They are a good way to hedge since losses are avoided and gains possible at a specific options fee. If the 187,500 pounds sterling were available now, they would exchange to 266,070 dollars. They are not due until 90 days from now. Perhaps you would like to guarantee minimal loss and the chance for profit using options. December futures options can be purchased for varying strike prices and different costs.
Swaps are highly dependent on the particular institutions involved.
An arrangement is made which is mutually beneficial to exchange one currency for another for a period of time. Corporations, banks, insurance companies or other institutions may arrange the swaps. Essentially like barter there needs to be a reciprocal coincidence of wants for swaps to be feasible. If you have 200,000 pounds sterling promised to you in 3 months, you find an institution that wants an equivalent amount of dollars for three months and swap. On receiving the pounds, you exchange them for dollars in the spot market.