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Currency Swap Basics

0 2. 7 3. 3 3. 5 Source: "The Global OTC Derivatives Market at end-December 2004", BIS, , "OTC Derivatives Market Activity in the 2nd Half of 2006", BIS,  Major Swap Participant [edit] A Major Swap Individual (MSP, or in some cases Swap Bank) is a generic term to describe a monetary institution that assists in swaps in between counterparties.

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A Biased View of Swap - Overview, Applications and Different Types of Swaps

A swap bank can be an international commercial bank, an investment bank, a merchant bank, or an independent operator. A swap bank works as either a swap broker or swap dealership. As a broker, the swap bank matches counterparties however does not assume any risk of the swap. The swap broker gets a commission for this service.

As a market maker, a swap bank is willing to accept either side of a currency swap, and then later on on-sell it, or match it with a counterparty. In this capability, the swap bank presumes a position in the swap and for that reason assumes some dangers. The dealer capacity is clearly more risky, and the swap bank would receive a part of the money streams passed through it to compensate it for bearing this risk.

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These reasons seem uncomplicated and hard to argue with, specifically to the extent that name recognition is really essential in raising funds in the worldwide bond market. Companies using currency swaps have statistically greater levels of long-term foreign-denominated debt than firms that use no currency derivatives. Conversely, the primary users of currency swaps are non-financial, global firms with long-lasting foreign-currency funding needs.

Funding foreign-currency financial obligation using domestic currency and a currency swap is for that reason superior to funding straight with foreign-currency financial obligation. The 2 primary reasons for switching interest rates are to much better match maturities of assets and liabilities and/or to obtain an expense savings by means of the quality spread differential (QSD).  Look At This Piece  recommends that the spread between AAA-rated industrial paper (floating) and A-rated commercial is slightly less than the spread in between AAA-rated five-year obligation (fixed) and an A-rated responsibility of the exact same tenor.