January 2012
Intermediate to advanced
384 pages
8h 36m
English
Content preview from Tail Risk Killers: How Math, Indeterminacy, and Hubris Distort MarketsBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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CHAPTER 33For Those about to Swap (We Salute You)
Interest-rate swaps exist to hedge interest-rate risk. For example, a bond investor typically takes a position financed at a floating prime rate. If this floating rate rises, he or she is put in a tough spot where he or she has to liquidate his or her position. The same logic applies for any business that finances its outlays at a floating rate. If these rates rise too much, the company could go out of business. Swaps enable one to hedge interest-rate risk at every point on the yield curve. Even though they exist as a hedge, they also can be used to speculate on interest-rate movements. Everyday sensible reasoning using directly observed data leads to an understanding of the true nature of risks ...
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