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Interest Yields, Interest-Rate Risk, and Derivative Securities 1.Hedging, Speculation, and Derivative Securities1)interest risk Individuals who trade in international financial markets face risks arising from variations in asset returns and foreign exchange risks that arise from exchange-rate volatility. Interest rate risk is the possibility that the market value of a financial instrument will change as interest rates vary. Capital gain is a rise in the value of a financial instrument at the time it is sold relative to its market value at the time it was purchased. 2)possible responses to in