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Chapter 14






                          Overview







                                                      Exposure










                                              INTEREST RATE RISK






                                         Why rates                 Hedging

                                          fluctuate                 interest
                                                                   rate risk




                                          Yield curve                 FRAs



                                                                      IRGs




                                                                     Futures



                                                                     Options





                                                                     Swaps





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