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Currency swap

The currency swap is a transaction where one party purchases a certain amount of currency at the spot rate, and at the same time sells the same amount of the same currency on a future date more than two days away from the contract date. The second transaction is a forward and is contracted with the same counterparty as the spot transaction.

It should be noted that there are no obstacles for both trades in a currency swap to be on future value dates.

In other words, the currency swaps can be generally divided into two types - spot/forward and forward/forward.