A swap that has additional or more complicated features as to a vanilla swap (standard swap). Non-standard swaps are designed to meet specific needs of the counterparties.

Examples of non-standard swaps are basis swaps, (in which the parties exchange floating rate payments linked to two different indexes), callable swaps (which give the fixed rate payer the option to terminate the contract before maturity date), amortizing swaps (where the swap’s notional amount decreases over it lifespan), etc.

Other types of non-standard swaps include puttable swaps, rate capped swaps, forward swaps, extendible swaps, etc.

Non-standard swaps are also known as irregular swaps or exotic swaps.