Swap

掉期 
掉期合同是一種協議,規定了合同雙方在一定時間段內交換一系列現金流的協議,交換發生在合同預置好的日期,通常只交換現金淨值(如Plain vanilla swap)。 

Traditionally, the exchange of one security for another to change the maturity (bonds), quality of issues (stocks or bonds), or because investment objectives have changed. Recently, swaps have grown to include currency swaps and interest rate swaps.
If firms in separate countries have comparative advantages on interest rates, then a swap could benefit both firms. For example, one firm may have a lower fixed interest rate, while another has access to a lower floating interest rate. These firms could swap to take advantage of the lower rates.



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