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Swaps are a common name for exchange operations between two (or more) counter-parties with various financial instruments like cashflows (IRS), currency (XCCY), credit risk (CDS), et cetera
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Basis risk, spreads and discounting
Hope that give you an overview and helps you.
In the financial crisis it can be seen on the difference between IBOR spot rates and OIS rates, which we will further refer to as the IBOR-OIS spread. A …