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Swaps are derivative contracts through which two parties agree to exchange cash flows or financial instruments over a specified period, based on predetermined terms. In the context of equity derivatives, swaps enable investors to gain exposure to the performance of equity indices, stocks, or portfolios without actually owning the underlying assets. These instruments are particularly useful for hedging, speculation, and arbitrage strategies. The most fundamental characteristic of a swap is the exchange of cash flows between two counterparties, often referred to as “legs.” One leg of the swap is usually based on a fixed rate __________ ____ ______ ___ _______ ___ __________.
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