{"id":21138,"date":"2022-03-08T14:36:00","date_gmt":"2022-03-08T14:36:00","guid":{"rendered":"https:\/\/www.5paisa.com\/finschool\/?post_type=markets&#038;p=21138"},"modified":"2024-10-05T18:46:56","modified_gmt":"2024-10-05T13:16:56","slug":"swaps","status":"publish","type":"markets","link":"https:\/\/www.5paisa.com\/finschool\/course\/equity-derivatives-course\/swaps\/","title":{"rendered":"What Are Swaps In Stock Market &#038; How Do They Work?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"21138\" class=\"elementor elementor-21138\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-23ba90b elementor-section-full_width tab_container elementor-section-height-default elementor-section-height-default\" data-id=\"23ba90b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b6a6f9f\" data-id=\"b6a6f9f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-e0f864e elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"e0f864e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wide\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-7efb245 chapters_list\" data-id=\"7efb245\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-33d4575 elementor-widget elementor-widget-shortcode\" data-id=\"33d4575\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\">\t<script>\n\t\tjQuery(document).ready(function(){\n\t\t\tjQuery(\"#post_chapters a[href*='\" + location.pathname + \"']\").addClass(\"current\");\n\t\t})\n\t<\/script>\n\t<div class=\"desktop_chapters\"><div id=\"post_chapters\"><div class=\"post_chapters-heading\">Chapters<\/div><ul><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/equity-derivatives-course\/introduction-to-derivatives\/\">Introduction To Derivatives<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/equity-derivatives-course\/derivatives-market\/\">Derivatives Market<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/equity-derivatives-course\/forwards-contract\/\">Forwards Contract<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/equity-derivatives-course\/futures-contract\/\">Futures Contract<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/equity-derivatives-course\/trading-strategies-in-stock-futures\/\">Trading Strategies In Stock Futures<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/equity-derivatives-course\/pricing-of-futures-contract\/\">Pricing of Futures Contract<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/equity-derivatives-course\/options\/\">Options<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/equity-derivatives-course\/swaps\/\">Swaps<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/equity-derivatives-course\/understanding-margins\/\">Understanding Margins<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/equity-derivatives-course\/open-interest\/\">Open Interest<\/a><\/li><\/ul><\/div><\/div><div class=\"chapters_toggle\" title=\"chapters\"><a title=\"chapters\" href=\"#\" id=\"open_chapters\"><span>View Chapters<\/span>&nbsp;&nbsp;&nbsp;<i class=\"fa fa-chevron-right\"><\/i><\/a><a title=\"chapters\" href=\"#\" id=\"close_chapters\" style=\"display:none;\"><span>Hide Chapters<\/span>&nbsp;&nbsp;&nbsp;<i class=\"fa fa-chevron-right\"><\/i><\/a><\/div>\t<script>\n\t\tjQuery(document).ready(function(){\n\t\t\tjQuery('.chapters_toggle #open_chapters').click(function(e){\n\t\t\t\te.preventDefault();\n\t\t\t\tjQuery('.desktop_chapters').css(\"left\",\"0px\");\n\t\t\t\tjQuery('#open_chapters').css(\"display\",\"none\");\n\t\t\t\tjQuery('#close_chapters').css(\"display\",\"block\");\n\t\t\t\t\/\/jQuery('.chapters_toggle').css(\"width\",\"200px\");\n\t\t\t})\n\t\t\tjQuery('.chapters_toggle #close_chapters').click(function(e){\n\t\t\t\te.preventDefault();\n\t\t\t\tjQuery('.desktop_chapters').css(\"left\",\"-480px\");\n\t\t\t\tjQuery('#open_chapters').css(\"display\",\"block\");\n\t\t\t\tjQuery('#close_chapters').css(\"display\",\"none\");\n\t\t\t\t\/\/jQuery('.chapters_toggle').css(\"width\",\"100%\");\n\t\t\t})\n\t\t});\n\t<\/script>\n\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-93f371b tabs_contents\" data-id=\"93f371b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-90f6d06 market_content_tabs elementor-widget elementor-widget-eael-adv-tabs\" data-id=\"90f6d06\" data-element_type=\"widget\" data-widget_type=\"eael-adv-tabs.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t        <div data-scroll-on-click=\"no\" data-scroll-speed=\"300\" id=\"eael-advance-tabs-90f6d06\" class=\"eael-advance-tabs eael-tabs-horizontal eael-tab-auto-active \" data-tabid=\"90f6d06\">\n            <div class=\"eael-tabs-nav\">\n                <ul class=\"eael-tab-inline-icon\" role=\"tablist\">\n                                            <li id=\"study\" class=\"active-default eael-tab-item-trigger eael-tab-nav-item\" aria-selected=\"true\" data-tab=\"1\" role=\"tab\" tabindex=\"0\" aria-controls=\"study-tab\" aria-expanded=\"false\">\n                            \n                                                                <i class=\"far fa-edit\"><\/i>                                                            \n                                                            <span class=\"eael-tab-title title-after-icon\" >Study<\/span>                            \n                                                    <\/li>\n                                            <li id=\"slides\" class=\" eael-tab-item-trigger eael-tab-nav-item\" aria-selected=\"false\" data-tab=\"2\" role=\"tab\" tabindex=\"-1\" aria-controls=\"slides-tab\" aria-expanded=\"false\">\n                            \n                                                                <i class=\"fas fa-book-open\"><\/i>                                                            \n                                                            <span class=\"eael-tab-title title-after-icon\" >Slides<\/span>                            \n                                                    <\/li>\n                                            <li id=\"videos\" class=\" eael-tab-item-trigger eael-tab-nav-item\" aria-selected=\"false\" data-tab=\"3\" role=\"tab\" tabindex=\"-1\" aria-controls=\"videos-tab\" aria-expanded=\"false\">\n                            \n                                                                <i class=\"far fa-eye\"><\/i>                                                            \n                                                            <span class=\"eael-tab-title title-after-icon\" >Videos<\/span>                            \n                                                    <\/li>\n                                    <\/ul>\n            <\/div>\n            \n            <div class=\"eael-tabs-content\">\n\t\t        \n                    <div id=\"study-tab\" class=\"clearfix eael-tab-content-item active-default\" data-title-link=\"study-tab\">\n\t\t\t\t        <p><div class='white' style='background:rgb(255, 255, 255); border:solid 0px rgb(255, 255, 255); border-radius:0px; padding:0px 0px 0px 1px;'>\n<div id='text_slider' class='owl-carousel sa_owl_theme owl-pagination-true' data-slider-id='text_slider' style='visibility: visible;visibility:visible;'>\n<div id='text_slider_slide01' class='sa_hover_container' data-hash='Introduction' style='padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:400px; '><h2 style=\"text-align: left\"><strong>8.1 Introduction<\/strong><\/h2>\r\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-63952 size-full\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Introduction.png\" alt=\"Introduction\" width=\"867\" height=\"547\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Introduction.png 867w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Introduction-300x189.png 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Introduction-768x485.png 768w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Introduction-50x32.png 50w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Introduction-100x63.png 100w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Introduction-150x95.png 150w\" sizes=\"(max-width: 867px) 100vw, 867px\" \/><\/p>\r\n<p>Swap refers to an exchange of one financial instrument for another between the parties concerned. This exchange takes place at a predetermined time, as specified in the contract. A swap in simple terms can be explained as a transaction to exchange one thing for another or &#8216;barter&#8217;. In financial markets the two parties to a swap transaction contract to exchange cash flows. A swap is a custom tailored bilateral agreement in which cash flows are determined by applying a prearranged formula on a notional principal. Swap is an instrument used for the exchange of stream of cash flows to reduce risk.<\/p><\/div>\n<div id='text_slider_slide02' class='sa_hover_container' data-hash='Advantages-&#038;-Disadvantages-of-Swaps' style='padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:400px; '><h2 style=\"text-align: left\"><strong>8.2 Advantages &amp; Disadvantages of Swaps<\/strong><\/h2>\r\n<p>&nbsp;<\/p>\r\n<p><img decoding=\"async\" class=\"aligncenter wp-image-63953 size-full\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Advantages-and-Disadvantages-of-Swap.png\" alt=\"Advantages-and-Disadvantages-of-Swap\" width=\"1066\" height=\"953\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Advantages-and-Disadvantages-of-Swap.png 1066w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Advantages-and-Disadvantages-of-Swap-300x268.png 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Advantages-and-Disadvantages-of-Swap-1024x915.png 1024w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Advantages-and-Disadvantages-of-Swap-768x687.png 768w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Advantages-and-Disadvantages-of-Swap-50x45.png 50w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Advantages-and-Disadvantages-of-Swap-100x89.png 100w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Advantages-and-Disadvantages-of-Swap-150x134.png 150w\" sizes=\"(max-width: 1066px) 100vw, 1066px\" \/><\/p>\r\n<p>The advantages of swaps are as follows:<\/p>\r\n<p style=\"padding-left: 40px\">1) Swap is generally cheaper. There is no upfront premium and it reduces transactions costs.<\/p>\r\n<p style=\"padding-left: 40px\">2) Swap can be used to hedge risk, and long time period hedge is possible.<\/p>\r\n<p style=\"padding-left: 40px\">3) It provides flexible and maintains informational advantages.<\/p>\r\n<p style=\"padding-left: 40px\">4) It has longer term than futures or options. Swaps will run for years, whereas forwards and futures are for the relatively short term.<\/p>\r\n<p style=\"padding-left: 40px\">5) Using swaps can give companies a better match between their liabilities and revenues<\/p>\r\n<p>The disadvantages of swaps are:<\/p>\r\n<p style=\"padding-left: 40px\">1) Early termination of swap before maturity may incur a breakage cost.<\/p>\r\n<p style=\"padding-left: 40px\">2) Lack of liquidity.<\/p>\r\n<p style=\"padding-left: 40px\">3) It is subject to default risk<\/p><\/div>\n<div id='text_slider_slide03' class='sa_hover_container' data-hash='Equity-Swaps' style='padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:400px; '><h2 style=\"text-align: left\"><strong>8.3 Equity Swaps<\/strong><\/h2>\r\n<p><img decoding=\"async\" class=\"aligncenter wp-image-63954 size-full\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Equity-Swaps.png\" alt=\"Equity Swaps\" width=\"1037\" height=\"897\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Equity-Swaps.png 1037w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Equity-Swaps-300x259.png 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Equity-Swaps-1024x886.png 1024w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Equity-Swaps-768x664.png 768w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Equity-Swaps-50x43.png 50w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Equity-Swaps-100x86.png 100w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Equity-Swaps-150x130.png 150w\" sizes=\"(max-width: 1037px) 100vw, 1037px\" \/><\/p>\r\n<p>An equity swap is an agreement between two counterparties where one party receives the return on an asset from the other party and makes a payment to the other party based on a fixed or floating rate of interest. The return can be either the price return or the total return (i.e. including dividends). Equity swaps can be combined so that one party receives the return on one asset and pays the return on another asset.<\/p>\r\n<p>An equity swap can be used to provide long or short exposure to a stock, a stock basket, an index, or a basket of indices. One party receives the returns on the asset and the other party receives financing payments and, typically, net payments are made at periodic reset dates. Equity swaps are OTC contracts so terms can be tailored to suit the investor.<\/p><\/div>\n<div id='text_slider_slide04' class='sa_hover_container' data-hash='Example-Of-Equity-Swap' style='padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:400px; '><h2 style=\"text-align: left\"><strong>8.4 Example Of Equity Swap<\/strong><\/h2>\r\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-63955 size-full\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Example-of-Equity-Swaps.png\" alt=\"Example-of-Equity-Swaps.\" width=\"939\" height=\"783\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Example-of-Equity-Swaps.png 939w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Example-of-Equity-Swaps-300x250.png 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Example-of-Equity-Swaps-768x640.png 768w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Example-of-Equity-Swaps-50x42.png 50w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Example-of-Equity-Swaps-100x83.png 100w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Example-of-Equity-Swaps-150x125.png 150w\" sizes=\"(max-width: 939px) 100vw, 939px\" \/><\/p>\r\n<p>Let&#8217;s say an asset manager who manages a fund called Alpha Fund follows a passive investment strategy and his portfolio tracks the Nifty 50 Total Returns Index. The asset manager can enter into an equity swap contract with a counterparty say Goldman Sachs with the following terms:<\/p>\r\n<p style=\"padding-left: 40px\">Notional Principal: Rs.10crs<br \/>Alpha Fund pays: Total returns on the Nifty50 Index<br \/>Goldman Sachs pays: Fixed 5%<br \/>Payments to be made at the end of every six months, that is, 30th June and 31st December<br \/>The swap has a maturity of 3 years.<\/p>\r\n<p>Let&#8217;s see how the cash flows turn out in the first year. At the beginning, the Nifty Total Return Index was at 16000 level, on 30th June it was 16500, and on 31st December it was at 16250. Let&#8217;s look at the cash flows in both the legs of the transaction.<\/p>\r\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-21096 aligncenter\" src=\"http:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Payment-structure.png\" alt=\"\" width=\"888\" height=\"814\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Payment-structure.png 888w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Payment-structure-300x275.png 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Payment-structure-768x704.png 768w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Payment-structure-150x138.png 150w\" sizes=\"(max-width: 888px) 100vw, 888px\" \/><\/p>\r\n<p>Let&#8217;s make a few observations from the above table:<\/p>\r\n<p style=\"padding-left: 40px\">1. If the index returns are positive, Alpha Fund pays index returns to Goldman and Goldman pays fixed rate to Alpha.<br \/>2. If the index returns are negative, Alpha pays nothing and Goldman pays the fixed rate plus any loss on the index returns. It&#8217;s as if Alpha sold out its positions in stocks and had a fixed rate position instead.<br \/>3. The fixed payments are calculated on actual\/365 basis.<br \/>4. The amount of payment is not known till the last day of the payment.<br \/>5. The net effect of the swap is that a position in an equity portfolio has been converted into a fixed income position.<\/p>\r\n<p>An equity swap can be of three types: the first leg will be a fixed rate, a floating rate or an equity or index return, while the other let will always be an equity or index return. So, an equity swap can have both the legs as returns from two different equities or equity indexes.<\/p><\/div>\n<div id='text_slider_slide05' class='sa_hover_container' data-hash='Difference Between Swap and Futures' style='padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:400px; '><h2 style=\"text-align: left\"><strong>8.5 Difference Between Swap and Futures<\/strong><\/h2>\r\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-63956 size-full\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Difference-between-Swap-and-Futures.png\" alt=\"Example-of-Equity-Swaps.\" width=\"886\" height=\"794\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Difference-between-Swap-and-Futures.png 886w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Difference-between-Swap-and-Futures-300x269.png 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Difference-between-Swap-and-Futures-768x688.png 768w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Difference-between-Swap-and-Futures-50x45.png 50w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Difference-between-Swap-and-Futures-100x90.png 100w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Difference-between-Swap-and-Futures-150x134.png 150w\" sizes=\"(max-width: 886px) 100vw, 886px\" \/><\/p>\r\n<p>&nbsp;<\/p>\r\n<ul>\r\n<li>Swaps and futures are both derivatives, which are special types of financial instruments that derive their value from a number of underlying assets.<\/li>\r\n<li>A swap is a contract made between two parties that agree to swap cash flows on a date set in the future.<\/li>\r\n<li>A futures contract obligates a buyer to buy and a seller to sell a specific asset, at a specific price to be delivered on a predetermined date.<\/li>\r\n<li>Futures contract are exchange traded and are, therefore, standardized contracts, whereas swaps generally are over the counter (OTC); they can be tailor made according to specific requirements.<\/li>\r\n<li>Futures require a margin to be maintained, with the possibility of the trader being exposed to margin calls in the event that the margin falls below requirement, whereas there are no margin calls in swaps.<\/li>\r\n<\/ul><\/div>\n<\/div>\n<\/div>\n<script type='text\/javascript'>\n\tjQuery(document).ready(function() {\n\t\tjQuery('#text_slider').owlCarousel({\n\t\t\titems : 1,\n\t\t\tsmartSpeed : 400,\n\t\t\tautoplay : false,\n\t\t\tautoplayHoverPause : false,\n\t\t\tsmartSpeed : 400,\n\t\t\tfluidSpeed : 400,\n\t\t\tautoplaySpeed : 400,\n\t\t\tnavSpeed : 400,\n\t\t\tdotsSpeed : 400,\n\t\t\tdotsEach : 1,\n\t\t\tloop : false,\n\t\t\tnav : true,\n\t\t\tnavText : ['Previous','Next'],\n\t\t\tdots : true,\n\t\t\tresponsiveRefreshRate : 200,\n\t\t\tslideBy : 1,\n\t\t\tmergeFit : true,\n\t\t\tautoHeight : true,\n\t\t\tmouseDrag : false,\n\t\t\ttouchDrag : true\n\t\t});\n\t\tjQuery('#text_slider').css('visibility', 'visible');\n\t\tvar owl_goto = jQuery('#text_slider');\n\t\tjQuery('.text_slider_goto1').click(function(event){\n\t\t\towl_goto.trigger('to.owl.carousel', 0);\n\t\t});\n\t\tjQuery('.text_slider_goto2').click(function(event){\n\t\t\towl_goto.trigger('to.owl.carousel', 1);\n\t\t});\n\t\tjQuery('.text_slider_goto3').click(function(event){\n\t\t\towl_goto.trigger('to.owl.carousel', 2);\n\t\t});\n\t\tjQuery('.text_slider_goto4').click(function(event){\n\t\t\towl_goto.trigger('to.owl.carousel', 3);\n\t\t});\n\t\tjQuery('.text_slider_goto5').click(function(event){\n\t\t\towl_goto.trigger('to.owl.carousel', 4);\n\t\t});\n\t\tvar resize_21095 = jQuery('.owl-carousel');\n\t\tresize_21095.on('initialized.owl.carousel', function(e) {\n\t\t\tif (typeof(Event) === 'function') {\n\t\t\t\twindow.dispatchEvent(new Event('resize'));\n\t\t\t} else {\n\t\t\t\tvar evt = window.document.createEvent('UIEvents');\n\t\t\t\tevt.initUIEvent('resize', true, false, window, 0);\n\t\t\t\twindow.dispatchEvent(evt);\n\t\t\t}\n\t\t});\n\t});\n<\/script>\n<\/p>                    <\/div>\n\t\t        \n                    <div id=\"slides-tab\" class=\"clearfix eael-tab-content-item \" data-title-link=\"slides-tab\">\n\t\t\t\t        <p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-11528 aligncenter\" src=\"http:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2021\/10\/coming-soon-person-g8026473a8_1920-removebg-preview.png\" alt=\"\" width=\"612\" height=\"408\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2021\/10\/coming-soon-person-g8026473a8_1920-removebg-preview.png 612w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2021\/10\/coming-soon-person-g8026473a8_1920-removebg-preview-300x200.png 300w\" sizes=\"(max-width: 612px) 100vw, 612px\" \/><\/p>                    <\/div>\n\t\t        \n                    <div id=\"videos-tab\" class=\"clearfix eael-tab-content-item \" data-title-link=\"videos-tab\">\n\t\t\t\t        <p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-11528 size-full\" src=\"http:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2021\/10\/coming-soon-person-g8026473a8_1920-removebg-preview.png\" alt=\"\" width=\"612\" height=\"408\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2021\/10\/coming-soon-person-g8026473a8_1920-removebg-preview.png 612w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2021\/10\/coming-soon-person-g8026473a8_1920-removebg-preview-300x200.png 300w\" sizes=\"(max-width: 612px) 100vw, 612px\" \/><\/p>                    <\/div>\n\t\t                    <\/div>\n        <\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Study Slides Videos 8.1 Introduction Swap refers to an exchange of one financial instrument for another between the parties concerned. This exchange takes place at a predetermined time, as specified in the contract. A swap in simple terms can be explained as a transaction to exchange one thing for another or \u00e2\u20ac\u02dcbarter\u00e2\u20ac\u2122. In financial markets &#8230; <a title=\"What Are Swaps In Stock Market &#038; How Do They Work?\" class=\"read-more\" href=\"https:\/\/www.5paisa.com\/finschool\/course\/equity-derivatives-course\/swaps\/\" aria-label=\"Read more about What Are Swaps In Stock Market &#038; How Do They Work?\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":21115,"menu_order":8,"comment_status":"closed","ping_status":"closed","template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"class_list":["post-21138","markets","type-markets","status-publish","format-standard","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/markets\/21138","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/markets"}],"about":[{"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/types\/markets"}],"author":[{"embeddable":true,"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/comments?post=21138"}],"version-history":[{"count":11,"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/markets\/21138\/revisions"}],"predecessor-version":[{"id":61849,"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/markets\/21138\/revisions\/61849"}],"up":[{"embeddable":true,"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/markets\/21115"}],"wp:attachment":[{"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/media?parent=21138"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/categories?post=21138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}