swaps

What is the difference between market risk and cash flow risk? Aren’t these two the same ?

I think you mean market value risk. Market Value Risk: Risk, of the change in market value of a for example fixed coupon bond when interest rates change. Cash Flow Risk: Risk, that the Cash Flows of floating rate notes are uncertain because of changes in the interest rate. When you look at an interest rate swap, the fixed rate side has more market value risk and the floating side has more cash flow risk.

Thanks for the explanation.