Overnight indexed swap
An overnight index swap ( OIS ) is an interest rate swap, in which one side of the swap is equal to the geometric mean of the interest rates of an overnight index (eg EONIA) all days of a period.
At the conclusion of the transaction amount of the fixed rate, the nominal volume and the duration will be agreed.
The currency or the relevant index, the swaps are variously called
- EUR = EONIA swap
- USD = Fed Funds Swap
- GBP = SONIA swap
- CHF = Tois
- Financial market activities
- Interest income