Trading Stategies for Capital Markets, Chapter 14 - Trading the Treasury Basis

Author: Joseph Benning

Publisher: McGraw Hill Professional

ISBN: 9780071727013

Category: Business & Economics

Page: 36

View: 934

This chapter comes from a book written by Joseph Benning, a Moody's Vice President and former Senior Economist at the Chicago Board of Trade. Trading Strategies for Capital Markets provides examples of successful trading strategies, guidance on when and why to use them, and revealing discussions of trading psychology and risk management. With his trademark lively and engaging style, Dr. Benning cuts through the complexities of the capital markets, making them accessible, practical, interesting, and easy to understand.
Investment Strategies of Hedge Funds

Author: Filippo Stefanini

Publisher: John Wiley & Sons

ISBN: 9781119995289

Category: Business & Economics

Page: 336

View: 785

One of the fastest growing investment sectors ever seen, hedge funds are considered by many to be exotic and inaccessible. This book provides an intensive learning experience, defining hedge funds, explaining hedge fund strategies while offering both qualitative and quantitative tools that investors need to access these types of funds. Topics not usually covered in discussions of hedge funds are included, such as a theoretical discussion of each hedge fund strategy followed by trading examples provided by successful hedge fund managers.
Report of the Presidential Task Force on Market Mechanisms

Author: United States; Presidential Task Force on Market Mechanisms

Publisher: Forgotten Books

ISBN: 1330342399

Category: Business & Economics

Page: 385

View: 221

Excerpt from Report of the Presidential Task Force on Market Mechanisms: Submitted to the President of the United States, the Secretary of the Treasury, and the Chairman of the Federal Reserve Board The written presentation of the Presidential Task Force on Market Mechanisms consists of two parts. The first is the Report, which contains a discussion of findings and recommendations. It is organized into eight chapters and an appendix. Chapter One contains the introduction. Chapter Two summarizes the various marketplaces in which equity instruments are traded, the instruments, the trading strategies used (index arbitrage, portfolio insurance and the like) and the regulation of the markets. Chapter Three summarizes the extended rise in stock market values that preceded the October market break. Chapter Four contains a detailed analysis of the events of the October market break. Chapter Five analyzes the performance of markets and market makers during the critical period. Chapter Six describes the fundamental interconnections of events and performance among the various equity marketplaces. Chapter Seven outlines the regulatory implications of the data and analysis contained in the earlier sections. Chapter Eight presents conclusions and recommendations. Finally, the Appendix discusses certain other regulatory issues the Task Force believes merit consideration but about which it makes no specific recommendations. The second part of this written presentation consists of eight staff studies which contain the detailed information which the Task Force considered. The studies are: I. The Global Bull Market II. Historical Perspectives III. The October Market Break: October 14 through October 20 IV. The Effect of the Stock Market Decline on the Mutual Funds Industry V. Surveys of Market Participants and Other Interested Parties VI. Performance of the Equity Market During the October Market Break and Regulatory Overview VII. The Economic Impact of the Market Break VIII. A Comparison of 1929 and 1987 We wish to acknowledge the extraordinary efforts of the many individuals on the staff, each of whom worked extremely long hours, under difficult time pressures and at great personal and professional cost. They were each dedicated to the work of the Task Force and their hard work, wisdom and judgment contributed immensely to our efforts. We also wish to thank the U.S. Department of the Treasury, which provided the significant support staff listed below, and the Federal Reserve Bank of New York, which provided our working quarters. Finally, the Task Force wishes to acknowledge the generous contribution that the institutions and firms listed below made to the Task Force by providing, on a pro bono basis, our staff as well as other support services. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Global Macro Trading

Author: Greg Gliner

Publisher: John Wiley & Sons

ISBN: 9781118362426

Category: Business & Economics

Page: 368

View: 901

Brings global macro trading down to earth for individual and professional traders, investors and asset managers, as well being a useful reference handbook Global Macro Trading is an indispensable guide for traders and investors who want to trade Global Macro – it provides Trading Strategies and overviews of the four asset classes in Global Macro which include equities, currencies, fixed income and commodities. Greg Gliner, who has worked for some of the largest global macro hedge funds, shares ways in which an array of global macro participants seek to capitalize on this strategy, while also serving as a useful reference tool. Whether you are a retail investor, manage your own portfolio, or a finance professional, this book equips you with the knowledge and skills you need to capitalize in global macro. Provides a comprehensive overview of global macro trading, which consists of portfolio construction, risk management, biases and essentials to query building Equips the reader with introductions and tools for each of the four asset classes; equities, currencies, fixed income and commodities Arms you with a range of powerful global-macro trading and investing strategies, that include introductions to discretionary and systematic macro Introduces the role of central banking, importance of global macroeconomic data releases and demographics, as they relate to global macro trading
Bank Asset and Liability Management

Author: Moorad Choudhry

Publisher: John Wiley & Sons

ISBN: 9781118177211

Category: Business & Economics

Page: 256

View: 197

Banks are a vital part of the global economy, and the essence of banking is asset-liability management (ALM). This book is a comprehensive treatment of an important financial market discipline. A reference text for all those involved in banking and the debt capital markets, it describes the techniques, products and art of ALM. Subjects covered include bank capital, money market trading, risk management, regulatory capital and yield curve analysis. Highlights of the book include detailed coverage of: Liquidity, gap and funding risk management Hedging using interest-rate derivatives and credit derivatives Impact of Basel II Securitisation and balance sheet management Structured finance products including asset-backed commercial paper, mortgage-backed securities, collateralised debt obligations and structured investment vehicles, and their role in ALM Treasury operations and group transfer pricing. Concepts and techniques are illustrated with case studies and worked examples. Written in accessible style, this book is essential reading for market practitioners, bank regulators, and graduate students in banking and finance. Companion website features online access to software on applications described in the book, including a yield curve model, cubic spline spreadsheet calculator and CDO waterfall model.
Trading Stategies for Capital Markets, Chapter 9 - Fed Funds: The Price of Policy

Author: Joseph Benning

Publisher: McGraw Hill Professional

ISBN: 9780071719964

Category: Business & Economics

Page: 21

View: 834

This chapter comes from a book written by Joseph Benning, a Moody's Vice President and former Senior Economist at the Chicago Board of Trade. Trading Strategies for Capital Markets provides examples of successful trading strategies, guidance on when and why to use them, and revealing discussions of trading psychology and risk management. With his trademark lively and engaging style, Dr. Benning cuts through the complexities of the capital markets, making them accessible, practical, interesting, and easy to understand.
Risk Management, Speculation, and Derivative Securities

Author: Geoffrey Poitras

Publisher: Elsevier

ISBN: 0080480756

Category: Business & Economics

Page: 601

View: 294

Its unified treatment of derivative security applications to both risk management and speculative trading separates this book from others. Presenting an integrated explanation of speculative trading and risk management from the practitioner's point of view, Risk Management, Speculation, and Derivative Securities is the only standard text on financial risk management that departs from the perspective of an agent whose main concerns are pricing and hedging derivatives. After offering a general framework for risk management and speculation using derivative securities, it explores specific applications to forward contracts and options. Not intended as a comprehensive introduction to derivative securities, Risk Management, Speculation, and Derivative Securities is the innovative, useful approach that addresses new developments in derivatives and risk management. *The only standard text on financial risk management that departs from the perspective of an agent whose main concerns are pricing and hedging derivatives *Examines speculative trading and risk management from the practitioner's point of view *Provides an innovative, useful approach that addresses new developments in derivatives and risk management
Treasury Securities and Derivatives

Author: Frank J. Fabozzi

Publisher: John Wiley & Sons

ISBN: 1883249236

Category: Business & Economics

Page: 311

View: 639

Treasury securities represent the largest sector of interest rate markets. This book will provide securities newcomers with the tools they need to get up to speed and seasoned professionals with a valuable reference source. The book covers every aspect of the market, including: the basics, valuation techniques, risk analysis, and utilizing derivatives to control interest rate risk.
Bond and Money Markets

Author: Moorad Choudhry

Publisher: Butterworth-Heinemann

ISBN: 9780080574936

Category: Business & Economics

Page: 1152

View: 171

The Bond and Money Markets is an invaluable reference to all aspects of fixed income markets and instruments. It is highly regarded as an introduction and an advanced text for professionals and graduate students. Features comprehensive coverage of: * Government and Corporate bonds, Eurobonds, callable bonds, convertibles * Asset-backed bonds including mortgages and CDOs * Derivative instruments including futures, swaps, options, structured products * Interest-rate risk, duration analysis, convexity, and the convexity bias * The money markets, repo markets, basis trading, and asset/liability management * Term structure models, estimating and interpreting the yield curve * Portfolio management and strategies,total return framework, constructing bond indices * A stand alone reference book on interest rate swaps, the money markets, financial market mathematics, interest-rate futures and technical analysis * Includes introductory coverage of very specialised topics (for which one previously required several texts) such as VaR, Asset & liability management and credit derivatives * Combines accessible style with advanced level topics
Global Derivatives

Author: Torben Juul Andersen

Publisher: Pearson Education

ISBN: 0273688545

Category: Business & Economics

Page: 453

View: 291

Global Derivatives provides comprehensive coverage of different types of derivatives, including exchange traded contracts and over-the-counter instruments as well as real options. There is an equal emphasis on the practical application of derivatives and their actual uses in business transactions and corporate risk management situations. Various uses of financial derivatives are outlined from relatively simple transactional hedging problems to more complex strategic risk management situations and applications of options perspectives in corporate risk management scenarios. This book is ideal for MBA and undergraduate students with a finance or management focus. Review Quotes ?An interesting and useful approach to the study of derivatives.? George Christodoulakis, City University, UK ?In Global Derivatives: A Strategic Risk Management Perspective Torben Juul Andersen has succeeded to gather in one book a complete and thorough summary and an easy-to-read explanation of all types of derivative instruments and their background and their use in modern management of risk.? Steen Parsholt, Chairman and CEO, Aon Nordic Region
Interest Rate Markets

Author: Siddhartha Jha

Publisher: John Wiley & Sons

ISBN: 9780470932209

Category: Business & Economics

Page: 368

View: 648

How to build a framework for forecasting interest rate market movements With trillions of dollars worth of trades conducted every year in everything from U.S. Treasury bonds to mortgage-backed securities, the U.S. interest rate market is one of the largest fixed income markets in the world. Interest Rate Markets: A Practical Approach to Fixed Income details the typical quantitative tools used to analyze rates markets; the range of fixed income products on the cash side; interest rate movements; and, the derivatives side of the business. Emphasizes the importance of hedging and quantitatively managing risks inherent in interest rate trades Details the common trades which can be used by investors to take views on interest rates in an efficient manner, the methods used to accurately set up these trades, as well as common pitfalls and risks?providing examples from previous market stress events such as 2008 Includes exclusive access to the Interest Rate Markets Web site which includes commonly used calculations and trade construction methods Interest Rate Markets helps readers to understand the structural nature of the rates markets and to develop a framework for thinking about these markets intuitively, rather than focusing on mathematical models