Understanding Swaps

JOHN F. MARSHALL is Senior Partner of Marshall & Associates, aNew York-based financial engineering and consulting firm. He iswidely known for his introduction of new swap derivatives andwidely used futures portfolio models. He is a professor of financeat St. John?s University, and serves as Executive Director of theInternational Association of Financial Engineers. He is the authorof Financial Engineering: A Guide to the Development and Use ofDerivative Products and coauthor, along with Kenneth Kapner, ofThe Swaps Handbook: Swaps and Related Risk ManagementInstrument.

KENNETH R. KAPNER is Treasury Training Manager for The Hong Kongand Shanghai Banking Corporation Limited. A frequent user of swapsfor the hedging of his bank?s positions, he has extensive tradingexperience in both the foreign exchange and money markets.