> For the complete documentation index, see [llms.txt](https://docs.swivel.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.swivel.finance/other-resources/institutions/rate-profile-optimization/page-untitled-1/6untitled.md).

# Speculators and Proprietary Trading Functions

Speculators and prop trading functions may use rate derivatives to hedge their risk, but they may also take positions based on assumptions about the directions of interest rates or to exploit arbitrage or rate improvement opportunities across markets. These participants may trade a wide range of instrument types.<br>


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