A repo exploring the construction of financial instruments on chain.
Interest rate swaps are foundational to financial markets, they offer the ability to swap payments of a variable interest rate into fixed, or vice versa.
In an interest rate swap, one company agrees to pay to another company cash flows equal to interest at a predetermined fixed rate on a notional principal for a predetermined number of years. In return, it receives interest at a floating rate on the same notional principal for the same period of time from the other company.
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