When defining a callable swap you must define its expiry date (i.e., the date on which the owner can choose to enter into the swap) and the call dates, the dates on which the owner of the right to cancel can cancel the swap. The date between the start date and the first call date is known as the lockout period, i.e., during this period you are locked into the instrument and cannot call it.
You can manually define the callable swap's expiry date in the End Date field and the lockout period in the First Eff. Call Date field.
However, besides manually defining the callable swap's expiry date and lockout period, you can also use the following format in the Swap Term field:
XncY
Where:
X defines the expiry date.
Y defines the lockout period.
By default the system sets both the periods to years. So, for example, entering 15nc1 will give you a 15 year callable swap with a 1 year lockout period.
However, if Y > X the system sets Y to months. So, for example, if you enter 1nc6 you will get a 1 year swap with a 6 month lockout period.