swaptions

/S W AA1 P SH AH0 N Z/
noun
  1. 1

    An instrument granting the owner an option to enter an interest rate swap.

  2. 2

    More generally, an option on any type of swap.

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Source: https://en.wiktionary.org/wiki/swaption, https://en.wiktionary.org/wiki/swaptions

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