A quiet revolution

Sovereigns are rarely cited as exemplars of cutting-edge risk management. In fact, the commonly held wisdom is that the term 'sovereign risk management' is somewhat oxymoronic. Detractors point to the French government's interest rate swaps programme that stalled in 2002, or the widespread, but mistaken, belief that the UK Debt Management Office (DMO) has never traded a derivative as indicative of government risk managers' stasis. But the perception is wrong. Sovereign debt management