eTrade 2005 Annual Report Download - page 157
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certain assets, liabilities and future cash flows. The Company is also required to recognize certain contracts and commitments as
derivatives when the characteristics of those contracts and commitments meet the definition of a derivative as promulgated by SFAS
No.133.
Fair Value Hedges
Overview of Fair Value Hedges
The Company uses a combination of interest rate swaps and purchased options on forward-starting swaps, caps and floors to offset
its exposure to changes in value of certain fixed rate assets and liabilities. In calculating the effective portion of fair value hedges under
SFAS No.133, changes in the fair value of the derivative are recognized currently in earnings, as changes in value of the hedged asset
attributable to the risk being hedged.
101
2006. EDGAR Online, Inc.