Definition of detention. 1 : the act or fact of detaining or holding back; especially : a holding in custody. 2 : the state of being detained; especially : a period of temporary custody prior to disposition by a court.
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Interest rate swap. An interest rate swap (IRS) is a liquid financial derivative instrument in which two parties agree to exchange interest rate cash flows, based on a specified notional amount from a fixed rate to a floating rate (or vice versa) or from one floating rate to another. Interest rate swaps can be used for both hedging and speculating.