Swap

A swap is a bilateral contract to exchange cash flows calculated on a notional amount — commonly a fixed rate for a floating one. Swaps referencing a benchmark are what make benchmark manipulation lucrative at scale.

instruments and markets · updated 2026-09-23

Where does swap come up?

This term is used in the following manipulation techniques, each explained in full on its own page.

• Benchmark submission rigging — Benchmark submission rigging is skewing the figures a panel member reports into a reference rate calculation, so that the published benchmark moves in favour of positions that settle against it.

Enforcement actions involving these techniques

See also

• Benchmark — A benchmark is a published reference price or rate that contracts settle against. Because a benchmark converts one number into pay…
• Notional amount — The notional amount is the reference quantity used to calculate a derivative's payments. It is not money that changes hands, which…

Terms that refer here

Notional amount

Back to the full glossary — 261 defined terms.