Transaction which involves the actual exchange of two currencies (principal amount only) on a specific date at a rate agreed at the time of the conclusion of the contract (short leg), at a date further in the future at a rate agreed at the time of the contract (the long leg).
An agreement to exchange stipulated amounts of one currency for another currency at one or more future dates.
A swap arrangement where certain amounts of one particular currency are exchanged between two parties on a specific date.
Forward currency contract Forward foreign exchange contract