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Mastering Derivatives Markets: A Step-By-Step Guide to the Products, Applications and Risks de Francesca Taylor

Mastering Derivatives Markets: A Step-By-Step Guide to the Products, Applications and Risks: The Mastering Series

Autor Francesca Taylor
en Limba Engleză Paperback – 31 dec 2010

"The first port of call for anyone looking to truly understand derivatives markets, appreciate the role they play within the global financial system and develop the technical knowledge to trade."Matthew Thompson, Chief Strategy & Business Development Officer, Dubai Mercantile Exchange

"An essential read for anyone serious about understanding the impact of derivatives and technology on the global financial market."Kevin Thorogood, Global Head, Investment Banking/Energy Trading, Thunderhead Ltd

"We have used Francesca for training on derivatives in the past. She demonstrates a passion for these markets and for learning. In a fast changing world, the combination of technical learning and practical experience that Francesca applies is helpful in keeping abreast of market developments."Rachael Hoey, Director, Business Development, CLS

YOUR ESSENTIAL COMPANION TO THE DERIVATIVES MARKETS

Mastering Derivatives Markets provides full up-to-the-minute explanations — with worked examples and screen shots — covering the basics of options, swaps and futures across the key asset classes: rates, currency, equity, commodity and credit.

This book is relevant to anyone working within the financial markets, from the new entrant to the seasoned trader looking for updates, and to non-trading personnel working in IT, legal, compliance, risk, credit and operations.

Please note that the 'look inside' feature is currently displaying the content of Mastering Derivatives Markets Third Edition, this will be updated soon.

Mastering Derivatives Markets Fourth Edition has been completely revised and features new chapters on:

  • The most up to date thinking in the market
  • OTC clearing
  • Regulation
  • Benchmarking
  • Electronic futures trading in the FX market
  • New insights into the commodities markets
  • Carbon trading and environmental products
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Specificații

ISBN-13: 9780273735670
ISBN-10: 0273735675
Pagini: 406
Dimensiuni: 168 x 239 x 25 mm
Greutate: 0.68 kg
Ediția:4Nouă
Editura: FT Press
Seria The Mastering Series

Locul publicării:Harlow, United Kingdom

Descriere

 
 "The definitive passport to success in derivatives. Don't enter the market without it!" Bill Hodgson, Business Development, DTCC
 
“As a trader I crave clarity. Mastering Derivatives Markets integrates tradable insights with a nuanced account of the mechanics of the trade. My suspicion is that if you lost money recently in a derivatives trade it was to a trader who reads Ms Taylor's books.”
Joseph M. Brooks, Independent FX Trader, Las Vegas, USA
 
“We run a number of courses on financial products and this book serves as excellent pre-course reading as well as an everyday reference handbook.”
Maricar Obieta, Senior Vice President, Capital Markets Learning & Development Manager, Corporate and Investment Bank, Europe, Middle East and Africa, Citigroup
 
“An essential read for anyone serious about understanding the impact of technology on the global derivatives market.”
Kevin Thorogood, Director of Investment Bank Solutions, Thunderhead Ltd
 
Your essential companion to the derivatives markets
Mastering Derivatives Marketsprovides full up-to-the-minute explanations - with worked examples and screen shots - covering the basics of options, swaps and futures across the key asset classes: rates, currency, equity, commodity and credit.
This book is relevant to anyone working within the financial markets, from the new entrant to the seasoned trader looking for updates, and to non-trading personnel working in IT, legal, compliance, risk, credit and operations.
 
 The fourth edition has been completely revised with new chapters covering:
·         The most up to date thinking in the market
·         OTC Clearing
·         Regulation
·         Benchmarking
·         Electronic Futures Trading in the FX market
·         New insights into the Commodities markets
·         Carbon Trading and Environmental Products
 
About the author
Francesca has been a major player in the international derivatives markets for over 25 years and has recently relocated to the Middle East.  Francesca is also the founder and ex-CEO of Taylor Associates (International) Ltd.  A financial training company based in London. Iwhich provides training and education to a range of financial and non-financial organisations.
Francesca has extensive experience in the derivatives clearing and OTC post trade space working with key market providers of infrastructure services, notably, Capco, CLS, DTCC, Deriv/SERV, MarkitSERV and Omgeo, both in the UK and North America.
 
She has worked with CME and Bloomberg in NYC and ICE in Chicago to create TV and web based tutorials in traded options and futures markets.
This makes Francesca ideally placed to write user-friendly, technical books.
 Francesca has a BSc (Hons) in geology from London University, an MBA from Imperial College and an AMCT from the Association of Corporate Treasurers. 
Francesca is the author of the bestselling Market Know How: Finance and Markets and Mastering Exchange and Currency Options, 2nd edition, also published by FTPH.
 
A range of expert practitioners have also contributed chapters outlining their thoughts and views on the finance markets in their specialist areas:
Penny Davenport & Gavan Nolan, Markit
Bill Hodgson, The OTC Space
Emilie Mazzacurati, Point Carbon
Ray McKenzie, ICE
Eric Salomons, DFSA
 

Cuprins

Table of Contents 
 1. Background and development of the derivatives markets
  • Introduction
  • Definition and key features
  • Uses of derivatives
  • Range of derivatives
  • Increasing use of the Central Counterparty Model (CCP)
  • Risk and benchmarking
  • Market volumes
  • Users and uses of derivatives
  • Straight Through Processing (STP)
2. Market fundamentals
  • Introduction
  • How banks generate income
  • Three key assumptions
  • Role and use of LIBOR
  • Day counts
  • Financial maths
  • Calculating forward rates
  • Marking to market
  • Yield curves
Quiz
 3. Derivatives fundamentals
  • Range of derivatives   
  • What is a vanilla trade?
  • Settlement
  • Triggers
  • Liquidity and credit risk
  • Understanding the underlying
  • Benchmarks
  • Fair value
  • Dealing with derivatives
 4. Basic option concepts
·        Introduction
·        Option pricing
·        Option mechanics
 5. Interest rate derivatives – single settlement instruments
·        Background and development
·        Single settlement interest rate derivatives
·        Financial futures contracts
·        Forward rate agreements (FRAs)
·        Interest rate options (IROs)
·        Premium determinants
Quiz
 6. Interest rate derivatives
·         Introduction
·         Interest rate caps and floors
·         Interest rate collars
·         Interest rate swaps
Quiz
7. Benchmarking in the OTC derivatives markets
Penny Davenport
·         Financial benchmarking for derivatives
·         Operational risk measurements for derivatives
·         Markit Annual Scorecard
·         Conclusion
 8. Credit derivatives
·         Introduction
·         What is credit risk?
·         Style of trading
·         Default data
·         The first deals
·         Range of credit derivatives
·         Credit default swaps
·         Total return swaps
 9. Beyond a vanilla CDS
Robert Reoch
·         Introduction
·         Credit indices
·         CDOs
·         Where next?
 10. Currency derivatives
·         Introduction
·         Over the counter currency options
·         Currency options: reduced premium strategies
·         Simple exotic structures
·         Currency swaps
·         Exchange-traded instruments
·         Conclusion
Quiz
 11. Equity derivatives
·         Introduction
·         Background
·         Single stocks or equity indices?
·         Stock index futures
·         Stock index options
·         Single stock options
·         Equity index swaps
 12. Using equity derivatives in investment products
Christopher C. Taylor
·         Equity investment
·         The development of the UK and European markets for equity-based retail products
·         Constructing a capital protected growth product with equity derivatives
·         Income paying capital-at-risk products
·         Calculation of income level
·         The risk to capital
·         The most common structural variations used in the equity derivative market
 13. Commodity derivatives
·         Introduction
·         Exchange-traded energy derivatives
·         Exchange-traded futures contracts
·         Exchange-traded energy option contracts
·         OTC or ‘off-exchange’ energy derivatives
·         OTC option products
·         OTC oil swaps
·         Overview of electricity market
 14. Using derivatives in hedge funds
Stuart C. Fiertz
·         Introduction
·         Mitigating risk
·         Increasing exposures
·         Capturing tax efficiencies
·         Manoeuvring anonymously
·         Accessing restricted markets
·         Trading non-deliverable assets
·         Shifting operational burdens
·         Executing with greater precision
·         Conclusion
 15. Derivatives and Technology
Chris Horsburgh 
·         Introduction and background
·         Hardware and software developments
·         Business drivers for change
·         Responses
·         Conclusion
 16. Derivatives and documentation
·         Introduction
·         Background to the International Swaps and Derivatives Association, Inc. (ISDA)
·         Products covered by the ISDA Agreement
·         ISDA heaven vs ISDA Hell
 17. STP for OTC derivatives
Bill Hodgson
·         What is STP?
·         Automation drivers and priorities
·         Message formats
·         Central clearing for OTC products
·         Innovation in trade capture and confirmation
·         Fundamental issues in processing OTC products
·         The future of STP for OTC contracts
·         The ‘backlog’
·         A central infrastructure for the OTC markets: Trade Information Warehouse
·         Conclusion
18. Risk and compliance for derivatives
Tony Blunden
·         Introduction
·         Governance
·         Risk management practice
·         Compliance practice
·         Conclusion
 19. First principles of accounting for derivatives
Deborah Morton-Dare
·         Introduction
·         Fundamental accounting concepts
·         Reporting requirements
·         Fair value and mark-to-market accounting
·         Accruals accounting and amortized cost
·         Fair value vs hedge accounting
·         Accounting treatment
·         International standards
·         Conclusion – an approach to accounting for a new derivatives transaction
 
Glossary
Index

Notă biografică

Francesca Taylor has been a major player in the international derivatives markets for over 25 years and has recently relocated to Dubai, UAE.

Francesca is also the founder and ex-CEO of Taylor Associates (International) Ltd, a financial training company based in London, which provides training and education to a range of financial and non-financial organisations.

She has extensive experience in the derivatives clearing and OTC post trade space working with key market providers of infrastructure services, notably Capco, CLS, DTCC, Deriv/SERV, Markit and Omgeo, both in the UK and North America.

She has worked with CME and Bloomberg in NYC and ICE in Chicago to create TV and web based tutorials in traded options and future markets.

Francesca has a BSc (Hons) in geology from London University, an MBA from Imperial College and an AMCT from the Association of Corporate Treasurers.

Francesca is the author of the bestselling Market Know How: Finance and Markets and Mastering Exchange and Currency Options, 2nd edition, also published by FT Prentice Hall.

A range of expert practitioners have also contributed chapters outlining their thoughts and views on the finance markets in their specialist areas:

Penny Davenport and Gavin Nolan, Markit"Benchmarking in the OTC derivatives markets"

Bill Hodgson, The OTC Space"When worlds collide, central clearing and the OTC market"

Emilie Mazzacurati, Point Carbon"Carbon derivatives and environmental products"

Ray McKenzie, ICE"The impact of electronic trading on the FX market"

Eric Salomons, DFSA"Regulations in the derivatives markets"

Textul de pe ultima copertă

"An essential read for anyone serious about understanding the impact of derivatives and technology on the global financial market"
Kevin Thorogood,Global Head, Investment Banking/Energy Trading, Thunderhead Ltd  “The first port of call for anyone looking to truly understand derivatives markets, appreciate the role they play within the global financial system and develop the technical knowledge to trade.“, 
Matthew ThompsonChief Strategy & Business Development Officer
Dubai Mercantile Exchange "The definitive passport to success in derivatives. Don't enter the market without it!" Bill Hodgson, Business Development, DTCC
 
“As a trader I crave clarity. Mastering Derivatives Markets integrates tradable insights with a nuanced account of the mechanics of the trade. My suspicion is that if you lost money recently in a derivatives trade it was to a trader who reads Ms Taylor's books.”
Joseph M. Brooks, Independent FX Trader, Las Vegas, USA
 
“We run a number of courses on financial products and this book serves as excellent pre-course reading as well as an everyday reference handbook.”
Maricar Obieta, Senior Vice President, Capital Markets Learning & Development Manager, Corporate and Investment Bank, Europe, Middle East and Africa, Citigroup
 
“An essential read for anyone serious about understanding the impact of technology on the global derivatives market.”
Kevin Thorogood, Director of Investment Bank Solutions, Thunderhead Ltd
 
Your essential companion to the derivatives markets
Mastering Derivatives Marketsprovides full up-to-the-minute explanations - with worked examples and screen shots - covering the basics of options, swaps and futures across the key asset classes: rates, currency, equity, commodity and credit.
This book is relevant to anyone working within the financial markets, from the new entrant to the seasoned trader looking for updates, and to non-trading personnel working in IT, legal, compliance, risk, credit and operations.
 
 The fourth edition has been completely revised with new chapters covering:
·         The most up to date thinking in the market
·         OTC Clearing
·         Regulation
·         Benchmarking
·         Electronic Futures Trading in the FX market
·         New insights into the Commodities markets
·         Carbon Trading and Environmental Products