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Legal features and non-features of central bank currency swaps

Benjamin Letzler

Capital Markets Law Journal2026https://doi.org/10.1093/cmlj/kmag007article
ABDC A
Weight
0.50

Abstract

This article examines legal features and non-features of central bank currency swap agreements, using case studies to identify trends in the inclusion and omission of terms. The case studies are considered in respect of commercial terms, choice of law and dispute resolution, whether key central bank currency swap agreements entered into by the US Federal Reserve constitute treaties under international law, and approaches taken to representations and warranties. The trends identified suggest that the position of states in the hierarchical global financial system determines how detailed and how lender-friendly are the provisions agreed in states’ central bank currency swaps.

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https://doi.org/https://doi.org/10.1093/cmlj/kmag007

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@article{benjamin2026,
  title        = {{Legal features and non-features of central bank currency swaps}},
  author       = {Benjamin Letzler},
  journal      = {Capital Markets Law Journal},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1093/cmlj/kmag007},
}

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Legal features and non-features of central bank currency swaps

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.