This book covers the fundamentals of interest rates and currency exchange rates. In addition, attention is given to exposures that corporates may have in these fields and how these risks can be hedged with swaps. Analogously, commodity and energy exposures are covered, as well as the hedging these of positions with commodity swaps. Attention is also given to the pricing and valuation of swap agreements and how those contracts are entered into. In addition, knowledge is provided about settlement processes and procedures. Both cash settlement and physical delivery are set out. Finally, it is explained what swaptions concern and how these tools help mitigate risk.