Combined buy and sell operations (swap=exchange). (1) Currency swaps: Spot purchase of a currency and simultaneous forward repurchase or vice versa. Serves e.g. to hedge the exchange rate of export credits. (2) Capital market swaps: Agreement between two parties to exchange payment flows over a certain term on specified dates in the future and on terms fixed in advance. The swap contract relates either to the exchange of interest payments only (interest rate swap/interest rate swap) or to the exchange of interest payments and notional amounts in different currencies (currency swap/cross currency swap). (3) Debt equity swaps: Temporary assignment or conversion of debt into shares or similar interests. The mutual interest payments can be fixed or variable depending on the design of the swap contract.