Weapons for mass construction

The World Bank's involvement in the first-ever currency swap cemented its reputation as a derivatives pioneer. Navroz Patel talks to the supranational's treasury group about its push into structured products and its role as a swaps intermediary

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Nowadays, most cutting-edge derivatives trades are done in the inter-dealer market or between dealers and hedge funds, but it wasn't always so. What many consider to be the genesis of the modern day over-the-counter derivatives market occurred nearly a quarter of a century ago and involved a cross-currency swap between IBM and the World Bank.

Ever since, the supranational has stood out from its peers with its sophisticated approach to risk management. And although it has not enjoyed

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