Swap
- Japanese
- スワップ
- Last reviewed
- September 24, 2026
This is a draft, shown for review before publication.
A swap is a trade in which two parties exchange cash flows, calculated by methods agreed in advance, at regular intervals over an agreed period.
Related terms
Explained in detail
Pages that use this term
- Bootstrapping a Yield Curve
- The Multi-Curve Framework
- Dealers and Brokers
- How Regional Banks Use Derivatives
- What Is a Derivative?
- Forwards and Futures
- Overview of Exotic Options
- Interest Rate Swaps
- Valuing an Interest Rate Swap
- Basis Swaps
- Amortizing Swaps
- Swaptions
- Overview of Exotic Rate Products
- Bermudan Swaptions
- Callable Swaps
- €STR and SONIA
- Equity Swaps and Total Return Swaps
- First-to-Default Baskets
- Synthetic CDOs and Tranches
- Inflation Swaps
- Inflation Caps and Floors
- Overview of Commodity Derivatives
- Power
- Metals
- Weather Derivatives
- Longevity Swaps
- Property Derivatives
- What Are Structured Products?
- Callable Bonds and Early Redemption Features
- Credit-Linked Notes (CLN)
- PRDC Notes
- Digital Coupon Notes
- Structured Loans
- The Black and Bachelier Models
- The LIBOR Market Model (LMM)
- The SABR Model
- Adjoint Algorithmic Differentiation (AAD)
- Managing Gamma and Vega
- Sensitivities: DV01, Vega and Key Rate Sensitivities
- What Is Counterparty Credit Risk?
- Exposure Profiles by Product
- Wrong-Way Risk
- Risk Reduction through Netting and Collateral
- Counterparty Risk and XVA
- Booking Errors and Confirmation Mismatches
- Capital Valuation Adjustment (KVA)
- Trade Confirmations
- Accounting Operations
- FpML
- Identifiers: LEI, UTI, and UPI
- Intragroup Back-to-Back Trades
- Fair Value Measurement: IFRS 13, ASC 820 and the Fair Value Hierarchy
- Hedge Accounting Basics
- Deferral Hedge Accounting under Japanese GAAP
- Hedge Accounting under IFRS 9 and ASC 815
- Embedded Derivatives
- Japanese GAAP vs IFRS vs US GAAP
- Transfer Pricing for Cross-Border Trades
- The ISDA Master Agreement and Schedule
- Events of Default and Termination Events
- Close-Out Netting
- Central Counterparties: JSCC, LCH, CME and Others
- Trade Repositories
- Portfolio Compression
- Electronic Trading Platforms such as SEFs
- Portfolio Reconciliation
- Major Electronic Trading Platforms
- The Financial Instruments and Exchange Act and Derivatives
- The Commodity Derivatives Transaction Act
- Suitability and the Duty to Explain
- Overview of Derivatives Regulation in the US
- The Roles of the CFTC and SEC
- Dodd-Frank Act Title VII
- The Volcker Rule
- Swap Dealer Registration
- Clearing, Reporting, and Trade Execution Requirements
- Overview of Derivatives Regulation in Asia-Pacific
- China
- South Korea
- Market Manipulation and Spoofing
- The Collapse of LTCM
- The LIBOR Manipulation Scandal
- The Metallgesellschaft Loss (1993)
- ESG-Linked Derivatives