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Regulation (Eu) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories ("EMIR") entered into force in August 2012

Last month this column offered up my now traditional "goodbye" to one year and "hello" to the next.

There is a mystique which surrounds swap contracts due to lack of knowledge or available information. By explaining the basics of swaps, including how they work and what their purpose is, I hope this will help to clarify them.