Swap contracts are traded in organized OTC markets. These operations feature cash flow exchanges based on the comparison of profitability between two indexers. Therefore, agents assume both positions – long in an indexer and short in another.
Profit occurs when the result in a long position (purchased) is greater than the short position return (sold) and vice versa.
Initial values of operations may be adjusted based on several indexers, including inflation or stock indexes; interest rates, or foreign exchange rates.
BM&FBOVESPA provides registration of swaps with and without CCP.