Trading Inflation: Markets, Instruments and Strategies
Autor Neil Schofielden Limba Engleză Hardback – 3 dec 2016
The book starts by introducing some of the key themes that relate to the underlying cash markets. For example, there is a chapter on the main principles of equity valuation and the aim is to aid the reader’s understanding of the fundamental rationale for many derivative strategies.
The main part of the book consists of detailed descriptions of the main equity derivative products from forwards and futures to swaps and options. Some derivative books can often be nothing more than a generic text which can be something of a mixed blessing. For completeness the text does include the fundamental concepts but the main focus is always on specific equity-related transactions. Inevitably with any derivatives text the market for volatility will be a major topic. This is a topic that has been extensively covered by many writers but this text offers a different framework for analysis as well as providing detailed coverage of equity correlation which is the link between index and single stock volatility. The central theme of the book is to explain how activity in one market segment (e.g. structured products) could impact another segment (e.g. correlation and dividends). For example, the coverage of equity structured products considers the specific residual risks faced by the issuing institutions (e.g. correlation and dividend risk) before widening the discussion as to how these risks could be mitigated (e.g. trading correlation and the emergence of a traded dividend market). The book is written in an informal style and from a practitioner’s perspective. Many of the concepts are illustrated using screenshots from ‘Barclays Live’. This is a web-based portal that offers advanced analytic tools and comprehensive market data.
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Specificații
ISBN-13: 9780230393103
ISBN-10: 0230393101
Pagini: 320
Dimensiuni: 156 x 234 mm
Ediția:1st ed. 2017
Editura: Palgrave Macmillan UK
Colecția Palgrave Macmillan
Locul publicării:London, United Kingdom
ISBN-10: 0230393101
Pagini: 320
Dimensiuni: 156 x 234 mm
Ediția:1st ed. 2017
Editura: Palgrave Macmillan UK
Colecția Palgrave Macmillan
Locul publicării:London, United Kingdom
Cuprins
PART I: MARKETS AND PRODUCTS 1. Fundamental Concepts of Inflation 2. The Major Inflation Markets and the Most Liquidly Traded Inflation-Indexed Instruments 3. Notation, Definitions and Framework for Analysing Inflation-Indexed Securities 4. Inflation Indexed Bonds in More Detail 5. Inflation Indexed Swaps in More Detail 6. The Par Floor in ILBs The Unavoidable Non-Linear Chapter PART II: TRADING, HEDGING, AND RISK MEASURES 7. ILB Analytics 8. Inflation Swap Models and Risk 9. Seasonality and Carry 10. Inflation-Indexed Bonds & Swap RV 11. Expressing Views on Breakevens 12. Expressing Views on Real Yields 13. Hedging Flows as a Market-Maker PART III: PRODUCTS AND SOLUTIONS FOR END USERS 14. How, Why, and When to Issue Linkers for Sovereigns and Other Tax-Collecting Entities 15. Linker Issuance for Corporate Issuers 16. Why Invest in Linkers and Use Inflation Wwaps? 17. Inflation Indexed Products Within a Portfolio 18. Liability Driven Investments (LDI) and Inflation-Indexed Products
Notă biografică
Neil C. Schofield is the Managing Director of Financial Markets Training Ltd and delivers training courses in the areas of treasury, derivatives, capital markets and risk management to financial institutions, central banks and corporations worldwide.
Neil was global head of Financial Markets training at Barclays Capital from 2001 to 2008. He teaches primarily on the rates business, covering all of the major asset classes and their respective derivative products from foreign exchange through to commodities.
Before joining Barclays Capital, he was a director at Chisholm-Roth Training for 4 years, where he was responsible for provision of training services for a number of blue chip global investment banks. He started his training career at Chase Manhattan Bank, where he was originally employed as an internal auditor.
Neil holds a B.Sc. in Economics from Loughborough University and an MBA from Manchester Business School. He was elected as a Fellow of the IFS School of Finance (formerly the Chartered Institute of Bankers) in 1999.
Neil was appointed as a Visiting Fellow at the University of Reading ICMA centre in April, 2007.
Textul de pe ultima copertă
Equity derivatives: markets and applications is a comprehensive guide to the institutional applications of equity derivatives. The book is aimed at market participants who are seeking to gain a deeper understanding of the inter-linkages that exist between the different components of the equity derivatives market. Having taught equity derivatives for 25 years the content of the book reflects the topics that the author’s classroom participants are most interested in understanding.
The book starts by introducing some of the key themes that relate to the underlying cash markets. For example, there is a chapter on the main principles of equity valuation and the aim is to aid the reader’s understanding of the fundamental rationale for many derivative strategies.
The main part of the book consists of detailed descriptions of the main equity derivative products from forwards and futures to swaps and options. Some derivative books can often be nothing more than a generic text which can be something of a mixed blessing. For completeness the text does include the fundamental concepts but the main focus is always on specific equity-related transactions. Inevitably with any derivatives text the market for volatility will be a major topic. This is a topic that has been extensively covered by many writers but this text offers a different framework for analysis as well as providing detailed coverage of equity correlation which is the link between index and single stock volatility. The central theme of the book is to explain how activity in one market segment (e.g. structured products) could impact another segment (e.g. correlation and dividends). For example, the coverage of equity structured products considers the specific residual risks faced by the issuing institutions (e.g. correlation and dividend risk) before widening the discussion as to how these risks could be mitigated (e.g. trading correlation and the emergence of a traded dividend market). The book is written in an informal style and from a practitioner’s perspective. Many of the concepts are illustrated using screenshots from ‘Barclays Live’. This is a web-based portal that offers advanced analytic tools and comprehensive market data.
The book starts by introducing some of the key themes that relate to the underlying cash markets. For example, there is a chapter on the main principles of equity valuation and the aim is to aid the reader’s understanding of the fundamental rationale for many derivative strategies.
The main part of the book consists of detailed descriptions of the main equity derivative products from forwards and futures to swaps and options. Some derivative books can often be nothing more than a generic text which can be something of a mixed blessing. For completeness the text does include the fundamental concepts but the main focus is always on specific equity-related transactions. Inevitably with any derivatives text the market for volatility will be a major topic. This is a topic that has been extensively covered by many writers but this text offers a different framework for analysis as well as providing detailed coverage of equity correlation which is the link between index and single stock volatility. The central theme of the book is to explain how activity in one market segment (e.g. structured products) could impact another segment (e.g. correlation and dividends). For example, the coverage of equity structured products considers the specific residual risks faced by the issuing institutions (e.g. correlation and dividend risk) before widening the discussion as to how these risks could be mitigated (e.g. trading correlation and the emergence of a traded dividend market). The book is written in an informal style and from a practitioner’s perspective. Many of the concepts are illustrated using screenshots from ‘Barclays Live’. This is a web-based portal that offers advanced analytic tools and comprehensive market data.