A derivative instrument that provides for the exchange—or swap—of cashflows between parties by which the parties swap the risk of the underlying obligations that give rise to payment of the cashflows. There are several types of swaps, including interest rates, foreign exchanges, credit, equity, and commodity.
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Mauris finibus odio eu maximus interdum. Ut ultricies suscipit justo in bibendum. Sed eu magna efficitur, luctus lorem ut, tincidunt arcu. Praesent varius sit amet erat hendrerit placerat. In posuere eget ante id facilisis. Integer semper venenatis felis lacinia malesuada.
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— Securities Industry & Financial Markets Association v. CFTC
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