An existing swap can be effectively hedged against interest rate risk by

a.

setting asset duration equal to liability duration and taking an opposite position of the original swap by buying a forward contract.

b.

setting interest-sensitive assets equal to interest-sensitive liabilities and buying a swap contract from an experienced dealer.

c.

entering into another swap agreement that is the mirror image of the original swap.

d.

selling out to another party a future contract where the settlement will be assured by the clearinghouse.

e.

entering into another swap agreement that is traded in the organized exchange.