Lecture_5Swaps(衍生金融工具-人民银行研究院,何佳).pptVIP

Lecture # 5: Swaps A swap is an agreement between two or more parties to exchange sets of cash flows over a period in the future. The parties that agree to the swap are known as counter-parties. The cash flows that the counter-parties make are generally tired to the value of debt instruments or to the value of foreign currencies. Therefore, the two basic kinds of swaps are interest rate swaps and currency swaps. ·??????? The Swaps Market -???????? Swaps are custom tailored to the needs of the counter-parties. -???????? The swaps market has virtually no government regulation. -???????? Defa