I don't know about the badges. But the five rings of it represents the 5 continents of earth
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The five (5) continents found on the Earth. It is said that every country's flag contains these colors and that is the reason they were chosen, but this appears to be uncertain, or at least unintentional.
The two center lanes are colored Yellow. This is because the two fastest competitors are seated in the center lanes. The large red section is to mark the 25m line, and the small red segments mark the 15m line. The 15 meter mark is important because for all strokes except the breast stroke, the swimmer's head must break the surface at or before the 15 meter mark.
Usually the lane line colors are done to see how far the participant has gone such as the "The Fruit Loops" or three different colored lane colors in a row resemble the middle of the pool.
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