Dear Derivatives Week subscriber: 

Catch the latest breaking news in this week's issue by clicking 
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Top stories this week: 
___________________________________________________________ 
Shell Trading is investigating trading credit default swaps for the first 
time 
as a cheaper alternative to letters of credit and to generate additional 
revenue. 

Korea's Asiana Airlines, with anticipated revenue of KRW2,100 billion 
(USD1.9 billion), hopes this year to return to the interest-rate swaps market 
to hedge some 45% of its USD1.4 billion foreign currency-denominated floating 
rate loan portfolio. 

Five months after launching a bankruptcy swaps market making business 
Enron has only traded a handful of contracts with end users and has yet to 
pull the trigger on a deal with a financial institution. 

Foreign banks were seen late last month scrambling to cover short 
interest-rate 
option volatility positions after a sharp spike in Japanese swaption 
volatility. The 
banks, thought to include J.P. Morgan and Deutsche Bank, were seen buying 
swaption vol on the way up and selling vol as the market traded down. 
___________________________________________________________ 

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