1. Pure swap transactions refer to transactions involving only two parties, that is, all foreign exchange transactions take place between one bank and another bank or corporate customer.

2. Decentralized swap transactions refer to transactions involving three participants, that is, banks conduct spot transactions with one party and forward transactions with the other party. However, banks still conduct spot and forward transactions at the same time, which is in line with the characteristics of swap transactions, and its purpose is to avoid risks, and profits come from changes in exchange rates.

Spot-to-forward swap refers to buying or selling a spot foreign exchange while selling or buying a forward foreign exchange in the same currency. This is the most common form of swap transaction.