"Swap": Any agreement which: (1) Provides for the exchange of one or more payments based on the value or level of one or more rates, currencies, commodities, securities, instruments of indebtedness, indices, quantitative measures, or other financial or economic interests or property of any kind; (2) And which transfers between the parties to the transaction, in whole or in part, the financial risk associated with a future change in any such value or level; (3) Without also transferring a current or future direct or indirect ownership interest in an asset or liability that incorporates the financial risk transferred by the swap. Examples of swaps include interest rate swaps, basis swaps, and cross currency interest rate swaps. Not to be confused with a foreign exchange swap, which is different.
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