{"id":1484,"date":"2020-04-14T17:33:00","date_gmt":"2020-04-14T17:33:00","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=1484"},"modified":"2026-04-17T11:21:53","modified_gmt":"2026-04-17T11:21:53","slug":"value-price-swaps","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/value-price-swaps\/","title":{"rendered":"Value and Price of Swaps"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Basics of Derivative Pricing and Valuation (2025 Level I CFA\u00ae Exam \u2013 Derivative \u2013 Module 2)\",\n  \"description\": \"This video lesson covers Topic 7: Derivatives, Module 2: Basics of Derivative Pricing and Valuation. It explains key concepts like arbitrage, forward pricing, option valuation, put\u2013call parity, and swap contracts while detailing their pricing mechanics, factors influencing value, and differences between derivatives like European and American options.\",\n  \"uploadDate\": \"2022-06-29T00:00:00+00:00\",\n  \"thumbnailUrl\": \"https:\/\/example.com\/path-to-thumbnail.jpg\", \n  \"contentUrl\": \"https:\/\/youtu.be\/0Geaej45v7w\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/0Geaej45v7w\",\n  \"duration\": \"PT1H08M27S\"\n}\n<\/script>\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"ImageObject\",\n  \"url\": \"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/57c.png\",\n  \"caption\": \"Interest rate swaps\",\n  \"width\": 974,\n  \"height\": 508,\n  \"copyrightNotice\": \"\u00a9 2024 AnalystPrep\",\n  \"acquireLicensePage\": \"https:\/\/analystprep.com\/license-info\",\n  \"creditText\": \"AnalystPrep Design Team\",\n  \"creator\": {\n    \"@type\": \"Organization\",\n    \"name\": \"AnalystPrep\"\n  }\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"What is the difference between the price and the value of a swap?\",\n    \"text\": \"What is the difference between the price and the value of a swap? A. The price of the swap refers to the initial terms of the swap at the start of the swap's life and the value refers to determining the market value of the swap at any point in its life. B. The price of the swap refers to the fluctuating positive or negative prices throughout the lifecycle of the swap and the value is the price of the swap at initiation. C. The price and the value of the swap are exactly the same and they both fluctuate throughout the life of the swap.\",\n    \"answerCount\": 1,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is A. The price of a swap refers to the initial terms (such as the fixed rate) set at the start of the swap's life, while the value of a swap is its market value at any point in time. At inception, an interest rate swap is typically priced so that its value is zero.\"\n    }\n  }\n}\n<\/script>\n\n\n\n<iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/0Geaej45v7w?si=t4qyZt73GQFwWfJl\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n\n\n\n<p>A swap is an agreement between two parties to exchange a series of cash flows, which can also be viewed as a series of forward contracts. Swap pricing is the determination of the initial terms of the swap at the inception of the contract. On the other hand, swap valuation is the determination of market value during the life of the swap contract.<\/p>\n\n\n\n<p>Swaps are equivalent to a series of forward contracts, each created at the swap price. If the present value of the payments in a swap or forward contract is not zero, then the party who will receive the greater stream of payments must pay the other party the present value of the difference, i.e., the net value.<\/p>\n\n\n\n<div style=\"text-align:center;margin:25px 0;\">\n  <a href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\"\n     style=\"display:inline-block;padding:12px 24px;border:2px solid #2f5cff;border-radius:999px;\n            color:#2f5cff;text-decoration:none;background:#f7f9fc;white-space:nowrap;\">\n     Enhance your understanding of derivatives valuation with our free trial.\n  <\/a>\n<\/div>\n\n\n<h2><strong>I<\/strong>nterest Rate Swaps<\/h2>\n<p>An interest rate swap is an agreement to exchange one stream of interest payments for another, based on a specified principal amount, over a specified period of time. Here is an example of a plain vanilla interest rate swap with Bank\u00a0A paying the LIBOR + 1.1% and Bank B paying a fixed 4.7%:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-10039 size-full\" src=\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/57c.png\" sizes=\"auto, (max-width: 974px) 100vw, 974px\" srcset=\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/57c.png 974w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/57c-300x156.png 300w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/57c-768x401.png 768w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/57c-400x209.png 400w\" alt=\"interest rate swaps\" width=\"974\" height=\"508\" \/><\/p>\n<p>As in most financial transactions, a swap dealer is between the two parties taking a commission on the trade.<\/p>\n<p>At inception, the value of an interest rate swap is zero. Therefore, the fixed rate on the swap has to be such that the present value of the fixed payments is equal to the present value of the floating payments. A received fixed-rate swap should be treated as buying a fixed-rate bond and issuing a floating rate bond:<\/p>\n<p>$$\\text{Value of swap (receiving fixed)}= \\text{Value of fixed-rate bond (long)} \u2013 \\text{Value of floating-rate bond (short)}$$<\/p>\n<blockquote>\n<h2>Question<\/h2>\n<p>What is the difference between the price and the value of a swap?<\/p>\n<p>A. The price of the swap refers to the initial terms of the swap at the start of the swap\u2019s life and value refers to determining the market value of the swap at any point in its life<\/p>\n<p>B. The price of the swap refers to the fluctuating positive\/negative prices throughout the lifecycle of the swap and the value is the price of the swap at initiation<\/p>\n<p>C. The price and the value of the swap are exactly the same and they both fluctuate throughout the life of the swap.<\/p>\n<p><strong>Solution<\/strong><\/p>\n<p>The correct answer is A.<\/p>\n<p>The value of a swap is its market value at any point in time. At inception, the value of an interest rate swap is zero. The price of the swap refers to the initial terms of the swap at the start of the swap\u2019s life.<\/p>\n<\/blockquote>\n\n\n<div style=\"text-align:center;margin:40px 0;\">\n  <a href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\"\n     style=\"display:inline-block;padding:14px 28px;background:#4a76d1;color:#fff;border-radius:999px;text-decoration:none;\">\n     Start Free Trial \u2192\n  <\/a>\n  <p style=\"margin-top:10px;\">\n    Build confidence interpreting swap pricing, valuation techniques, and forward contract relationships with structured resources and tools.\n  <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A swap is an agreement between two parties to exchange a series of cash flows, which can also be viewed as a series of forward contracts. Swap pricing is the determination of the initial terms of the swap at the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10],"tags":[],"class_list":["post-1484","post","type-post","status-publish","format-standard","hentry","category-derivatives","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Value &amp; Pricing of Swaps | CFA Level 1<\/title>\n<meta name=\"description\" content=\"A swap is a derivative where parties exchange cash flows, often viewed as a series of forward contracts. 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