{"title":"Derivatives","description":"\u003cp\u003eProducts tagged with \"Derivatives\"\u003c\/p\u003e","products":[{"product_id":"foreign-exchange-options-and-risk-management-1","title":"Foreign Exchange Options and Risk Management","description":"\u003cp\u003eThe foreign exchange (FX) markets are experiencing a time of great change brought about by unprecedented levels of transparency and efficiency in the aftermath of the Global Financial Crisis of the 2000s.\u003c\/p\u003e\r\n\u003cp\u003eIndustry experts Demetri Papacostas and Francesco Tonin use their extensive experience and knowledge to examine the behaviour of the FX markets' major players during this critical period.\u003c\/p\u003e\r\n\u003cp\u003eFintech and the global coordination of regulation is allowing, for the first time, a look under the hood. The FX market will look increasingly like the equity market, and the rocky path to the promised land of frictionless, fully transparent FX markets will be closer than ever.\u003c\/p\u003e\r\n\u003cp\u003e\u003cem\u003eForeign Exchange Options and Risk Management\u003c\/em\u003e examines the basic use of FX, and particularly FX options, by the major market participants, and assesses in a practical and intuitive way:\u003c\/p\u003e\r\n\u003cp\u003e\u003cstrong\u003e\u0026gt; How they mitigate risk\u003c\/strong\u003e\u003c\/p\u003e\r\n\u003cp\u003e\u003cstrong\u003e\u0026gt; Why they mitigate risk\u003c\/strong\u003e\u003c\/p\u003e\r\n\u003cp\u003e\u003cstrong\u003e\u0026gt; How they profit and how they speculate using FX-related instruments.\u003c\/strong\u003e\u003c\/p\u003e\r\n\u003cp\u003e \u003c\/p\u003e\r\n\u003cp\u003e\u003cem\u003e\"This book provides a unique and intuitive perspective on the foundation of both the technical and human elements that govern FX markets. The authors have an engaging talent for feeding the reader just enough math to create \"aha!\" moments, without distracting from the insightfulness of their conclusions. They couple it with an extraordinary collection of anecdotes that illustrate how people scramble in the financial markets to find an edge in every possible way.\"\u003cbr\u003e\u003cstrong\u003ePhilip Gellos\u003cbr\u003eGellos Capital LLC\u003cbr\u003e@fxmacro\u003c\/strong\u003e\u003c\/em\u003e\u003c\/p\u003e\r\n\u003cp\u003e \u003c\/p\u003e\r\n\u003cp\u003e\u003cem\u003e\"Demetri Papacostas and Francesco Tonin, two leading experts in the world of currency options, have combined their talents to produce a rigorous yet highly readable guide to the new world of FX trading, currency options and risk management.\u003c\/em\u003e\u003c\/p\u003e\r\n\u003cp\u003e\u003cem\u003eTechnological advances and regulatory changes are rapidly changing the landscape of foreign exchange from the way bank trading desks operate to the way buy side risk managers have had to adapt in the new post-financial crisis environment.\u003c\/em\u003e\u003c\/p\u003e\r\n\u003cp\u003e\u003cem\u003eThis book guides the reader through these changes in a breezy fashion, almost in a way that a good novelist would take. What truly stands out in this book is the way that it describes in an easy-to-read, step-by-step manner, the world of currency options and risk management in an intuitive, yet rigorous manner. FX sales people, traders, risk managers, analysts and students of the foreign exchange market will want to own this book.\"\u003cbr\u003e\u003cstrong\u003eMichael R. Rosenberg\u003cbr\u003eBloomberg Intelligence Currency Strategist\u003c\/strong\u003e\u003c\/em\u003e\u003c\/p\u003e\r\n\u003cp\u003e \u003c\/p\u003e\r\n\u003cp\u003e\u003cem\u003e\"I have know Demetri Papacostas professionally for three decades. He has a solid grasp of the field and enough clinical knowledge to get the intricacies. If you ever want to talk about FX and FX options, looking for someone reliable, give him a call, or, better, read his book. This is way clearer and more solid than any material by finance academics.\"\u003cbr\u003e\u003cstrong\u003eDist. Prof. Nassim Nicholas Taleb, New York University, Tandon School of Engineering\u003cbr\u003eRenowned author of The Black Swan and most recent work Skin In The Game\u003c\/strong\u003e\u003c\/em\u003e\u003c\/p\u003e\r\n\u003cp\u003e \u003c\/p\u003e\r\n\u003cp\u003e\u003cem\u003e\"Demetri has worked with us on many initiatives over the years, from option pricing models to finessing our algorithmic trading strategies. Demetri's value is that he always brings a deep understanding of the currency market dynamics with a determination to understand any given challenge from the customer point of view, working with us on many successful outcomes. Demetri and Francesco have now delivered a balanced and comprehensive volume that excels on many levels; the book is a very engaging narrative on the history of currency markets, with great anecdotal color, but it also does not shy away from getting into some deeper technical areas of global currency flow dynamics and option math. As such it is a rarity.... an absorbing read that will also serve as a handy reference book on the many facets of modern currency trading.\u003cbr\u003e\u003cbr\u003eThe book should be on the summer reading list of anyone with an interest in currency markets. Certainly a must read for anyone in corporate treasury function managing international exposures.\"\u003cbr\u003e\u003cstrong\u003eMark Hobbert, CFA Vice President \u0026amp; Assistant Treasurer, IBM\u003c\/strong\u003e\u003c\/em\u003e\u003c\/p\u003e\r\n\u003cp\u003e \u003c\/p\u003e\r\n\u003cp\u003e\u003cem\u003e\"Written by two highly respected professionals and esteemed colleagues, this book will guide you through the intricacy and beauty of FX markets and their trading activities. The book structure and content are unique. Intuitive explanations, supplemented by enlightening numerical examples, make it an educational yet very enjoyable read. Thank you Demetri and Francesco for sharing your invaluable banking front office experience with all of us!\"\u003cbr\u003e\u003cstrong\u003eDr Fabio Mercurio, Global Head of Quantitative Analytics, Bloomberg LP\u003c\/strong\u003e\u003c\/em\u003e\u003c\/p\u003e\r\n\u003cp\u003e\u003cbr\u003e\u003cbr\u003e\u003c\/p\u003e","brand":"Risk Books","offers":[{"title":"Default Title","offer_id":51232497860950,"sku":"9781782722625","price":145.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0904\/4433\/3398\/files\/feroarm_2d-crop-616-pixels.png?v=1751976519"},{"product_id":"counterparty-credit-risk","title":"Counterparty Credit Risk","description":"\u003cp\u003eThe Basel Committee for Banking Supervison (BCBS) has issued a substantive package of changes to the regulatory framework around counterparty credit risks in response to the events of the financial crisis of 2007-8. During this crisis, as in prior, counterparty credit risks have been at the center stage of the most crucial episodes.\u003c\/p\u003e\r\n\u003cp\u003eOur book examines key aspects of counterparty risk management and models during the crisis and proposes practical guidance to improvements.\u003c\/p\u003e\r\n\u003cdiv\u003e\r\n\u003cp\u003eIt contains a worth of insights useful to practitioners, regulators, consultants, accountants, lawmakers, auditors and researchers to understand the substantive, and often technical, issues on the table.\u003c\/p\u003e\r\n\u003cp\u003eThe book is a collection of clear and concise articles produced by some of the most experienced and prominent professionals in the field. All of them strived to produce material that is substantive and accessible. This provides an invaluable collection of ideas and tools to face the changes and challenges ahead and address some of the most important issues of the moment:\u003c\/p\u003e\r\n\u003cul\u003e\r\n\u003cli\u003eThe proposed changes in counterparty risk capital may cause regulatory capital on credit risk to double\u003c\/li\u003e\r\n\u003cli\u003eBanks will have to invest enormous resources to upgrade their counterparty risk management systems\u003c\/li\u003e\r\n\u003cli\u003eMethods and process will be enhanced to address the demands on the governance of wrong-way risks, model validation and backtesting, and stress testing\u003c\/li\u003e\r\n\u003cli\u003eCVAs and the market risk management of counterparty risks is key under the ruling of FAS 157 and IAS 39\u003c\/li\u003e\r\n\u003c\/ul\u003e\r\n\u003cp\u003eThe book consists of 14 chapters broken down into four broad areas:\u003c\/p\u003e\r\n\u003cp\u003e· Chapters 1 to 5 cover topics related to counterparty risk measurement and management. It focuses on two very current subjects: systemic counterparty risk and collateralization.\u003c\/p\u003e\r\n\u003cp\u003e· Chapters 6 to 10 cover topics related to the pricing and hedging of counterparty risks and of collateral arrangements. CVAs have caused massive losses to banks during the recent crisis and have motivated some of the recent the Basel Committee’s proposals for reforms of the regulatory capital on counterparty risks. The implications of collateral to OTC derivative valuation, funding costs and availability of funding are important current issues that are covered.\u003c\/p\u003e\r\n\u003cp\u003e· Chapters 11 and 12 cover stress testing of counterparty risks. The recent experience made clear that stress tests frameworks need to be expanded and enhanced and some new and promising ideas are described.\u003c\/p\u003e\r\n\u003cp\u003e· Chapters 13 and 14 cover back-testing of counterparty exposure models and the incorporation of counterparty risks into economic and regulatory capital frameworks.\u003c\/p\u003e\r\n\u003c\/div\u003e","brand":"Risk Books","offers":[{"title":"Default Title","offer_id":50769905221974,"sku":"9781906348342","price":125.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0904\/4433\/3398\/files\/ccr-2d-crop-616-pixels.png?v=1751976666"},{"product_id":"credit-risk-modelling-second-edition-developments","title":"Credit Modelling (2nd edition)","description":"\u003cp\u003eThe book reveals to traders how to consistently outperform credit benchmarks, how to hedge the credit risk premium, and how to overcome pension liability deficits. 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It will be of interest to anyone attempting to grasp the complexity and technical issues surrounding structured products.\u003c\/p\u003e\r\n\u003cp\u003eAlso available in the Risk Books Cutting Edge series:\u003c\/p\u003e\r\n\u003cp\u003eTheory and Practice of Credit Risk Modelling, introduced by Alexander Lipton\u003c\/p\u003e\r\n\u003cp\u003ePortfolio Managment, introduced by Bernd Scherer\u003c\/p\u003e\r\n\u003cp\u003eRisk Cutting Edge series:\u003c\/p\u003e\r\n\u003cp\u003eThe\u003cspan\u003e \u003c\/span\u003eRisk Books Cutting Edge Series is a new series that presents key technical papers drawn from the Cutting Edge section of\u003cspan\u003e \u003c\/span\u003e\u003ca href=\"http:\/\/www.risk.net\/\"\u003eRisk.net\u003c\/a\u003e, the world’s leading financial risk management magazine. Each volume provides an introduction from an industry expert, and explores how academic thinking has developed over the years, how market applications and practitioner usage has evolved, and future developments in the field.\u003c\/p\u003e\r\n\u003c\/div\u003e","brand":"Risk Books","offers":[{"title":"Default Title","offer_id":50769927733590,"sku":"9781904339618","price":70.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0904\/4433\/3398\/files\/sp-2d-crop-616-pixels.png?v=1751976847"},{"product_id":"derivatives-markets","title":"Derivatives Markets","description":"\u003cp\u003eAn excellently-timed reference on the post-crisis derivative markets, this book, featuring contributions from the world's leading derivatives experts, provides readers with a wide-ranging perspective of the financial landscape under the new regulatory paradigm. By means of a multi-faceted treatment across industries, geographies and themes, it provides both technical and commercial viewpoints. Its unique approach of combining 'micro' end-user perspectives with a 'macro' view of key systemic impacts will provide readers invaluable insights into the trends, developments, opportunities and risks of the new derivatives world.\u003cbr\u003e\u003cbr\u003e\u003cem\u003eDerivatives Markets: The New Regulatory Paradigm\u003c\/em\u003e covers the various aspects of regulation such as EMIR and Solvency II and the effects they will have on market structure, trends, growth, pricing and operations. 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Yet the new margin rules are already in place and, in order to effectively trade in today's markets, financial institutions must quickly develop a keen understanding of the implications of, and techniques for, trading with large margin requirements. This is, therefore, a serendipitous time to organise the many strands of margin-related challenges into a coherent framework, and, more importantly, to present the thinking and research on these problems by a collection of leading academics, practitioners and regulators.\u003c\/p\u003e\r\n\u003cp\u003eMargin in Derivatives Trading aims to do just this, and should be of benefit to practitioners, academics and regulators alike.\u003c\/p\u003e\r\n\u003cp\u003eThe book has been organised into several focus areas, progressing from the fundamentals of margin postings and the associated regulation, via valuation adjustments (XVA) and exposure calculation techniques, to more advanced topics. The book is divided into five sections:\u003c\/p\u003e\r\n\u003cp\u003e1. Foundation;\u003c\/p\u003e\r\n\u003cp\u003e2. Regulation;\u003c\/p\u003e\r\n\u003cp\u003e3. XVA and forward initial margin;\u003c\/p\u003e\r\n\u003cp\u003e4. Exposure modelling;\u003c\/p\u003e\r\n\u003cp\u003e5. Optimisation, procyclicality and systemic risk.\u003c\/p\u003e\r\n\u003cp\u003e\u003c\/p\u003e\r\n\u003cp\u003ePart I describes the basic mechanics of margin posting, as laid out in the typical legal documents relevant to different types of trading.\u003c\/p\u003e\r\n\u003cp\u003ePart II is dedicated to regulatory aspects of margin, with a special focus on the new rules for bilateral OTC trading between financial companies.\u003c\/p\u003e\r\n\u003cp\u003ePart III of the book is dedicated to the computation of valuation metrics for the credit and funding costs of margin.\u003c\/p\u003e\r\n\u003cp\u003ePart IV of the book focuses on modelling credit exposure in the presence of margin.\u003c\/p\u003e\r\n\u003cp\u003ePart V addresses a number of issues that can loosely be thought of as the unintended consequences of mandatory central clearing and the new margin requirements for bilateral OTC trading.\u003c\/p\u003e","brand":"Risk Books","offers":[{"title":"Default Title","offer_id":51232494027094,"sku":"9781782723905","price":145.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0904\/4433\/3398\/files\/margin-in-derivatives-trading-2d-crop-616-pixels.png?v=1751977197"},{"product_id":"managing-and-measuring-capital-for-banks-and-financial-institutions-1","title":"Managing and Measuring Capital","description":"\u003cp\u003e\u003cspan style=\"font-size: 14px;\"\u003eThis book edited by industry expert Michael Ong explores how capital is measured and managed by banks and other financial institutions and how current techniques should be improved to address the issues highlighted in the recent crisis.\u003c\/span\u003e\u003c\/p\u003e\r\n\u003cdiv class=\"std\"\u003e\r\n\u003cp\u003eThe first part covers the issues of capital management, allocation, risk attribution and performance determination. The second part focuses on the measurement of capital. The book is essential for all who witnessed the devastating effects of the crisis, due fundamentally to undercapitalisation.\u003c\/p\u003e\r\n\u003cp\u003e\u003cem\u003e\"...covers all key features of the post-crisis regulatory and risk-management scenario...\"\u003c\/em\u003e\u003c\/p\u003e\r\n\u003cp\u003e\u003cem\u003eAndrea Resti,\u003c\/em\u003e Bocconi University\u003c\/p\u003e\r\n\u003cp\u003e\u003cem\u003e\"...The book comes out at an opportune moment to refocus our attention to the basic concepts of economic and regulatory capital.\"\u003c\/em\u003e\u003c\/p\u003e\r\n\u003cp\u003e\u003cem\u003eAshish Dev\u003c\/em\u003e, Managing Director, JP Morgan Chase\u003c\/p\u003e\r\n\u003c\/div\u003e","brand":"Risk Books","offers":[{"title":"Default Title","offer_id":50769957421398,"sku":"9781906348458","price":145.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0904\/4433\/3398\/files\/managing-interest-rate-risk-2d-crop-616-pixels.png?v=1751977343"},{"product_id":"managing-illiquid-assets-perspectives-and-challenges-1","title":"Managing Illiquid Assets","description":"\u003cp\u003eIlliquid assets constitute a challenging asset class with regards to their valuations and ongoing management. The significant and explicit emphasis put on the management and control of liquidity under the new and evolving regulatory regimes such as Basel III is a further testimony of this challenge.\u003c\/p\u003e\r\n\u003cdiv class=\"std\"\u003e\r\n\u003cp\u003e\u003cbr\u003eIn \u003cem\u003eManaging Illiquid Assets: Perspectives and Challenges\u003c\/em\u003e the perspectives of experts and practitioners are brought together on managing these high-risk, and frequently complex, financial assets.\u003c\/p\u003e\r\n\u003c\/div\u003e","brand":"Risk Books","offers":[{"title":"Default Title","offer_id":50769959354710,"sku":"9781906348410","price":35.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0904\/4433\/3398\/files\/mia-pac-2d-crop-616pix.png?v=1751977364"},{"product_id":"modern-portfolio-management-from-markowitz-to-probabilistic-scenario-optimisation","title":"Modern Portfolio Management","description":"\u003cp\u003e\u003cspan\u003eTraditional portfolio management approaches have proven to be ineffective. 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This book investigates the historical roots, intricate mechanisms, and diverse applications of machine learning, offering readers a thorough understanding of its transformative impact not only on the world of finance but on the whole of society.\u003c\/p\u003e\r\n\u003cp\u003e \u003c\/p\u003e\r\n\u003cp\u003eKey Areas Explored:\u003c\/p\u003e\r\n\u003cp\u003e\u003cstrong\u003eFundamentals of Machine Learning:\u003c\/strong\u003e\u003c\/p\u003e\r\n\u003cp\u003eDelve into the core concepts of machine learning, including decision trees, neural networks, and deep learning architectures. 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