Near leg

1. FX swaps

In an FX swap contract, the initial exchange of currencies.

The currencies are re-exchanged later in the 'far leg'.

2. Repurchase agreements

In a securities repurchase agreement ('repo'), the initial exchange of securities, to be re-exchanged later in the 'closing leg' or 'far leg'.

See also

• Closing leg
• Far leg
• FX swap
• Opening leg
• Swap points