1. Definition
Swap in the financial field refers to a contract in which two or more parties exchange a series of cash flows within an agreed time according to agreed conditions. It is an over-the-counter derivative.
2. Main participants in the swap market
(1) Government departments
(ii) Financial institutions
(iii) Export Credit Corporation
3. Main swap varieties in developed markets in Europe and the United States
– Interest rate swaps – the largest trading volume in the OTC market
– Currency swap