2) Credit risk 3) Liquidity risk  4) Cash flow interest rate risk e.  Fair value hedge 33.  SEGMENT FINANCIAL INFORMATION PART III F-56 Operating segments are defined as components of an enterprise regarding which separate financial information is available for  regular evaluation by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Beginning from September 1, 2009, the Company redefined its financial reporting operating segments into five operating  segments: (a) domestic fixed communications business, (b) mobile communications business, (c) internet business, (d)  international fixed communications business and (e) others. Prior to September 1, 2009, Chunghwa Telecom had seven  operating segments: (a) local operations, (b) domestic long distance operations, (c) international long distance operations, (d)  cellular service operations, (e) internet and data operations, (f) cellular phone sales and (g) all others. The redefinition of the  Company’s operating segments is expected to facilitate the management’s ability to assess the performance of each operating  segment by conforming the Company’s operating segments to the international trends of other telecommunications companies  in general. The Company also early adopted the Statement of Financial accounting Standards No. 41 “Operating Segments”  (“SFAS No. 41”) starting from September 1, 2009. Chunghwa entered into currency swap contracts to hedge the fluctuation in exchange rates of beneficiary certificates  denominated in foreign currency, which is fair value hedge. No transaction met the criteria for hedge accounting for the  years ended December 31, 2010 and 2011. The transaction was assessed as highly effective for the year ended December  31, 2009. There were no outstanding hedge currency or forward exchange contracts existed as of December 31, 2009. The Company engages in investments in fixed-interest-rate debt securities. Therefore, cash flows from such securities  are not expected to fluctuate significantly due to changes in market interest rates. The financial instruments of the Company categorized as available-for-sale financial assets are publicly-traded, easily  converted to cash. Therefore, no material liquidity risks are anticipated. The financial instruments categorized as  financial assets carried at cost are investments that do not have a quoted market price in an active market. Therefore,  material liquidity risk is anticipated.  The Company has sufficient operating capital to meet cash needs upon settlement of derivative financial instruments.  Therefore, the liquidity risk is low. The maximum amount of credit risk of the financial instruments held by counter-parties or third parties is equal to the  carrying amount. Credit risk represents the potential loss that would be incurred by the Company if the counter-parties or third-parties  breached contracts. Financial instruments with positive fair values at the balance sheet date are evaluated for credit  risk. The counter-parties or third-parties of the aforementioned financial instruments are reputable financial institutions  and corporations. Management does not expect the Company’s exposure to default by those parties to be material.