An Exchange of Futures for Swaps (EFS) is a transaction negotiated privately in which a futures contract for a physical item is exchanged for a cash settled swap contract. It is similar to an EFP except that it involves a cash contract rather than a physicals contract. An EFS gives the market participants a chance to liquidate a swap position in an environment that is normally not very liquid.
|40px||This finance-related article is a stub. You can help Wikipedia by expanding it.|