"FX swap": Foreign exchange swap contract. A short-dated composite agreement to: 1. Exchange currencies at a fixed 'near leg' date (usually spot) and price, AND2. To re-exchange the same related currencies and amounts at a later fixed 'far leg' date and price. The composite pricing of the FX swap is favourable for the price-taker, compared with the pricing of the two related outright contracts (for example for spot exchange and forward re-exchange of the same currency pair).