A quiet revolution
Governments have traditionally kept their limited use of derivatives close to their chests. But some sovereigns are now broadening their mandates to encompass a wider array of risks and they are increasingly turning to the derivatives markets. By Navroz Patel
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
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