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United States
An Interest Rate Swap (IRS) is a financial derivative instrument used to hedge against interest rate risk. It is a contract between two parties, typically a borrower and a lender, to exchange a fixed rate of interest for a floating rate of interest over a specified period of time. The IRS market is an important part of the global financial system, as it allows companies to manage their exposure to interest rate risk.
The accounting for IRS transactions is complex, as the value of the swap can fluctuate over time. Generally, the value of the swap is recorded as an asset or liability on the balance sheet, depending on the direction of the swap. The periodic payments are recorded as either an expense or income, depending on the direction of the swap.
Some of the major players in the IRS market include JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs, and Morgan Stanley. Show Less Read more