In addition to using forward, futures, and option contracts to hedge transactions or transaction exposure, many corporation are engaging in what are called swap transactions to accomplish this. A swap contract is a private agreement between two companies to exchange a specific cash flow amount at a specific date in the future. If the specific cash flow amount is interest payments, then the contract is an interest rate swap; if the specific amount of cash flows is currency payments, then the contract is a currency swap. The first swap contract was negotiated between IBM and the World Bank in the early eighties. Since that time, the swap market has grown to over $10 trillion.