White Paper

4 Pages
  • 4 Pages

What Is a Swap?


Learn what a swap is and why you don't need to be afraid of them.

Some people consider swaps to be scary or complex and are even considered exotic. While those terms aren’t incorrect or unjustified for some, it usually comes down to the apprehension of swaps are based on a lack of knowledge about them. To simplify it, a swap is a bilateral agreement negotiated between a user and a swap dealer. It can be formed into whatever the user needs it to be so in some situations a swap could be complex or exotic. This white paper offers some insight into what a swap is and explains why swaps shouldn’t be feared, simply understood.



Craig Haymaker, CPA

Craig Haymaker, CPA


  • Managing Director of HedgeStar, where he oversees the risk management consulting, hedge accounting, and valuation groups
  • Subject matter expert in financial reporting and accounting for debt, equities, derivatives, and other financial instruments
  • Has over 11 years of audit, professional accounting, and risk management experience
  • Has held positions with top companies, including Deloitte & Touche LLP (Boston), Liberty Mutual Group (Boston), and U.S. Bank (Minneapolis), with a focus on treasury departments, capital markets, and risk functions
  • Events Committee Chair and Steering Committee member for the Professional Risk Managers’ International Association (PRMIA) in Minneapolis
  • B.B.A. degree in accounting, Stonehill College; CPA accreditation
  • Can be contacted at [email protected] or 952-208-5704

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