抄録
Swaps, options and other "derivatives" represent innovations in the financial sector. Interest and exchange rates are dealt in these forms of financing: the interest rate swap decreases financing costs by swapping a long-term fixed interest rate and a floating rate; the currency option hedges risk of exchange rate floating. Adequate programs are needed for management of risks including those of variations in interest and exchange rates, since the derivatives do not eliminate risks although they do reduce them for individual market players through a sophisticated mathematical/statistical theory.
