Cutting edge introduction: exploring constant maturity asset swaps

Exploring constant maturity asset swaps


Among the changes wrought by the financial crisis has been a U-turn in attitudes to financial innovation. In 2005, then-chairman of the US Federal Reserve Alan Greenspan praised securitisation for making the financial system more flexible, efficient and resilient than it had been 25 years previously. Four years later, following the collapse of the subprime-backed securities market, another former Fed chairman, Paul Volcker, argued the greatest financial innovation in recent decades had been t