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swap / swäp/ (also swop) • v. (swapped , swap·ping ) [tr.] take part in an exchange of: we swapped phone numbers I'd swap places with you any day | [intr.] I was wondering if you'd like to swap with me. ∎  give (one thing) and receive something else in exchange: swap one of your sandwiches for a cheese and pickle? ∎  substitute (one thing) for another: I swapped my busy life on Wall Street for a peaceful mountain retreat. • n. an act of exchanging one thing for another: let's do a swap. ∎  a thing that has been or may be given in exchange for something else: I've got one already, but I'll keep this as a swap. ∎  Finance an exchange of liabilities between two borrowers, either so that each acquires access to funds in a currency they need or so that a fixed interest rate is exchanged for a floating rate. DERIVATIVES: swap·pa·ble adj. swap·per n.

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