The article discusses how swaps are used to hedge against changes in interest rates and currency values. It explains how to price swaps, calculate their value, and manage the risks involved. The researchers explore ways to construct a zero coupon discount function and derive exposures from pricing algorithms. They also discuss methods for hedging these exposures and applying the techniques to other financial instruments like caps, floors, and options on swaps. Overall, the article provides insights into managing a portfolio of swaps effectively.