n Investment Analysts Journal - Investment basics XLII an introduction to swaps

Volume 2001, Issue 53
  • ISSN : 1029-3523
  • E-ISSN: 2077-0227
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Extracted from text ... Number 53 - Part 5 L van Coller - Investec Bank Ltd, PO Box 785700, Sandton 2146, Republic of South Africa Investment Basics XLII An introduction to swaps 1. Introduction - What is a swap? Derivatives are a natural extension of cash markets because of the need to manage future cash flows efficiently. A swap is one of the most versatile interest rate derivatives. A standard swap involves two counter parties exchanging interest cash flows at predetermined dates in the future. For example, in South Africa a plain vanilla swap consists of one counter party paying the other quarterly interest ..

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