An acronym for cross currency swap; a currency swap in which one side is a fixed rate currency and the other a floating rate payment (such as U.S dollar LIBOR). This type of swap combines the features of a currency swap and an interest rate swap. In cross currency swaps, a loan denominated in one currency and effected at a fixed rate is typically swapped for a floating rate loan denominated in another currency. A cross-currency swap has two principal amounts, each denominated in a different currency. The exchange of principal at inception is optional (i.e., the initial principal amounts can be exchanged or not depending on counterparties agreement). However, it is essential that the counterparties agree to exchange principal amounts at the swap’s maturity date.

CCS may also stand for clearing connectivity standard; an industry standard/ format that is designed to enhance over-the-counter derivatives (OTC derivatives) reporting and information exchange for asset managers, futures commission merchants (FCMs), central counterparties (CCPs) and custodians. In other words, this standard can be used by the FCM and cleaning broker community to transmit OTC clearing related information on behalf of their asset manager clients to custodian institutions. Overall, the standard helps provides market participants and brokers with program management, governance and industry oversight.