Page history
2 January 2024
15 December 2023
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Created page with "“End-user” swaps are implied margin loans from a dealer to a customer — customers use swaps to change their market exposure whereas dealers delta-hedge to flatten their overall position, leaving only customer credit exposure — this is economically the same as lending to the customer receiving a financing rate, and paying the return of a principal asset minus loan principal and interest — this is equally true of synthetic margin loans like equity swaps a..."
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