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Pricing: For a floating-floating currency swap where only the exchange rate is hedged, a market. exchange rate (typically, the spot rate as of the effective date of the swap) is used to convert the. payment amounts of the local currency into the target currency. The same exchange rate is used.
What is a 'Swap'. A swap is a derivative contract through which two parties exchange financial instruments. These instruments can be almost anything, but most swaps involve cash flows based on a notional principal amount that both parties agree to. Usually, the principal does not change hands.