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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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price alignment interest on future contract
This blog post might help:
https://theotcspace.com/content/price-alignment-interest-pai#:~:text=PAI%20is%20the%20overnight%20cost,a%20CCP%20such%20as%20SwapClear.
Futures are settled daily, and thus c …