Swap trading is another typical financial market innovation business after the emergence of financial futures in the early 197s. At present, swap transactions have developed from quantity to quality, and even formed a swap market. In this market, one party to a swap transaction puts forward certain swap conditions, and the other party can immediately undertake it with corresponding conditions. By using swap transactions, we can raise ideal funds according to different interest rates in different periods, foreign exchange or restrictions in the capital market.

There are four forms of swap transactions:

1. Interest rate swap: It means that both parties agree to exchange cash flows based on the same nominal principal of the same currency in a certain period in the future, in which one party's cash is calculated according to the floating interest rate and the other party's cash flow is calculated according to the fixed interest rate.

2. Currency swap: refers to the exchange of the principal and fixed interest of one currency with the equivalent principal and fixed interest of another currency.

3. Commodity swap: It is a special type of financial transaction. In order to manage commodity price risk, both parties agree to exchange cash flows related to commodity prices. It includes commodity price swap with fixed price and floating price, and commodity price and interest rate swap.

4. Other swaps: equity swap, credit swap, climate swap and option swap.

For example, in the first form of interest rate swap mentioned in the title, both parties agree to exchange cash flows according to the same nominal principal of the same currency in a certain period of time in the future. The term "within a certain period of time in the future" here is the concept of futures, because the exchange parties need to hold the interest rate contract in their hands until the designated future day for real trading, so during the holding period, the contract documents held by both parties (proving that they have done this transaction) are called positions. As for commercial positions, it refers to hedging by selling the currency in hand at a favorable interest rate in the futures market in order to prevent the devaluation of the currency in hand (or hedging by buying foreign currency at a favorable interest rate in the futures market in order to prevent the appreciation of the currency in hand), both of which are positions for transferring the currency risk in hand.

to sum up, the commercial positions of swap transactions in futures are futures contracts held by spot traders who hold currencies or commodities in order to prevent their currencies or commodities from depreciating in the futures market.

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