The interest rate swap market is a financial market in which parties exchange cash flows based on the underlying value of an interest rate index. Interest rate swaps are often used as a way for businesses and investors to hedge against changes in interest rates, or as a means of speculation. In an interest rate swap, one party agrees to pay a fixed rate of interest to the other party, while the other party agrees to pay a variable rate of interest that is based on an agreed-upon benchmark rate.

A Foreign Exchange Non Deliverable Forward (NDF) is a type of financial derivative contract in which two parties agree to exchange a specified amount of one currency for another currency at a predetermined exchange rate on a future date. However, the currencies involved in the transaction are not physically delivered to the counterparty; instead, the difference between the agreed-upon exchange rate and the spot exchange rate at the time of settlement is settled in cash.