A party to an interest rate swap who makes, to a fixed rate payer, variable (floating) interest rate payments based on a specified reference rate. The “swap seller” or the “party that is short the swap” also denote the same meaning. A floating-rate payer is also a fixed-rate receiver.

This term could also refer to the issuer of floating rate securities such as a floating rate note (FRN) or adjustable rate preferred stock.