A swap is a method used to reduce financial risk

A swap is a method used to reduce financial risk

A swap is a method used to reduce financial risk.  Which of the following statements about swaps, if any, is NOT CORRECT?

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[removed]A swap involves the exchange of cash payment obligations.
[removed]The earliest swaps were currency swaps, in which companies traded debt denominated in different currencies, say dollars and pounds.
[removed]Swaps are very often arranged by a financial intermediary, who may or may not take the position of one of the counterparties.
[removed]A problem with swaps is that no standardized contracts exist, which has prevented the development of a secondary market.
[removed]Swaps can involve side payments in order to get the counterparty to agree to the swap.

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