I will have to price and hedge IRS with an average fixing.More precisely "average fixing swap " is something like this: ___(Fixed against Float)1. Fixing frequency (yearly) is different from period frequency (monthly).2. The fixing for each year is an average over a given look-back period.(typically it is a 1 month period, which is 2 or 3 months previous to the starting date of the given swaplet).___Since there is an average it sounds like less risky than a vanilla swap... but is it realy the case ? Also : what about convexity ?Any suggestion about pricing and hedging of such swaps is welcome...ThanksP.