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An IRS consists of an exchange of interest rates between a fixed rate and a variable rate, based on the price of the 28-day TIIE published by Banco de Mexico at 12:30 p.m. each business day.

IRS are traded over the counter (OTC), at terms of 3 months to 30 years. The 3-month equivalent swap is known as the 3x1, and is equivalent to three 28-day periods. The six-month swap is called the 6x1, and so on, up to 30 years (390x1).