Replicating hedge funds

Cover story


The interest rate yield curves in Asia's major economies have flattened in the past two years - indeed, some have inverted at the front end. This means many of the traditional fixed-income structured products, such as range accruals and constant maturity swap (CMS) steepeners, are out of favour. Such trading strategies are known as 'directional plays', and current market conditions - where central bankers are typically tightening monetary policy, notably in popular markets such as South Kore

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