HOW A SWAP
SETTLES.
01 / 04
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PRIVACY
"A bank hedging real size does not want that read by the market."
Size and counterparty are visible to the two parties in the trade — never broadcast, never indexed, never front-run. A hedge is a private instrument, not a public signal.
EVERY DURATION
PRODUCT STARTS HERE.
Nothing else can hedge duration. The swap is the base rate.
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MEASURED, NOT PROMISED
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