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Forward Swap
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A swap agreement with the period covered by the exchange beginning at a future date. Often priced as two partially offsetting swaps-both starting immediately, but one ending on the deferred start date of the forward swap. For example, a one-year swap and a five-year swap could partially offset to create a four-year swap, starting one year forward. Also called Forward Start Swap, Deferred Start Swap, Delayed Start Swap.
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