很多FRM考生搞不清楚swap，因?yàn)樗袃蓚€(gè)翻譯，關(guān)于掉期和互換，究竟有哪些區(qū)別？跟著高頓網(wǎng)校FRM小編來了解一下。
掉期和互換，英文都是swap。對于swap，wiki的解釋是：
In finance, a swap is a derivative in which counterparties exchange certain benefits of one party's financial instrument for those of the other party's financial instrument. The benefits in question depend on the type of financial instruments involved. For example, in the case of a swap involving two bonds, the benefits in question can be the periodic interest (or coupon) payments associated with the bonds. Specifically, the two counterparties agree to exchange one stream of cash flows against another stream. These streams are called the legs of the swap. The swap agreement defines the dates when the cash flows are to be paid and the way they are calculated.[1] Usually at the time when the contract is initiated at least one of these series of cash flows is determined by a random or uncertain variable such as an interest rate, foreign exchange rate, equity price or commodity price.[1]
The cash flows are calculated over a notional principal amount, which is usually not exchanged between counterparties. Consequently, swaps can be in cash or collateral.
Swaps can be used to hedge certain risks such as interest rate risk, or to speculate on changes in the expected direction of underlying prices.
簡單說，swap就是雙方對金融資產(chǎn)及收益權(quán)的交換。
swap的應(yīng)用很廣泛，wiki給出的種類有：
Interest rate swaps
Currency swaps
Commodity swaps
Equit swap
Credit default swaps
Other variations (Total return swap, Swaption, Variance swap, Amortising swap)
掉期和互換可能存在差異在外匯領(lǐng)域，主要是Currecy swap和Forex swap。wiki的解釋是：
A currency swap is a foreign-exchange agreement between two parties to exchange aspects (namely the principal and/or interest payments) of a loan in one currency for equivalent aspects of an equal in net present value loan in another currency; see Foreign exchange derivative. Currency swaps are motivated by comparative advantage.[1] A currency swap should be distinguished from a central bank liquidity swap.
In finance, a forex swap (or FX swap) is a simultaneous purchase and sale of identical amounts of one currency for another with two different value dates (normally spot to forward).; see Foreign exchange derivative.
按照我的理解，外匯領(lǐng)域中的互換指的是currecy swap，掉期指的是FX swap?；Q是兩家機(jī)構(gòu)之間對不同貨幣本金和利息都進(jìn)行交換的交易；而掉期是一家機(jī)構(gòu)同時(shí)買進(jìn)和賣出金額相同的遠(yuǎn)期合同，兩個(gè)遠(yuǎn)期合同的日期不一樣（通常是現(xiàn)貨買進(jìn)期貨賣出或者現(xiàn)貨賣出期貨買進(jìn)），交易對手是不是同一個(gè)人，并不能從wiki的解釋清楚看出。如更透徹的理解，需要知道兩種swap的結(jié)構(gòu)。wiki的解釋是：
Currency swaps are over-the-counter derivatives, and are closely related to interest rate swaps. However, unlike interest rate swaps, currency swaps can involve the exchange of the principal.
There are three different ways in which currency swaps can exchange loans:
The most simple currency swap structure is to exchange the principal only with the counterparty, at a rate agreed now, at some specified point in the future. Such an agreement performs a function equivalent to a forward contract or futures. The cost of finding a counterparty (either directly or through an intermediary), and drawing up an agreement with them, makes swaps more expensive than alternative derivatives (and thus rarely used) as a method to fix shorter term forward exchange rates. However for the longer term future, commonly up to 10 years, where spreads are wider for alternative derivatives, principal-only currency swaps are often used as a cost-effective way to fix forward rates. This type of currency swap is also known as an FX-swap.
Another currency swap structure is to combine the exchange of loan principal, as above, with an interest rate swap. In such a swap, interest cash flows are not netted before they are paid to the counterparty (as they would be in a vanilla interest rate swap) because they are denominated in different currencies. As each party effectively borrows on the other's behalf, this type of swap is also known as a back-to-back loan.
Last here, but certainly not least important, is to swap only interest payment cash flows on loans of the same size and term. Again, as this is a currency swap, the exchanged cash flows are in different denominations and so are not netted. An example of such a swap is the exchange of fixed-rate US Dollar interest payments for floating-rate interest payments in Euro. This type of swap is also known as a cross-currency interest rate swap, or cross-currency swap.
A forex swap consists of two legs:
a spot foreign exchange transaction, and
a forward foreign exchange transaction.
These two legs are executed simultaneously for the same quantity, and therefore offset each other.
It is also common to trade forward-forward, where both transactions are for (different) forward dates.
至此，兩個(gè)概念完全清楚了，結(jié)論如下：
1. 僅對于swap這個(gè)單詞，掉期=互換；
2. 除外匯領(lǐng)域，其他類型swap，如interest rate swap，既可翻譯為利率掉期，也可翻譯為利率互換，沒有區(qū)別；
3. 外匯領(lǐng)域，我認(rèn)為更好的翻譯方式是，把currecy swap翻譯為貨幣互換，把FX swap翻譯為外匯掉期；
4. 之說以有掉期和互換這兩種不同的翻譯，原因在于FX swap的結(jié)構(gòu)可以套期保值；而currency swap是參與雙方本著自身需求和利益進(jìn)行標(biāo)的交換。
文章來源：http://blog.sina.com.cn/s/blog_55cbe2490100mkvp.html