Unless otherwise defined, in a swap transaction – and here again particularly in an interest rate swap – this refers to the transfer of a contractual position to a new counterparty. The previous counterparty in the swap transaction must be prepared to accept the new contractual partner (party to the agreement). – See Close-out, Reversal.

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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