Hi,Had some queries about IR swaps and was hoping that someone could help me out. The question is about how swaps are quoted. Are they quoted as swap rates for FIXED maturity dates or for fixed terms? By fixed maturity rates I mean the swap rates are quoted as Y(t, 1 Jan 05, 31 Jan 05)i.e. t is today, tomorrow, yesterday etc, but the (forward) swap rate always coresponds to the same future period. By fixed term I mean the swap rates are quoted asY(t, t +1 year, t+2 years)i.e. the rate corresponds to a swap rate that you can lock into 1 year from now, for one year. In this case, the 1x2 swap rate quoted today is distinctly different from that quoted tomorrow because they refer to different swap periods.Anyone care to comment on which one holds for IR markets? In energy markets for e.g. I know that the first one holds. But I'm not so sure about swaps. Many thanks in advance.Sam

The IRS market quotes either for spot start or for forwards by terms : Rate_(t,t+1Y,t+ 2Y). Forwards arn't liquid because the level and the curve are played at the same time. To play the level one trades the outright and for the curve, the spread : Spread_(t,t+1Y,t+2Y) = Rate_(t,t+2Y) - Rate_(t,1Y). Seems nicer in energy markets because in interest rates last years 10Y irs is todays 9y cheers