Pre-financial crisis, interest rate derivatives were widely recognized as a valuable part of the municipal issuer’s financial toolkit. Post-crisis, they have been a thorn in the side of many issuers, ...

Given a function f(x), and two points on the curve (a, f(a)) and (b, f(b)) the line joining these two points is called a secant line of f. (Not to be confused with the trigonometric secant (sec) ...

If proof were needed that history is doomed to repeat itself, it came recently in the form of a study into how end-users manage the derivatives they buy. After the collapse of three of the market’s ...