The phrase "direct swap" means to exchange something with another thing or person without making any changes or alterations. It is a straightforward swapping process where one thing is replaced exactly with another thing. Full definition
Also read: Jaxx To Be First Dash Wallet for iOS ShapeShift's Currency Swaps Without Accounts ShapeShift offers direct swaps between 34 popular cryptocurrencies, without the need for user identification or accounts. (bitcoinist.com)
The Mirror actually suggests the deal may not strictly speaking be a direct swap, though it does seem both players are close to finalising their respective moves. (caughtoffside.com)
Not a direct swap for Ox, although he has stated that is a position he would like to play in, but still keeping others out the side. (justarsenal.com)