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Derivatives

  Derivatives   |   Terms
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  • February 22, 2021
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X-CRIBS

An acronym for cross-currency cross-index basis swap; A cross-currency swap in which one party pays a floating rate (LIBOR) denominated in a base currency, while the other pays a similar floating rate (LIBOR) denominated in a different currency. For instance, this swap may entail the exchange of U.S. dollar LIBOR on a notional amount denominated in dollars for the dollar LIBOR rate plus or minus a given spread applied to a notional principal denominated in euro. The party paying a LIBOR-based rate on a euro notional principal may be in this position seeking to pay a floating rate denominated in a different currency, while also seeking to apply that rate to a notional amount in the base currency. This position is designed as protection against the exchange rate risk associated with a given pair of currencies.


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