I have a very practical question regarding the terminology of swap / rates trading. What is the exact definition of statements like receive 10s30s. I know that it is the spread between 30y and 10y yields. But question is what is the standard to which the word receive is bound? In a 10s30 receiving trade do we receive 10y rate and paying 30y? That would mean we entered a steepener trade or is it the other way around?

In general is there a convention how market is talking about these kind of trades. Similar issue: When people say buy Bund/Oat box, is buying referring to bunds and selling oats or vice versa?

  • $\begingroup$ As 10s30s is defined as the 30y rate minus the 10y rate, receiving would mean receive 30y and pay 10y. My 2c is it's much easier to refer to a flattener or steepener rather than receive or pay, in this context. re: Bunds/OATs - I assume you mean ASW box? Or is this a reference to a YC box? $\endgroup$
    – user42108
    Dec 8, 2021 at 17:44
  • $\begingroup$ @user42108 many thanks for your comment. re Bunds/OATs, indeed I mean ASW box (but is there a difference in definition vs YC box of being long / short the box)? Please feel free to add this into an answer so that I can accept it $\endgroup$
    – swissy
    Dec 8, 2021 at 18:38


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