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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.
The swap broker receives a commission for this service. Today, most swap banks serve as dealers or market makers. As a market marker, the swap bank stands willing to accept either side of a currency swap, and then later lay it off, or match it with a counterparty. In this capacity, the swap bank assumes a position in the swap and therefore assumes certain risks.