Exchange of futures for swaps

{{Short description | Futures-swap exchange transaction}}

An exchange of futures for swaps (EFS) is a transaction negotiated privately in which a futures contract for a physical item is exchanged for a cash settled swap contract. It is similar to an EFP except that it involves a cash contract rather than a physicals contract. An EFS gives the market participants a chance to liquidate a swap position in an environment that is normally not very liquid.{{cite web

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| title =CFTC GLOSSARY: A GUIDE TO THE LANGUAGE OF THE FUTURES INDUSTRY

| work =US Commodity Futures Trading Commission

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| url =http://www.cftc.gov/consumerprotection/educationcenter/cftcglossary/glossary_e

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| title =Exchange of Futures for Swaps

| work =Traders Blog

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| url =http://www.traderslog.com/exchange-futures-swaps/

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