A swap is a method used to reduce financial risk. The following statements are correct, except:

* A company can swap fixed interest payments for floating interest payments.

*A problem with swaps is that no standardized contracts exist, which has prevented the development of a secondary market.

*Swaps are very often arranged by a financial intermediary, who may or may not take the position of one of the counterparties.

*The earliest swaps were currency swaps, in which companies traded debt denominated in different currencies, e.g.,dollars and yen.

*None of the above