Legal features and non-features of central bank currency swaps

Abstract This article examines legal features and non-features of central bank currency swap agreements, using case studies to identify trends in the inclusion and omission of terms. The case studies are considered in respect of commercial terms, choice of law and dispute resolution, whether key central bank currency swap agreements entered into by the US Federal Reserve constitute treaties under international law, and approaches taken to representations and warranties. The trends identified suggest that the position of states in the hierarchical global financial system determines how detailed and how lender-friendly are the provisions agreed in states’ central bank currency swaps.