FX Swaps: The Instrument Nobody Talks About
Apr 21, 2026•13 min•Season 1Ep. 13
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Episode description
$3.8 trillion a day. More than spot. More than forwards. Yet most practitioners can't explain them clearly. David Axtell breaks down FX swap structure, swap points, short-dated variants, and why the cross-currency basis never disappears. Part IV. Ep 13.
KEYWORDS:FX swaps, foreign exchange swaps, swap points, cross-currency basis, FX swap structure, near leg far leg, overnight swap, tom next swap, spot next swap, O/N T/N S/N FX, FX swap funding, synthetic borrowing FX, covered interest parity, FX swap pricing, interest rate differential, FX swap settlement, CLS settlement, rolling FX swap, FX swap vs forward, basis swap, post-crisis FX, Basel III swaps, liquidity management FX, treasury swaps
RELATED RESOURCES:
- Book: FX Cash Products — available now through all major bookstores and rondanini.com
- Education platform: learn.rondanini.com — 122+ professional mini manuals plus Python toolkits
- Consultancy: rondanini.net (Luigi Rondanini) · axtellconsulting.net (David Axtell)
- Podcast website: thetradingfloor.rondanini.com
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