaps, fixed-rate currency swaps and currency coupon swaps.