11.   It too hedges all of its foreign exchange exposure, Bruun-Olsen said, using the swaps market to shift its currency exposure back into its domestic currency.

12.   Japanese security houses have been pricing dual-currency bond issues in the swaps market, Rogers said.

13.   Keller agreed that the interest rates established in the swaps market are becoming increasingly influential among professionals on Wall Street.

14.   SmithKline Beecham Plc is using the swap market to hit its funding target for floating-rate cash with its sixth bond issue this year.

15.   The cash reserve requirement distorts interest rates on inter-bank loans and prevents the development of a credible inter-bank term money market and swap market, analysts say.

16.   The inflation risk, therefore, is borne by traders in the swaps market.

17.   The sales of new koruna Eurobonds are limited by the small size of the swap market for korunas into other currencies, bankers said.

18.   The swap market allows borrowers to exchange liabilities in one currency for another or from fixed to floating rates.

19.   The swap markets are likely to stay open for some time, he said.

20.   Widespread expectations that koruna rates will come down are reflected in the Czech koruna swap market.