An option that confers to its holder the right to enter into a specific Type of swap Transaction at or by a pre-determined expiration date as either a payer or receiver of the fixed interest rate. Some types of swaption incorporate a forex component that can be used by a Hedger to protect a Series of cash flows in a currency other than their Domestic Currency.
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out of date cheque
Society for Worldwide Interbank Telecommunications (SWIFT)
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