• A voluntary interconnection of administratively separate Internet networks for the purpose of exchanging traffic between the “downstream” users of each network. Peering is settlement-free, also known as “bill-and-keep” or “sender keeps all,” meaning that neither party pays the other in association with the exchange of traffic; instead, each derives and retains revenue from its own customers. An agreement by two or more networks to peer is instantiated by a physical interconnection of the networks, an exchange of routing information through the Border Gateway Protocol (BGP), tacit agreement to norms of conduct, and, in rare cases, a contract. ← Wikipedia

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