Predominantly they expose the user to market risks. The value of a XCS will change as market interest rates, FX rates, and XCS rates rise and fall. In market terminology this is often referred to as delta and basis risks. Other specific types of market risk that interest rate swaps have exposure to are single currency basis risks (where various IBOR tenor indexes can deviate from one another) and reset risks (where the publication of specific tenor IBOR indexes are subject to daily fluctuation). XCSs also exhibit gamma risk whereby their delta risk, basis risks or FX exposures, increase or decrease as market interest rates fluctuate.