It has been a seesaw year for interest rate derivatives. In late 2010 and early 2011 markets were relatively calm and predictable in Asia, although the Arab uprisings in the Middle East caused some market volatility. The first major shock came in the aftermath of the Great East Japan Earthquake on March 11, which sparked dramatic interest rates movements, including a 15 basis point drop in the long end of the US rates curve during a 10-minute period on March 15.
Sharp market shocks soon became m
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