[juliangregorian]

http://en.wikipedia.org/wiki/Coupon_%28bond%29

[jfuhrman]

Thanks. In that case, isn't someone taking on risk by moving coupons around?

[juliangregorian]

It seems like they're talking about arbitrage, in which case there's essentially no risk involved, as the whole game is exploiting momentary differences in bid/ask price at different exchanges.