In general: financial term for a combined or simultaneous buying and selling operation.

(1) Swaps between central banks: transactions that are frequently carried out in connexion with the IMF or the BIS to bridge international liquidity crises.

(2) Capital-market swaps: agreements whereby the two parties undertake to swap payments over a specified period on specified dates and at conditions fixed in advance. The swap contract can either refer to the exchange of interest payments (interest-rate swap) or the exchange of interest payments and nominal amounts in different currencies (currency swaps).

(3) Synonym for currency swap.

(4) Synonym for debt-equity swaps.