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A swap is a financial derivative contract in which two parties agree to exchange a series of future cash flows over a specified period based on predetermined terms. These cash flows are typically linked to interest rates, currencies, commodities, or equity indices. In the context of equity derivatives, swaps often involve the exchange of returns on equity assets for fixed or floating payments, allowing investors to gain exposure to an asset without directly owning it. Swaps are negotiated over-the-counter (OTC) and can be customized ____ _________ _____ _________ ______ _____ __________ ______ ____ __________ ______.
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