A group of individuals who run a portfolio of swaps (interest rate swaps) for a financial institution (such as commercial banks, investment houses, insurance firms, and so on). A swap desk stands ready to quote a price (swap quote/ quoted swap spread) for a swap transaction for a customer. The customer can get different prices from different swap desks (at different institutions) so that to decide which trade to execute at the best price.

The swap desk may require specific services from other departments in the institution, including secured borrowing (borrowing of securities that can be used as collateral. To that end, the swap desk pays other departments for their funds. The cost of these intrabank funds (borrowings) is known as the transfer pricing rate (TPR).