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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 to meet the specific needs of the counterparties involved. The main characteristics of swaps include their bilateral nature, where two parties directly negotiate and enter into the agreement without going through an exchange. They are highly flexible, with terms such as notional amount, _________ _______ _____ ________ _________ __________ ____ ________ ____ ______ __________.
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