dates could be irregular, the notional of the swap could be amortized over time, reset dates (or fixing dates) of the floating rate could be irregular, mandatory break clauses may be inserted into the contract, FX notional payments and FX rates may be manually specified etc. Additionally it is not a requirement for swaps to have two floating legs. This leads to the naming convention of different types of XCS: (Floating v Floating) Cross-Currency Swaps: are the normal, interbank traded products. These are over-the-counter (OTC) products and commonly referred to as basis swaps. (Fixed v Floating) Cross-Currency Swaps: are a common customization of the benchmark product, often synthesized or hedged by market-makers by trading a float v float XCS and a standard interest rate swap (IRS) to convert the floating leg to a fixed leg. (Fixed v Fixed) Cross-Currency Swaps: a less common customization, again synthesized by market makers trading two IRSs in each currency and a float v float XCS. Mark-to-Market or Non Mark-to-Market: the MTM element and notional exchanges are usually standard (in interbank markets) but the customization to exclude this is available. Non-deliverable Cross-Currency Swap (NDXCS or NDS): similar to a regular XCS, except that payments in one of the currencies are settled in another currency using the prevailing FX spot rate. NDS are usually used in emerging markets where the currency is illiquid, subject to exchange restrictions, or even non-convertible. This associates with quantos. Embedded options: exotic customization options exist potentially with FX options at the maturity of the trade, or swaptions. Uses Currency swaps have many uses, some are itemized: To secure cheaper debt (by borrowing at the best available rate regardless of currency and then swapping for debt in desired currency using a back-to-back-loan). To hedge against (reduce exposure to) forward exchange rate fluctuations. To defend against financial turmoil by allowing a country beset by a liquidity crisis to borrow money from others with its own currency, see Central bank liquidity swap. Cross-currency swaps are an integral component in modern financial markets as they are the bridge needed for assessment of yields on a standardised USD basis. For this reason they are also used as the construction tool in creating collateralized discount curves for valuing a future cashflow in a given currency but collateralized with another currency. Given the importance of collateral to the financial system at large, cross-currency swaps are important as a