An overnight index swap is a particular form of interest rate swap, whereby parties agree to swap a floating interest rate – based on compounded overnight interest rates (eg EONIA, SONIA) – for a fixed interest rate (ie, the OIS rate).
Several central banks have appointed renowned academics in top positions. Ben Bernanke is at the FED, Mervyn King at the Bank of England, Athanasios Orphanides at the central bank of Cyprus and Stanley Fischer at the Bank of Israel.