Conceptually, a swap contract can be viewed as a succession of forward contracts.

Name: Conceptually, a swap contract can be viewed as a succession of forward contracts.
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A swap contract involves exchanging cash flows based on different underlying assets or indices. Each leg of the swap can be viewed as a series of forward contracts, with each payment being a settlement of a forward contract. Therefore, a swap contract can be viewed as a succession of forward contracts.

Conceptually, a Swap Contract Can Be Viewed as a Succession