An exchange of futures for swaps (EFS) is a transaction negotiated privately in which a futures contract for a physical item is exchanged for a cash settled swap contract. It is similar to an EFP except that it involves a cash contract rather than a physicals contract. An EFS gives the market participants a chance to

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a swap position in an environment that is normally not very liquid.

References

Futures markets Derivatives (finance) Swaps (finance) {{finance-stub