A swap is essentially a strip of forward contracts.

Name: A swap is essentially a strip of forward contracts.
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A swap is a financial derivative instrument that involves the exchange of cash flows between two counter-parties based on an underlying asset, such as interest rates, currencies or commodities. Typically, a swap contract includes a series of forward contracts that each party agrees to settle on a specific date. Therefore, a swap can be seen as a strip of forward contracts.

A Swap Is Essentially a Strip of Forward Contracts