Constant maturity swap (CMS) - Financial definition
Financial acronyms
The entire acronym collection of this site is now also available offline with this new app for iPhone and iPad.
Concise definition of the term constant maturity swap
A constant maturity swap is made up of the exchange of two rates of which one leg is either fixed or based on a short term rate (often Euribor or Libor), and the other is based on a long-term swap rate reset every period.