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English definition of “swaption”

swaption

noun [C]     /ˈswɒpʃən/ FINANCE
the right to make a swap on or by a particular date in the future, for example the right to exchange a fixed interest rate for a lower, variable one: If the swaption is not exercised by maturity, it expires worthless.
(Definition of swaption noun from the Cambridge Business English Dictionary © Cambridge University Press)
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