An interest rate swap in which there is, in contrast to a regular swap (vanilla swap), no dependency between its floating reference rate and the resetting and payment frequencies. For example, in a regular swap, if the reference rate is based on six-month LIBOR, the swap’s reset and payment must take place semiannually. If the reference rate is based on three-month LIBOR, resetting and payment are carried out quarterly or every three months. On the contrary, in a general swap, there is no dependency between the reference rate and the resetting and payment frequencies. As such, the reference rate could be six-month LIBOR, with a quarterly resetting frequency and a monthly payment frequency.