Far leg

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1. FX swaps.

In an FX swap contract, the later re-exchange of the two currencies in the contract.

This follows the initial exchange of the same currencies and related amounts in the opposite direction, in the 'near leg'.


2. Repurchase agreements.

In a securities repurchase agreement ('repo'), the second exchange (re-exchange) of securities, previously exchanged in the 'opening leg' or 'near leg'.


See also