掉期又译互换，互换的原理是比较优势，但也有人质疑比较优势是不是真的存在，因为如果有的话市场应该已经套利过了。缺点提的比较少，但典型的是大家都知道的CDS——信用违约互换。从CDS中总结的缺陷是，风险并没有没消除，只是分割转移了，而且由于是场外交易，整个系统性风险比较突出。

掉期包括3中，外汇掉期、利率掉期、货币掉期。广泛的将，当然还有CDS什么的。各有优缺点。楼主指明的话，我们可以探讨一下

我在BP网站上看到一个oil swap的例子。

Last year you decided to fix the cost of your bunker purchases in Northern Europe for the following two months by buying a HSFO 3.5% NWE FOB Barges Platt's swap for 5,000 MT per month. BP sold you the swap at an agreed price of $250/MT (*).

 settlement

1. In Month 1, the monthly average index price is equal to $247/MT ($3/MT below the swap price). You pay BP $3/MT x 5,000 MT = $15,000.
2. In Month 2, the average index price is equal to $255/MT ($5/MT above the swap price). BP pays you $5/MT x 5,000 MT = $25,000.

1. In Month 1, the monthly average index price is equal to $247/MT ($3/MT below the swap price). You pay BP $3/MT x 5,000 MT = $15,000.
2. In Month 2, the average index price is equal to $255/MT ($5/MT above the swap price). BP pays you $5/MT x 5,000 MT = $25,000.