Enron Steel (financial swap contracts and spot pricing for the steel industry).

Financial swaps were first introduced to the public in 1981 when IBM and the World Bank entered into a swap agreement.

To cover the financial risks of the physical trade AIT is also active in over-the-counter financial swaps, the international oil markets, futures and options.

Other derivatives markets, such as the financial swaps market with its standard documentation, or the forex market, with its common computer equipment, may also appear to operate on a multilateral basis.

A credit default swap (CDS) is a financial swap agreement that the seller of the CDS will compensate the buyer in the event of a loan default or other credit event.

The new plan also includes a complicated financial swap with the city that officials said was engineered by the M.T.A.'s Chief Executive Officer, Marc V. Shaw, who until this year was Mayor Giuliani's budget director.