Cross-Currency Swap

Last, currency swaps can be used by countries as a defense against financial crises. Here is a step-by-step explanation of how it works. This means that in a swap between euros and dollars, a party that has an initial obligation to pay a fixed interest rate on a euro loan can exchange that for a fixed interest rate in dollars or for a floating rate in dollars. Another similarity between swaps and forwards is that both are not traded on organized exchanges. Forward contracts are non-standardized and can be customized according to the requirements of those entering the contract.

• FX swap is a contract between two parties that simultaneously agrees to buy (or sell) a specific amount of a currency at an agreed on rate, and to sell (or buy) the .

What is a 'Cross-Currency Swap'

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A cross-currency basis swap agreement is a contract in which one party borrows one currency from another party and simultaneously lends the same value, at . Among types of swaps, the Bank for International Settlements (or BIS) distinguishes “cross currency swaps” from “FX swaps.” Unlike in a cross currency swap, in an FX swap there are no exchanges of interest during the contract term and a differing amount of funds is exchanged at the end of the contract. What is a 'Cross-Currency Swap' Cross-currency swaps are an over-the-counter derivative in a form of an agreement between two parties to exchange interest payments and principal denominated in two.