Definition of "swap" []

• To trade one thing for another. (verb-intransitive)
• To exchange (one thing) for another. (verb-transitive)
• An exchange of one thing for another. (noun)
• A contract in which two parties agree to exchange periodic interest payments, especially when one payment is at a fixed rate and the other varies according to the performance of a reference rate, such as the prime rate. (noun)

American Heritage(R) Dictionary of the English Language, Fifth Edition. Copyright (c) 2011 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

• "The caps will go into effect 60 days after the agency defines the term "swap.""
• "The term swap execution facility is broadly defined and includes "any means of interstate commerce" used to offer multiple participants the ability to execute or trade swaps by accepting bids and offers made by other participants."
• "You cannot simply swap from the hypothetical ( "could it have possibly been worse for Wales?") to the empirical ( "it wasn't worse for other countries") when it suits."