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Mechanics, market structure and the modern economics of swap spreads Trading in Swap Spreads sheds light on new issuance flows (including spread locks), funding demand, term premiums, cost of balance sheet, capital allocation, liquidity, market infrastructure and sometimes even credit provision. That a single instrument provides such rich insight…

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Should you use ChatGPT to hedge a new issue? The Financial Markets Standards Board (FMSB) published its “Spotlight Review on Pre-Hedging” back in 2024. Officially, it doesn’t “codify standards of behaviour”….but if you’ve ever sat on a swaps desk during a deal pricing, you’ll know that in practice, it…


