The financial crisis of 2007-2008 had led to establishment of many regulations in financial markets, mainly being the Dodd Frank Act (in US), European Markets Infrastructure Regulation (in EU regions). One of the main areas of focus by these regulations is on cleared over-the-counter (OTC) derivatives market. Prior to its regulation under Dodd-Frank, the OTC swaps markets were opaque, had very limited regulatory oversight without any central clearing requirements. Hence most of the swaps players chose to execute their swaps transactions in the OTC derivatives market. But after the Dodd-Frank Act, all OTC swaps trades are subjected to regulatory oversight, to be traded on a Swap Execution Facility (SEF), centrally cleared and reported to trade repositories. All these created a burden on financial institutions to be in compliant with these regulations. Hence all players in the industry are now reassessing the choice of venue for derivatives trades: the OTC swaps market or the futures market. The new calculus leads them out of swaps and into futures, which is the essence of the futurization of swaps. This paper explains about what led to the introduction of swap futures, how they are different from traditional swaps and the positive and negative impacts of futurization of swaps.