Interest rate swaps are agreements where two parties exchange interest rate payments. They have a history in financial markets and involve setting rates, credit considerations, and executing the swap. Accounting and financial statements are impacted by swaps, and they can be unwound if needed. Swaps can be used for hedging or speculation, and there are various derivative products available. Different types of interest rate swaps exist, as well as other types of swaps. The future of the swap market includes refinements in pricing and continued evolution of these financial instruments.