In the CFAI text, volume 5 page 175, section 5.6.3 Credit Risk of Swaps, para 2
” … To the party that is long (I.e., paying fixed and receiving floating), the swap has a positive market value.”
Is this a typo? I thought long irs means you are always receiving the fixed leg (or at least that was what I understood from volume 4 Fixed Income Derivatives section) or it actually doesn’t matter because it ultimately depends on which side’s point of view you are describing from?