Swap transaction - Swap transaction

Japanese: スワップ取引 - すわっぷとりひき（英語表記）swap transaction

A transaction in which different cash flows such as interest rates or currencies are exchanged for a certain period of time. It is a bilateral transaction agreed upon between the parties. There are interest rate swaps in which interest rates are exchanged between the same currencies (fixed and floating interest rates can be exchanged, or different types of floating interest rates can be exchanged), currency swaps in which interest rates and principal are exchanged between different currencies, coupon swaps in which interest rates are exchanged between different currencies, and equity swaps in which stock price indexes and interest rates are exchanged. It is said that the currency swap between the World Bank and IBM in 1981 was the first, and it is used for the purpose of reducing fundraising costs and avoiding interest rate fluctuation risks of funds raised. For example, a user of a fixed-rate loan who expects interest rates to fall in the future can exchange the interest rate for a floating-rate loan with a lower interest rate to reduce the interest burden (interest rate swap). In a broad sense, it also refers to a transaction (changeover) in which spot and forward exchange are traded in the same amount. Spot exchange is the exchange of currencies at the present time, and forward exchange is the exchange of currencies at a certain point in the future. It is used to adjust one's own foreign exchange positions and adjust surpluses or shortages of funds, etc.

(Mitsuru Yoshikawa, Managing Director, Daiwa Institute of Research Ltd. / 2007)

Source : "Chiezo" published by Asahi Shimbun Publications Co., Ltd. About Chiezo

Japanese:

金利または通貨等の異なるキャッシュフローを一定期間交換する取引。当事者間の合意による相対(あいたい)取引である。同一通貨間で金利(固定金利と変動金利を交換する形態と、種類の異なる変動金利間で交換を行う形態がある)を交換する金利スワップ、異種通貨間で金利・元本を交換する通貨スワップ、異種通貨間で金利を交換するクーポンスワップ、株価指数と金利等を交換するエクイティ・スワップ等がある。1981年に世界銀行とIBMの間で行われた通貨スワップが始まりとされ、資金調達コストの削減や調達資金の金利変動リスクを回避する目的等で利用されている。例えば、将来的な金利の低下を見込む固定金利建てローンの利用者は、より低金利で設定された変動金利建てローンの金利と交換し、金利負担の軽減を図ることになる(金利スワップ)。また、広義には、直物為替及び先物為替の反対売買を同額だけ行う取引(チェンジ・オーバー)も指す。直物為替とは現時点での通貨の交換であり、先物為替とは将来のある時点での通貨の交換である。自己の外国為替持ち高の調整や資金の過不足の調整等に用いられる。

(吉川満（株）大和総研常務理事／ 2007年)

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