When a company seeks to protect itself from currency fluctuation, it can reduce its exposure to the target currency with a derivative (for example, it promises to pay its trading partner if the euro rises, but gets paid if it falls). Although the company using the derivative reduces its exposure to the risk of a failing euro, the derivative comes packaged with a new risk – counterparty risk.
当一家公司试图保护自己免受货币波动干扰时，它可以通过衍生品减少自己在目标货币上的风险暴露（比如，它可以承诺，若欧元升值，就赔付其交易对手，而当欧元贬值时，则有交易对手赔付给它）。尽管使用衍生品的公司减少了它在欧元贬值上的风险暴露，但衍生品实际上带来了新的风险——对手方风险。如果交易对手方倒闭——就像AIG、贝尔斯登和雷曼兄弟一样——那么该公司就会遭受对手方风险，即使欧元下跌，它也得不到赔付。