Anatomy of a Cross-Currency Swap

The Trading Floor with David Axtell · Sep 8, 2026 · 16m

If you can't describe every cash flow in a cross-currency swap, you don't yet understand it. Episode two builds the trade from the ground up: principal exchange (physical and notional structures), fixed-for-fixed, fixed-for-floating and floating-for-floating legs, day-count pitfalls, RFR lookback and lockout conventions, settlement across multiple holiday calendars, and the four-part ISDA architecture that makes it all enforceable. Host David Axtell walks through a full worked example and a basis-swap sign-convention trap that costs people real money. Companion season to the book…