The word "swap" means an act of exchanging one thing for another. At the financial markets swap is an agreement between two parties to exchange sequences of cash flows for a set period of time.

Swap is calculated depending on the currency rate position and based on low or high interest rates.

If a currency with a high interest rate is sold against a currency with a low interest rate an investor agrees to pay a commission for holding positions open overnight. This reflects as Swap on a  trader’s account.

Example:  If an investor sells TRY and buys USD, the swap will appear on a trading account as a negative balance.

Swap sometimes referred to as "overnight interest cost" or "cost of carry". 


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