A few months ago, stoking a wider interest in the so-called foreign exchange swaps market was a difficult prospect. The forex swap market – like the money markets – has been taken for granted for many years as a place where many banks and companies carry out standard, daily financial operations.

But now, amid the global credit crisis, the forex swap market has started to grab attention. This month the problems in the interbank lending market have spilled over into this corner of the financial world, impairing the ability of banks and companies to manage currency exposures.