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An equity swap is a financial derivative contract (a swap) where a set of future cash flows are agreed to be exchanged between two counterparties at set dates in the future. The two cash flows are usually referred to as "legs" of the swap; one of these "legs" is usually pegged to a floating rate such as LIBOR. This leg is also commonly referred to as the "floating leg". The other leg of the swap is based on the performance of either a share of stock or a stock market index. This leg is commonly referred to as the "equity leg". Most equity swaps involve a floating leg vs. an equity leg, although some exist with two equity legs. An equity swap involves a notional principal, a specified duration and predetermined payment intervals. The term "tenor" may refer either to the duration or the coupon frequency.〔http://www.investment-and-finance.net/derivatives/s/swap-tenor.html〕 Equity swaps are typically traded by Delta One trading desks. ==Examples== Parties may agree to make periodic payments or a single payment at the maturity of the swap ("bullet" swap). Take a simple index swap where Party A swaps £5,000,000 at LIBOR + 0.03% (also called LIBOR + 3 basis points) against £5,000,000 (FTSE to the £5,000,000 notional). In this case Party A will pay (to Party B) a floating interest rate (LIBOR +0.03%) on the £5,000,000 notional and would receive from Party B any percentage increase in the FTSE equity index applied to the £5,000,000 notional. In this example, assuming a LIBOR rate of 5.97% p.a. and a swap tenor of precisely 180 days, the floating leg payer/equity receiver (Party A) would owe (5.97%+0.03%) *£5,000,000 *180/360 = £150,000 to the equity payer/floating leg receiver (Party B). At the same date (after 180 days) if the FTSE had appreciated by 10% from its level at trade commencement, Party B would owe 10% *£5,000,000 = £500,000 to Party A. If, on the other hand, the FTSE at the six-month mark had fallen by 10% from its level at trade commencement, Party A would owe an additional 10% *£5,000,000 = £500,000 to Party B, since the flow is negative. For mitigating credit exposure, the trade can be reset, or "marked-to-market" during its life. In that case, appreciation or depreciation since the last reset is paid and the notional is increased by any payment to the floating leg payer (pricing rate receiver) or decreased by any payment from the floating leg payer (pricing rate receiver). Equity swaps have many applications. For example, a portfolio manager with XYZ Fund can swap the fund's returns for the returns of the S&P 500 (capital gains, dividends and income distributions.) They most often occur when a manager of a fixed income portfolio wants the portfolio to have exposure to the equity markets either as a hedge or a position. The portfolio manager would enter into a swap in which he would receive the return of the S&P 500 and pay the counterparty a fixed rate generated from his portfolio. The payment the manager receives will be equal to the amount he is receiving in fixed-income payments, so the manager's net exposure is solely to the S&P 500. These types of swaps are usually inexpensive and require little in term of administration. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「equity swap」の詳細全文を読む スポンサード リンク
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