-
Swaps as Portfolios of Forward Contracts
Explore how swaps can be viewed as collections of forward rate agreements, including discounting cash flows, decomposing interest rate swaps, and key hedging insights.
-
Valuing Interest Rate Swaps and Swap Rates
Explore the essential mechanics for valuing interest rate swaps, including fixed and floating leg methodologies, calculating swap rates, and understanding day count conventions.
-
Valuing Currency and Equity Swaps
Explore the mechanics, practical valuation techniques, and risk management strategies for currency and equity swaps, including real-world hedging applications and exam-focused insights.
-
Impact of Notional Principal, Netting, and Collateral
Discover how notional principal, netting, and collateral interplay to manage credit risk, reduce exposure, and influence swap valuation and pricing in derivatives markets.
-
Factors Affecting Swap Spreads
Explore how credit risk, liquidity, supply-demand dynamics, regulation, and short-term funding costs jointly shape the difference between swap rates and government bond yields.
-
Terminating or Unwinding a Swap
Comprehensive exploration of swap termination methods—close-outs, novation, and cash settlement—covering valuation, market shifts, legal considerations, and potential pitfalls.
-
Cross-Currency Basis Swaps
A comprehensive exploration of cross-currency basis swaps, covering their structure, valuation, practical applications, and risk management considerations for global portfolio managers.
-
Structured Swaps (Amortizing, Accreting)
Explore the fundamentals and valuation nuances of structured swaps with amortizing and accreting notionals, and learn how they are used for targeted hedging and cash flow matching.
-
Spread Lock Agreements
An in-depth exploration of spread lock agreements in swaps, focusing on hedging spread risk, their valuation, and practical applications.
-
Butterfly, Roller-Coaster, and Other Complex Swap Structures
Explore advanced interest rate swap variations, including butterfly swaps and roller-coaster swaps, to manage yield curve shaping risks through time-varying notional schedules.
-
Central Clearing Requirements for OTC Swaps
Explore how regulatory frameworks mandate the central clearing of standardized OTC swaps to reduce counterparty risk, highlighting CCP roles, margin requirements, default management practices, and real-world examples.
-
Market Value vs. Credit Value Adjustments in Swaps
Explore how credit risk can influence the fair valuation of swaps, balancing market value and credit value adjustments to arrive at a more realistic pricing framework.
-
Derivative Valuation Adjustments: XVA (CVA, DVA, FVA, KVA)
An in-depth guide to how XVA frameworks shape modern derivative valuation, focusing on credit, debit, funding, and capital adjustments.
-
Swap Execution Facilities and Post-Trade Transparency
Delve into the regulatory-driven shift toward Swap Execution Facilities (SEFs) and the heightened post-trade transparency they bring, examining their impact on market structure, price discovery, and compliance in swap markets.
-
Equity Repo Swaps and Stock-Lending Swaps
A comprehensive exploration of equity repo swaps and stock-lending swaps, focusing on their structure, mechanics, valuation, and practical uses in modern equity financing and hedging strategies.
-
Cost-of-Funds Index Swaps
Explore the structure, mechanics, and valuation techniques of Cost-of-Funds Index (COFI) swaps, including real-world hedging scenarios, best practices, and exam-focused insights.