Latest / The Trading Floor with David Axtell
Why Cross-Currency Swaps Matter
Why do companies borrow in a currency they don't need, just to swap into the one they do? Episode one of The Trading Floor's new season introduces the cross-currency swap: the instrument connecting FX, interest rates and credit, born from a real 1981 IBM–World Bank trade and now underpinning a market worth tens of trillions. Host David Axtell explains comparative advantage, the basis, and why this market was reshaped after 2008. Companion season to the book Cross-Currency Swaps and Basis Trading, out 15 December.
The skinny
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