Which of the following is Not true about swaps?

a.

Selling the swap to another party requires the permission of the corresponding counterparty of the seller of the swap.

b.

In a currency swap, the exchange of payments is based on an exchange of interest payments in one currency are exchanged for interest payments in another currency.

c.

Interest rate swaps could be used to transform assets or liabilities of firms.

d.

Credit default swaps can be used to transfer credit risk to a third party.