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Glossary Term: CURRENCY SWAP

Definition(s) for CURRENCY SWAP:


1. ) An exchange of interest rate payments in different currencies on a pre-set notional amount and in reference to pre-determined interest rate indices in which the notional amounts are exchanged at inception of the contract and then re-exchanged at the termination of the contract at pre-set exchange rates. Often, one party will pay a fixed interest rate, while another will pay a floating exchange rate (though there may also be fixed-fixed and floating-floating arrangements). At the maturity of the swap, the principal amounts are exchanged back. In contrast to the interest rate swap, the principal and interest are both exchanged in full in a currency swap.



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