1.   Both Liu and Chen said that FIEC has conducted some interest rate swap transactions to hedge the debt.

2.   A swap transaction involves the sale of a foreign currency in exchange for the ringgit, with an agreement to buy back the foreign currency later.

3.   Ferber, who had been hired by municipalities as a financial adviser, would recommend to his clients that Merrill Lynch be selected to conduct lucrative swap transactions.

4.   In Europe, Cable and Wireless and KPNQwest have come under fire for their use of swap transactions.

5.   Specifically, the recommendations will address the issue of when telecommunications companies should record revenue from swap transactions.

6.   The Allentown, Pa., producer of industrial gasses entered into a complex series of swap transactions in what was a leveraged bet that rates would not rise.

7.   The increasing use of complex swap transactions in international finance means that many of these liabilities might take weeks, even months, to work out.

8.   The result is that they could default on a contractual requirement to honor foreign-exchange trading transactions or swap transactions, or to meet other obligations.

9.   The stock market curbs followed the imposition of limits on currency swap transactions between Malaysian banks and foreign customers.

10.   The swap transactions are a focus of investigations by federal prosecutors and the Securities and Exchange Commission.