overnight index swap　

overnight index swap　隔夜指数掉期　

An interest rate swap involving the overnight rate being exchanged for a fixed interest rate.An overnight index swap uses an overnight rate index，such as the Federal Funds Rate，as the underlying for its floating leg，while the fixed leg would be set at an assumed rate.Overnight index swaps are popular amongst financial institutions for the reason that the overnight index is considered to be a good indicator of the interbank credit markets，and less risky than other traditional interest rate spreads.