While fixed to floating interest rate swaps dominate the market. Other types of interest rate swaps exist and are actively used in different market contexts. One such example is the basis swap. A basis swap is a general term used when both legs of a swap involve floating interest rates rather than one fixed and one floating. Within basis swaps, we can distinguish different types. The first type can be called a tenor basis swap, a tenor basis swap refers to exchanging different tenors of the same floating rate index, such as swapping three month EURIBOR for six month EURIBOR. The convention in the market is that the spread is quoted on the shorter tenor leg. For example, let's say a trader requests an offer for a five year tenor basis swap, exchanging three month EURIBOR for six month EURIBOR, and the quote is plus 6.5 basis points. This means that over the five year period, the trader would pay three month EURIBOR plus 6.5 basis points to receive six month EURIBOR. Next, let's look at the index basis swap. An index basis swap involves swapping different floating rate indexes. For instance, a trader could swap EURIBOR for ESTR the Euro short term rate. Given the wide variety of floating rates combinations, quoting conventions for index basis swaps are less firmly established than those for tenor swaps. However, when the swap involves a risk-free rate or RFR and an IBOR rate, the spread is typically quoted on the RFR leg, which is considered less risky. For example, consider a trader seeking an offer for a two year basis swap between three month EURIBOR and ESTR, and the quote is plus 14 basis points. This means that over the two year period to receive three month EURIBOR, the trader must pay ESTR plus 14 basis points. And a final comment on basis swap quotations. Typically, the spread is quoted on the shorter tenor or the less risky leg of the swap, which tends to make the spread a positive number. This reflects the market practice of adjusting the quote to reflect the difference in liquidity risk or other factors between the two legs of the swap.