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0 2. 7 3. 3 3. 5 Source: "The Global OTC Derivatives Market at end-December 2004", BIS, , "OTC Derivatives Market Activity in the 2nd Half of 2006", BIS, Major Swap Participant [modify] A Major Swap Participant (MSP, or sometimes Swap Bank) is a generic term to describe a banks that facilitates swaps in between counterparties.

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A swap bank can be a global industrial bank, a financial investment bank, a merchant bank, or an independent operator. A swap bank serves as either a swap broker or swap dealer. As a broker, the swap bank matches counterparties but does not assume any danger of the swap. The swap broker receives a commission for this service.

As a market maker, a swap bank is ready to accept either side of a currency swap, and after that later on-sell it, or match it with a counterparty. In this capability, the swap bank presumes a position in the swap and therefore assumes some dangers. The dealer capacity is undoubtedly more dangerous, and the swap bank would get a portion of the money streams gone through it to compensate it for bearing this threat.

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These factors appear simple and challenging to argue with, especially to the level that name acknowledgment is truly essential in raising funds in the global bond market. This Piece Covers It Well using currency swaps have statistically higher levels of long-lasting foreign-denominated financial obligation than companies that use no currency derivatives. On the other hand, the main users of currency swaps are non-financial, global firms with long-term foreign-currency funding requirements.

Financing foreign-currency financial obligation utilizing domestic currency and a currency swap is for that reason exceptional to financing straight with foreign-currency financial obligation. The 2 primary factors for swapping rate of interest are to better match maturities of possessions and liabilities and/or to obtain an expense savings by means of the quality spread differential (QSD). Empirical evidence recommends that the spread in between AAA-rated industrial paper (drifting) and A-rated commercial is a little less than the spread between AAA-rated five-year responsibility (fixed) and an A-rated commitment of the very same tenor.