An ETF tracking the price of oil, for instance, might not buy oil itself, but may make a "swap" deal with another financial firm guaranteeing a payout if the price of oil goes up.

例如，一家跟踪石油价格的ETF基金并不会亲自购买石油，而是同另外一家保证石油价格上涨时给予该基金回报的金融公司进行交易。

youdao

Reviving and institutionalising the swap arrangements between the Fed and emerging economies set up temporarily during the financial crisis might also reduce the demand for reserves as insurance.

使美联储和新兴经济体之间签署的交换协议再生效并且制度化（该协议是在金融危机中临时签署的）同样可能降低将储备做为保险的需求。

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We signed bilateral currency swap agreements worth RMB650 billion yuan with relevant countries and regions in a joint response to the financial crisis.

我们同有关国家和地区签署了总额达6500亿元人民币的双边货币互换协议，共同应对国际金融危机冲击。

youdao

Each time a financial institution issued a swap, it charged the customer a commission.

NEWYORKER: What Good Is Wall Street?

Interest-rate swap agreements are essentially financial bets many states and cities made in recent years in the hope of protecting themselves from higher rates.

WSJ: Detroit's Decline Adds to Financial Strains

During the financial crisis, the credit default swap (CDS) market, a part of the OTC derivatives market, took center stage as difficulties in financial markets began to intensify and the counterparty risk involved in a largely bilaterally cleared market became apparent.

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