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|00000010| 4f 53 53 20 20 20 20 43 | 68 61 70 74 65 72 20 32 |OSS    C|hapter 2|
|00000020| 33 3a 20 52 69 73 6b 20 | 4d 61 6e 61 67 65 6d 65 |3: Risk |Manageme|
|00000030| 6e 74 3a 20 41 6e 2e 2e | 2e 20 20 20 20 20 20 00 |nt: An..|.      .|
|00000040| 00 00 00 4e 00 00 00 00 | 00 00 00 4e 00 72 27 00 |...N....|...N.r'.|
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|000000b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 18 14 00 |........|........|
|000000c0| 00 31 01 00 54 68 65 20 | 62 75 79 65 72 20 6f 66 |.1..The |buyer of|
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|00000600| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 01 |........|........|
|00000610| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000620| 00 00 00 00 00 00 00 00 | 00 00 00 31 0f 00 45 63 |........|...1..Ec|
|00000630| 6f 6e 6f 6d 69 63 20 65 | 78 70 6f 73 75 72 65 20 |onomic e|xposure |
|00000640| 69 73 20 74 68 65 20 6c | 6f 6e 67 2d 72 75 6e 2e |is the l|ong-run.|
|00000650| 2e 2e 20 20 20 20 01 00 | 6f 00 00 00 00 00 00 00 |..    ..|o.......|
|00000660| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000670| 00 00 01 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000680| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 31 10 |........|......1.|
|00000690| 00 49 6e 74 65 72 65 73 | 74 20 72 61 74 65 20 72 |.Interes|t rate r|
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|000006c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
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|00000720| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000730| 00 00 00 00 00 00 00 00 | 01 00 00 00 00 00 00 00 |........|........|
|00000740| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000750| 00 00 00 00 31 12 00 41 | 6e 20 69 6e 74 65 72 65 |....1..A|n intere|
|00000760| 73 74 20 72 61 74 65 20 | 63 61 70 20 69 73 20 61 |st rate |cap is a|
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|00000780| 00 6f 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |.o......|........|
|00000790| 00 00 00 00 00 00 00 00 | 00 00 00 01 00 00 00 00 |........|........|
|000007a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
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|00000800| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000810| 00 00 00 00 00 00 00 00 | 00 00 31 14 00 46 72 6f |........|..1..Fro|
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|00000870| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 31 15 00 |........|.....1..|
|00000880| 48 65 64 67 69 6e 67 20 | 69 73 20 62 65 73 74 20 |Hedging |is best |
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|000008c0| 00 00 00 00 01 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000008d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
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|00000940| 00 00 00 31 17 00 54 72 | 61 6e 73 61 63 74 69 6f |...1..Tr|ansactio|
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|00000990| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
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|00000c50| 00 00 00 00 00 00 00 00 | 00 00 00 31 1f 00 54 68 |........|...1..Th|
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|00000c70| 20 5f 5f 5f 5f 5f 5f 5f | 5f 5f 5f 20 68 61 73 20 | _______|___ has |
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|00000cc0| 00 54 68 65 20 5f 5f 5f | 5f 5f 5f 5f 5f 5f 5f 20 |.The ___|_______ |
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|00000d20| 00 31 21 00 59 6f 75 72 | 20 63 6f 6d 70 61 6e 79 |.1!.Your| company|
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|00000d80| 00 00 00 00 31 22 00 59 | 6f 75 72 20 63 6f 6d 70 |....1".Y|our comp|
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|00000ea0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 31 25 00 |........|.....1%.|
|00000eb0| 57 68 69 63 68 20 6f 66 | 20 74 68 65 20 66 6f 6c |Which of| the fol|
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|00002ad0| 49 6e 20 74 68 65 20 55 | 6e 69 74 65 64 20 53 74 |In the U|nited St|
|00002ae0| 61 74 65 73 2c 20 73 74 | 6f 63 6b 62 72 6f 6b 65 |ates, st|ockbroke|
|00002af0| 72 73 20 61 72 65 20 72 | 65 73 70 6f 6e 73 69 62 |rs are r|esponsib|
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|00002b10| 20 74 68 65 20 6d 61 6a | 6f 72 69 74 79 20 6f 66 | the maj|ority of|
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|00002b70| 20 53 77 61 70 73 20 61 | 72 65 20 61 72 72 61 6e | Swaps a|re arran|
|00002b80| 67 65 64 20 62 79 20 64 | 65 61 6c 65 72 73 2e 20 |ged by d|ealers. |
|00002b90| 52 65 76 69 65 77 20 73 | 65 63 74 69 6f 6e 20 32 |Review s|ection 2|
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|00002bc0| 20 59 6f 75 20 61 72 65 | 20 63 6f 72 72 65 63 74 | You are| correct|
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|00002c50| 00 00 00 00 00 00 00 00 | 00 00 00 33 01 00 39 00 |........|...3..9.|
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|00002d20| 7d 7d 7b 5c 44 46 20 4f | 72 67 61 6e 69 7a 65 64 |}}{\DF O|rganized|
|00002d30| 20 74 72 61 64 69 6e 67 | 20 69 73 20 6d 75 63 68 | trading| is much|
|00002d40| 20 6d 6f 72 65 20 63 6f | 6d 6d 6f 6e 20 69 6e 20 | more co|mmon in |
|00002d50| 66 75 74 75 72 65 73 20 | 63 6f 6e 74 72 61 63 74 |futures |contract|
|00002d60| 73 20 74 68 61 6e 20 69 | 6e 20 66 6f 72 77 61 72 |s than i|n forwar|
|00002d70| 64 20 63 6f 6e 74 72 61 | 63 74 73 2e 20 52 65 76 |d contra|cts. Rev|
|00002d80| 69 65 77 20 73 65 63 74 | 69 6f 6e 20 32 33 2e 34 |iew sect|ion 23.4|
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|00002e30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
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