CAPS AND OPTIONS THE DANGEROUS NEW PROTECTION RACKET
It’s too late now to stop them and ask what they think they’re doing. The latest fad in the market is up and running. The new product is glistening on every shelf: the interest-rate cap.
The investment bank superbrains have grown bored with the monotony of swaps which they invented as long as five years ago and which have now become a mere commodity. Goaded also by fears of redundancy or a cutback in their remunerations they had to come up with something else.
The demand for caps is fed by fears of volatility.
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