Currency Swaps

Often just referred to as Cross Currency Swap, Cross Currency Interest Rate Swap, CCS, XCCY


A cross currency swap where the currencies are the same is an Interest Rate Swap.


This involves an exchange of cash flows similar to an interest rate swap but in two different currencies.



This could be Fixed for Floating, Floating for Fixed or Fixed for Fixed.
If it is Floating for Floating then it is called a Basis Swap


This is an OTC transaction




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