To help you prepare for the "Securities Investment Fund" subject in the fund industry, we have compiled the relevant test points for the "Securities Investment Fund" in the fund industry. The related content of "Swap Contract" has been compiled for everyone's reference and study. More fund examination content can be learned in the Fund Qualification Examination APP or the Xisai.com applet. Swap contracts are one of the test points of the Fund Practitioner Qualification Examination "Securities Investment Funds". Candidates will get twice the result with half the effort by mastering this test point and integrating it thoroughly.
1. Overview of swap contracts 1. A swap contract refers to a contract in which the two parties agree to exchange the underlying assets of a certain contract with each other in a certain period in the future. More precisely, a swap contract refers to a contract between two parties agreeing to exchange cash flows that they believe have equal economic value within a certain period in the future. ★2. Two common contracts are interest rate swap contracts, currency swap contracts, equity swaps, credit default swaps and other swap contracts.
2. Types of swap contracts (1) Interest rate swap 1. Interest rate swap means that both parties to the swap contract agree to pay the other party in installments in the same currency within the agreed period according to different interest calculation methods. Interest determined based on the nominal principal amount. 2. There are two forms of interest rate swaps: 1. Coupon swap; 2. Basic swap (2) Currency swap 1. Currency swap means that both parties to the swap contract agree to use the same or different interest calculation methods within the agreed period. Pay interest in installments to the other party determined by equivalent principal amounts in different currencies, and exchange principal at the beginning and end of the period. 2. Currency swaps can be divided into three forms: 1. Fixed versus fixed; 2. Fixed versus floating; 3. Floating versus floating.
3. The difference between forward contracts, futures contracts, options contracts and swap contracts