Answer: Constant maturity swap (CMS)

A **constant maturity swap (CMS)** exchanges a floating short-term rate, such as **6-month LIBOR**, for a longer-term swap rate, such as a **5-year swap rate**, resetting periodically. - A **LIBOR-in-arrears swap** sets the floating rate at the end of the accrual period. - A **compounding swap** compounds interim cash flows. - An **off-market swap** refers to pricing relative to the par rate, not this structure.

Author: Manit Arora