But if the other side of the swap is taken by a hedge fund whose finances are dependent on loans from that same bank, has risk really been transferred?

但如果公司利用对冲基金交换，而对冲基金依靠的正是该银行的贷款，那最终承受风险的还是银行。

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The next shock could be the failure of a hedge fund with a big swap book, given the spike in redemptions and margin calls many funds face, thinks Pierre Pourquery of the Boston Consulting Group.

波士顿咨询集团的Pierre Pour query认为，考虑到基金面对上升的赎回率和保证金要求，下一波冲击的受害者可能来自持有大量掉期合约的对冲基金倒闭。

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They wrote that policymakers, using an expanded European bailout fund, could end the Greek panic by offering to swap existing Greek bonds for newly issued bailout-fund debt at a steep discount.

他们撰文指出，救助基金放贷规模扩大后，决策者们可用新发行的救助基金债券以极低的折扣价来置换希腊现有的国债，以此结束希腊债务恐慌。

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The country's largest institution, Metrobank, persuaded state-run pension fund SSS to swap its 6.3% stake in FEBTC for 5% of Metrobank.

CNN: Here's to the New No. 1

But if the other side of the swap is taken by a hedge fund whose finances are dependent on loans from that same bank, has risk really been transferred?

ECONOMIST: Buttonwood

In the meantime, it remains difficult for investors to survey a fund's exposure to both the market risk and the counterparty risk in a swap.

WSJ: Swaps Add Risk to Fund Portfolios