According to Zohar Hod of SuperDerivatives, a derivatives-pricing firm, there has already been movement away from LIBOR towards using overnight index swaps to discount cash flows on certain instruments.

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That makes it hard to introduce uniform pricing of derivatives, because the penalties (or lack of them) for defaulting vary so much from one jurisdiction to another.

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In mathematically complicated ways, market interest rates are built into the pricing of derivatives like puts and calls, and with higher rates the terms of a structured note can be made more appealing to the naive investor.

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In pricing fixed income or derivatives, different models and different assumptions can lead to different valuations.

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Exemptions to the tax are likely if Brazil does not want to punish exporters who are being forced to lock in dollar rates through derivatives contracts in order to guarantee pricing in an ongoing week dollar environment.

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