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simple swap Q

in a plain vanilla interest rate swap, which party would be considered the long? the fixed rate payer?

conventionally in the marketplace long or short in the context of a swap or a swaption is always with respect to the fixed leg, i.e. fixed payer is long and fixed receiver is short. But I would expect this will be given unequivocally in the exam tomorrow

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I would think so... he is paying to receive the floating payments. so he is in essence by the floating unknown payments...

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