6.2 Nature of Swaps A swap is an agreement to exchange cash flows at specified future times according to certain specified rules Options, Futures, and other Derivatives, 5th edition 2002 by John C. HullOptions, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull 6.2 Nature of Swaps A swap is an agreement to exchange cash flows at specified future times according to certain specified rules