A swap dealer is a net floating-rate payer and net fixed-rate receiver. The dealer can hedge this position by:

a.unwinding some positions where the dealer is fixed-rate payer.

b.unwinding some positions where the dealer is floating-rate receiver.

c.finding another counterparty that wishes to receive floating-rate and pay fixed-rate.

d.taking a short position in a strip of interest rate futures.

e.taking a long position in a strip of interest rate futures.