To trade something for something else whether it be another object, money or something else. Also see swap meet.
"I'll swap you these two pistols for one of those uzis."

"Swap me that gold watch for this gold chain."
von IceWarm 21. November 2004
(FINANCE) a type of financial derivative which two parties "swap," or exchange, the streams of income (or payments) from two different sources. The actual instrument is created by a third party, such as an investment bank.

The most familiar version of the swap is the interest rate swap, in which the holder of a fixed rate loan and the holder of an adjustable rate loan agree to exchange revenue streams.

The variety of swaps available is massively greater than with options or futures; essentially, swaps exist for every arbitrage opportunity that any combination of markets provides; the market for swaps is huge.
BILL: Why do firms buy swaps? Why don't they just sell the loans they have to other banks, or whatever?

ANNA: One is that swaps are a method of hedging risk; you hold the bond in case the price goes up, but you buy interest rate swaps to protect against having average rates in your portfolio that are two high or two low.
von Abu Yahya 5. April 2010
Among a group of two or more couples, to swap means to trade partners for the explicit purpose of engaging in sexual relations with a different partner. See also group sex and orgy.
"Mary has always been flirting with my husband Jim. Because I have always fancied her husband Bob, I asked her if she wanted to come over and have a swap."
von IM2 4. April 2006
S.W.A.P. is an acronym that stands for "Shit With A Partner." This is most commonly used by students at the University of Pittsburgh. It is usually used by people that ask a friend if they need to take a shit at the same time.
"Yo, you tryin to S.W.A.P.?"
-"No, I just shit."
von E and Z 31. Oktober 2009
abbreviated way of saying Swap Meet, an outdoor flea market, usually with cheap/no admission, tends to be located in large parking lots with many stalls of independent sellers. Usually stalls are made of metal pipes and tarps.
Want to come with me to the swap this weekend?
von sarita_frito 28. November 2004
something stupid, NO i mean something really stupid
ur mother is so black she had to get her tattos done in CHALK!!!! that joke was so swap!
von Titan and TT-mama 31. Juli 2006
Acronym for Straight White American Protestant.
This school has no minorities, it's full of SWAPs.
von Mr. Peanut 17. Februar 2008

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