1.   Even where restrictions are still important, as in the yen market, the swap market has facilitated circumvention.

2.   Because it swaps into deutsche marks, it had to wait until swap market rates made the financing costs low enough to meet its borrowing target.

3.   Borrowers are using the swap market to satisfy investor demand for exotic currency Eurobonds while securing cheap money for themselves.

4.   Almost all took the extra precaution of going to the swaps market where they traded in the interest payment for another instrument not linked to CPI.

5.   But no formal action was taken and, as the stock market continued to soar, the Wall Street wizards continued to flourish in the swap market.

6.   Currently, foreign banks are allowed to act as brokers for foreign companies wanting to buy or sell currency on the swap market.

7.   In the swaps market, commercial banks rushed to receive fixed rates on maturities of less than five years, pushing down rates on those maturities.

8.   In the swaps market, traders cited some banks that had been receiving fixed rates yesterday as seeking to pay fixed rates this morning.

9.   In the swaps market, Japanese commercial banks and U.S. brokerages sought to receive fixed rates as bond yields sank.

10.   In the yen interest rate swap market, swap rates were little changed.