Hi--I need to understand these instruments from a hedging perspective than a pricing one. I have a good handle on plain (1-currency) swaptions and the vol surface, the gamma and vega that play part in hedging. But currency has more parameters, correlation, credit and default risk(in case of emerging markets).Would you have any suggestions where I can look? I don't need to understand the exact pricing using the models -- but I do need to understand what parameters are important and will change the MTM of the ccy swap or ccy swaption. I need to understand this product from a hedging perpective.Also, any leads where I can more info on credit-contingent swaps?thankspusher.

I remember the mercurio and brigo book deriving this for the g2++ model on two curves. You dont necessarily need to understand the model (I dont...), but the way they derive the cross deltas and gammas give you a pretty good sense of what makes this stuff tick.

Are you talking about floatfloat/fixedfloat of fixedfixed it makes a difference