Over the past few years, the Value at Risk indicator (VaR) has evolved, without doubt, into the most frequently used comprehensive tool for assessment of potential losses caused by adverse changes in market rates. However, the common models used for VaR assessment are based only on mid prices...

The paper points to some new aspects in the evolution of the world's economy, where mainly the use of so far unknown or disregarded financial tools leads to brand new situations on various markets and to qualities generally called deformation of the markets. The paper also defines new,...

Three approaches toward the determination of fixed swap rates are presented in this article: a swap as a portfolio of bonds with a fixed and floating coupon, a swap as a portfolio of forwards, and a swap as the difference between the cap and the floor (zero-collar). Later in the paper, credit...