Swap
Agreement to buy or sell a certain currency at the spot rate while at the same time agreeing to reverse the transaction on a future date, this time at an agreed forward rate. Involves a spot deal & forward deal.
 

Benefits:	Provides liquidity for the desired currency without having to borrow via Promissory Note, thereby reducing overall cost of funds.
Minimum:	$100,000; subject to change
Requirements:	Forward foreign exchange credit lines required without which margin deposit of 20% to 30% is required.
Documentation:	Forward Contract (for client’s signature) for the forward deal
Settlement and Disposition Upon Maturity:	Settlement of spot deal through cleared funds and disposition of forward deal upon maturity is full delivery unless otherwise specified.