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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The swap rate is the margin between the forward exchange rate and the spot rate.

期率是指远期交易率和即期交易率之间的差额。

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That's because selling a credit swap is equivalent to buying the corporate bond on margin.

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