Types
Being OTC instruments, interest rate swaps can come in a huge number of varieties and can be structured to meet the specific needs of the counterparties. For example, the legs of the swap can be in the same currency or in different currencies. The notional of the swap could be amortized over time. The reset dates of the floating rate could be non-regular, etc. However, in the interbank market, just a few, standardized types are traded. They are listed below. Each currency has its own standard market conventions regarding the frequency of payments, the day count conventions and the end-of-month rule.
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