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Portfolio management (3) (difficulties with using currency swaps to hedge…

- - - - risk that counterparty to swap defaults
    - - risk that market conditions change so that PV of net outgo under swap increases.
- - - - implementing transition in stages
      - share exchanges between old and new managers
      - crossing, whereby investment bank looks among its clients for buyers and sellers of stocks
      - using investment of net cashflows as way of rebalancing portfolio