Product for overcoming “short-term non-liquidity” in certain currency – FX Swap is a product that represents combination of one Spot and one FWD transaction. In reality it represents two mutually related transactions, prompt (spot) buying (selling) of the currency and future (forward) selling (buying) of the same currency. Essentially, it represents short-term borrowing of one currency with pledge of the other without exposing to foreign exchange risk. The future exchange rate is calculated in identical way as for FX FWD.