From Longman Business Dictionaryswaps marketˈswaps ˌmarket (also swops market) [countable]FINANCE a market in which a borrower with one type of loan exchanges it with another borrower with a different type of loan. Each borrower is looking for an advantage that the original loan did not have, for example that the loan is in a particular currency, has a particular interest rate etcForeign funds would be allowed to use the nation’s swaps markets to move their money in and out of the otherwise unconvertible local currency. → market
