Swaps are financial agreements where cash flows are exchanged, either in the same currency (interest rate swaps) or different currencies (currency rate swaps). The success of the swap market is due to standardized contracts from ISDA. This chapter discusses how to price and value interest rate swaps. These swaps involve fixed and floating rate payments, with the fixed rate known in advance. The pricing method can be used for different types of swaps, known as second-generation or exotic swaps.