1. An exchange of one security for another.
2. A financial transaction between two parties, usu. involving an intermediary or dealer, in which payments or rates are exchanged over a specified period and according to specified conditions.
currency swap. An agreement to swap specified payment obligations denominated in one currency for specified payment obligations denominated in a different currency.
stock swap. In a corporate reorganization, an exchange of one corporation’s stock for another corporation’s stock. [Cases: Corporations 573, 575.]
