{"product_id":"an-arbitrage-guide-to-financial-markets-isbn-9780470853320","title":"An Arbitrage Guide to Financial Markets","description":"\u003ci\u003eAn Arbitrage Guide to Financial Markets\u003c\/i\u003e is the first book to explicitly show the linkages of markets for equities, currencies, fixed income and commodities. Using a unique structural approach, it dissects all markets the same way: into spot, forward and contingent dimensions, bringing out the simplicity and the commonalities of all markets. The book shuns stochastic calculus in favor of cash flow details of arbitrage trades. All math is simple, but there is lots of it. The book reflects the relative value mentality of an institutional trader seeking profit from misalignments of various market segments.  \u003cp\u003eThe book is aimed at entrants into investment banking and dealing businesses, existing personnel in non-trading jobs, and people outside of the financial services industry trying to gain a view into what drives dealers in today’s highly integrated marketplace. A committed reader is guaranteed to leave with a deep understanding of all current issues.\u003c\/p\u003e \u003cp\u003e\u003ci\u003e\"This is an excellent introduction to the financial markets by an author with a strong academic approach and practical insights from trading experience. At a time when the proliferation of financial instruments and the increased use of sophisticated mathematics in their analysis, makes an introduction to financial markets intimidating to most, this book is very useful. It provides an insight into the core concepts across markets and uses mathematics at an accessible level. It equips readers to understand the fundamentals of markets, valuation and trading. I would highly recommend it to anyone looking to understand the essentials of successfully trading, structuring or using the entire range of financial instruments available today.\"\u003c\/i\u003e\u003cbr\u003e \u003cb\u003e—Varun Gosain, Principal, Constellation Capital Management, New York\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003ci\u003e\"Robert Dubil, drawing from his extensive prior trading experience, has made a significant contribution by writing an easy to understand book about the complex world of today’s financial markets, using basic mathematical concepts.  The book is filled with insights and real life examples about how traders approach the market and is required reading for anyone with an interest in understanding markets or a career in trading.\"\u003cbr\u003e \u003c\/i\u003e\u003cb\u003e—George Handjinicolaou, Partner, Etolian Capital, New York\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003ci\u003e\"This book provides an excellent guide to the current state of the financial markets. It combines academic rigour with the author’s practical experience of the financial sector, giving both students and practitioners an insight into the arbitrage pricing mechanism.\"\u003c\/i\u003e\u003cbr\u003e \u003cb\u003e—Zenji Nakamura, Managing Director, Europe Fixed Income Division, Nomura International plc, London\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 The Purpose and Structure of Financial Markets 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1.1 Overview 1\u003c\/p\u003e \u003cp\u003e1.2 Risk sharing 2\u003c\/p\u003e \u003cp\u003e1.3 The structure of financial markets 8\u003c\/p\u003e \u003cp\u003e1.4 Arbitrage: Pure vs. relative value 12\u003c\/p\u003e \u003cp\u003e1.5 Financial institutions: Asset transformers and broker-dealers 16\u003c\/p\u003e \u003cp\u003e1.6 Primary and secondary markets 18\u003c\/p\u003e \u003cp\u003e1.7 Market players: Hedgers vs. speculators 20\u003c\/p\u003e \u003cp\u003e1.8 Preview of the book 22\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart One Spot 25\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 Financial Math I—Spot 27\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e2.1 Interest-rate basics 28\u003c\/p\u003e \u003cp\u003ePresent value 28\u003c\/p\u003e \u003cp\u003eCompounding 29\u003c\/p\u003e \u003cp\u003eDay-count conventions 30\u003c\/p\u003e \u003cp\u003eRates vs. yields 31\u003c\/p\u003e \u003cp\u003e2.2 Zero, coupon and amortizing rates 32\u003c\/p\u003e \u003cp\u003eZero-coupon rates 32\u003c\/p\u003e \u003cp\u003eCoupon rates 33\u003c\/p\u003e \u003cp\u003eYield to maturity 35\u003c\/p\u003e \u003cp\u003eAmortizing rates 38\u003c\/p\u003e \u003cp\u003eFloating-rate bonds 39\u003c\/p\u003e \u003cp\u003e2.3 The term structure of interest rates 40\u003c\/p\u003e \u003cp\u003eDiscounting coupon cash flows with zero rates 42\u003c\/p\u003e \u003cp\u003eConstructing the zero curve by bootstrapping 44\u003c\/p\u003e \u003cp\u003e2.4 Interest-rate risk 49\u003c\/p\u003e \u003cp\u003eDuration 51\u003c\/p\u003e \u003cp\u003ePortfolio duration 56\u003c\/p\u003e \u003cp\u003eConvexity 57\u003c\/p\u003e \u003cp\u003eOther risk measures 58\u003c\/p\u003e \u003cp\u003e2.5 Equity markets math 58\u003c\/p\u003e \u003cp\u003eA dividend discount model 60\u003c\/p\u003e \u003cp\u003eBeware of P\/E ratios 63\u003c\/p\u003e \u003cp\u003e2.6 Currency markets 64\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 Fixed Income Securities 67\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e3.1 Money markets 67\u003c\/p\u003e \u003cp\u003eU.S. Treasury bills 68\u003c\/p\u003e \u003cp\u003eFederal agency discount notes 69\u003c\/p\u003e \u003cp\u003eShort-term munis 69\u003c\/p\u003e \u003cp\u003eFed Funds (U.S.) and bank overnight refinancing (Europe) 70\u003c\/p\u003e \u003cp\u003eRepos (RPs) 71\u003c\/p\u003e \u003cp\u003eEurodollars and Eurocurrencies 72\u003c\/p\u003e \u003cp\u003eNegotiable CDs 74\u003c\/p\u003e \u003cp\u003eBankers’ acceptances (BAs) 74\u003c\/p\u003e \u003cp\u003eCommercial paper (CP) 74\u003c\/p\u003e \u003cp\u003e3.2 Capital markets: Bonds 79\u003c\/p\u003e \u003cp\u003eU.S. government and agency bonds 83\u003c\/p\u003e \u003cp\u003eGovernment bonds in Europe and Asia 86\u003c\/p\u003e \u003cp\u003eCorporates 87\u003c\/p\u003e \u003cp\u003eMunis 88\u003c\/p\u003e \u003cp\u003e3.3 Interest-rate swaps 90\u003c\/p\u003e \u003cp\u003e3.4 Mortgage securities 94\u003c\/p\u003e \u003cp\u003e3.5 Asset-backed securities 96\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 Equities, Currencies, and Commodities 101\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e4.1 Equity markets 101\u003c\/p\u003e \u003cp\u003eSecondary markets for individual equities in the U.S. 102\u003c\/p\u003e \u003cp\u003eSecondary markets for individual equities in Europe and Asia 103\u003c\/p\u003e \u003cp\u003eDepositary receipts and cross-listing 104\u003c\/p\u003e \u003cp\u003eStock market trading mechanics 105\u003c\/p\u003e \u003cp\u003eStock indexes 106\u003c\/p\u003e \u003cp\u003eExchange-traded funds (ETFs) 107\u003c\/p\u003e \u003cp\u003eCustom baskets 107\u003c\/p\u003e \u003cp\u003eThe role of secondary equity markets in the economy 108\u003c\/p\u003e \u003cp\u003e4.2 Currency markets 109\u003c\/p\u003e \u003cp\u003e4.3 Commodity markets 111\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 Spot Relative Value Trades 113\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e5.1 Fixed-income strategies 113\u003c\/p\u003e \u003cp\u003eZero-coupon stripping and coupon replication 113\u003c\/p\u003e \u003cp\u003eDuration-matched trades 116\u003c\/p\u003e \u003cp\u003eExample: Bullet–barbell 116\u003c\/p\u003e \u003cp\u003eExample: Twos vs. tens 117\u003c\/p\u003e \u003cp\u003eNegative convexity in mortgages 118\u003c\/p\u003e \u003cp\u003eSpread strategies in corporate bonds 121\u003c\/p\u003e \u003cp\u003eExample: Corporate spread widening\/narrowing trade 121\u003c\/p\u003e \u003cp\u003eExample: Corporate yield curve trades 123\u003c\/p\u003e \u003cp\u003eExample: Relative spread trade for high and low grades 124\u003c\/p\u003e \u003cp\u003e5.2 Equity portfolio strategies 125\u003c\/p\u003e \u003cp\u003eExample: A non-diversified portfolio and benchmarking 126\u003c\/p\u003e \u003cp\u003eExample: Sector plays 128\u003c\/p\u003e \u003cp\u003e5.3 Spot currency arbitrage 129\u003c\/p\u003e \u003cp\u003e5.4 Commodity basis trades 131\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Two Forwards 133\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 Financial Math II—Futures and Forwards 135\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e6.1 Commodity futures mechanics 138\u003c\/p\u003e \u003cp\u003e6.2 Interest-rate futures and forwards 141\u003c\/p\u003e \u003cp\u003eOverview 141\u003c\/p\u003e \u003cp\u003eEurocurrency deposits 142\u003c\/p\u003e \u003cp\u003eEurodollar futures 142\u003c\/p\u003e \u003cp\u003eCertainty equivalence of EDfutures 146\u003c\/p\u003e \u003cp\u003eForward-rate agreements (FRAs) 147\u003c\/p\u003e \u003cp\u003eCertainty equivalence of FRAs 149\u003c\/p\u003e \u003cp\u003e6.3 Stock index futures 149\u003c\/p\u003e \u003cp\u003eLocking in a forward price of the index 150\u003c\/p\u003e \u003cp\u003eFair value of futures 150\u003c\/p\u003e \u003cp\u003eFair value with dividends 152\u003c\/p\u003e \u003cp\u003eSingle stock futures 153\u003c\/p\u003e \u003cp\u003e6.4 Currency forwards and futures 154\u003c\/p\u003e \u003cp\u003eFair value of currency forwards 155\u003c\/p\u003e \u003cp\u003eCovered interest-rate parity 156\u003c\/p\u003e \u003cp\u003eCurrency futures 158\u003c\/p\u003e \u003cp\u003e6.5 Convenience assets—backwardation and contango 159\u003c\/p\u003e \u003cp\u003e6.6 Commodity futures 161\u003c\/p\u003e \u003cp\u003e6.7 Spot–Forward arbitrage in interest rates 162\u003c\/p\u003e \u003cp\u003eSynthetic LIBOR forwards 163\u003c\/p\u003e \u003cp\u003eSynthetic zeros 164\u003c\/p\u003e \u003cp\u003eFloating-rate bonds 165\u003c\/p\u003e \u003cp\u003eSynthetic equivalence guaranteed by arbitrage 166\u003c\/p\u003e \u003cp\u003e6.8 Constructing the zero curve from forwards 167\u003c\/p\u003e \u003cp\u003e6.9 Recovering forwards from the yield curve 170\u003c\/p\u003e \u003cp\u003eThe valuation of a floating-rate bond 171\u003c\/p\u003e \u003cp\u003eIncluding repo rates in computing forwards 171\u003c\/p\u003e \u003cp\u003e6.10 Energy forwards and futures 173\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Spot–Forward Arbitrage 175\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e7.1 Currency arbitrage 176\u003c\/p\u003e \u003cp\u003e7.2 Stock index arbitrage and program trading 182\u003c\/p\u003e \u003cp\u003e7.3 Bond futures arbitrage 187\u003c\/p\u003e \u003cp\u003e7.4 Spot–Forward arbitrage in fixed-income markets 189\u003c\/p\u003e \u003cp\u003eZero–Forward trades 189\u003c\/p\u003e \u003cp\u003eCoupon–Forward trades 191\u003c\/p\u003e \u003cp\u003e7.5 Dynamic hedging with a Euro strip 193\u003c\/p\u003e \u003cp\u003e7.6 Dynamic duration hedge 197\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 Swap Markets 199\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e8.1 Swap-driven finance 199\u003c\/p\u003e \u003cp\u003eFixed-for-fixed currency swap 200\u003c\/p\u003e \u003cp\u003eFixed-for-floating interest-rate swap 203\u003c\/p\u003e \u003cp\u003eOff-market swaps 205\u003c\/p\u003e \u003cp\u003e8.2 The anatomy of swaps as packages of forwards 207\u003c\/p\u003e \u003cp\u003eFixed-for-fixed currency swap 208\u003c\/p\u003e \u003cp\u003eFixed-for-floating interest-rate swap 209\u003c\/p\u003e \u003cp\u003eOther swaps 210\u003c\/p\u003e \u003cp\u003eSwap book running 210\u003c\/p\u003e \u003cp\u003e8.3 The pricing and hedging of swaps 211\u003c\/p\u003e \u003cp\u003e8.4 Swap spread risk 217\u003c\/p\u003e \u003cp\u003e8.5 Structured finance 218\u003c\/p\u003e \u003cp\u003eInverse floater 219\u003c\/p\u003e \u003cp\u003eLeveraged inverse floater 220\u003c\/p\u003e \u003cp\u003eCapped floater 221\u003c\/p\u003e \u003cp\u003eCallable 221\u003c\/p\u003e \u003cp\u003eRange 222\u003c\/p\u003e \u003cp\u003eIndex principal swap 222\u003c\/p\u003e \u003cp\u003e8.6 Equity swaps 223\u003c\/p\u003e \u003cp\u003e8.7 Commodity and other swaps 224\u003c\/p\u003e \u003cp\u003e8.8 Swap market statistics 225\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Three Options 231\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 Financial Math III—Options 233\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e9.1 Call and put payoffs at expiry 235\u003c\/p\u003e \u003cp\u003e9.2 Composite payoffs at expiry 236\u003c\/p\u003e \u003cp\u003eStraddles and strangles 236\u003c\/p\u003e \u003cp\u003eSpreads and combinations 237\u003c\/p\u003e \u003cp\u003eBinary options 240\u003c\/p\u003e \u003cp\u003e9.3 Option values prior to expiry 240\u003c\/p\u003e \u003cp\u003e9.4 Options, forwards and risk-sharing 241\u003c\/p\u003e \u003cp\u003e9.5 Currency options 242\u003c\/p\u003e \u003cp\u003e9.6 Options on non-price variables 243\u003c\/p\u003e \u003cp\u003e9.7 Binomial options pricing 244\u003c\/p\u003e \u003cp\u003eOne-step examples 244\u003c\/p\u003e \u003cp\u003eA multi-step example 251\u003c\/p\u003e \u003cp\u003eBlack–Scholes 256\u003c\/p\u003e \u003cp\u003eDividends 257\u003c\/p\u003e \u003cp\u003e9.8 Residual risk of options: Volatility 258\u003c\/p\u003e \u003cp\u003eImplied volatility 260\u003c\/p\u003e \u003cp\u003eVolatility smiles and skews 261\u003c\/p\u003e \u003cp\u003e9.9 Interest-rate options, caps, and floors 264\u003c\/p\u003e \u003cp\u003eOptions on bond prices 265\u003c\/p\u003e \u003cp\u003eCaps and floors 265\u003c\/p\u003e \u003cp\u003eRelationship to FRAs and swaps 267\u003c\/p\u003e \u003cp\u003eAn application 268\u003c\/p\u003e \u003cp\u003e9.10 Swaptions 269\u003c\/p\u003e \u003cp\u003eOptions to cancel 270\u003c\/p\u003e \u003cp\u003eRelationship to forward swaps 270\u003c\/p\u003e \u003cp\u003e9.11 Exotic options 272\u003c\/p\u003e \u003cp\u003ePeriodic caps 272\u003c\/p\u003e \u003cp\u003eConstant maturity options (CMT or CMS) 273\u003c\/p\u003e \u003cp\u003eDigitals and ranges 273\u003c\/p\u003e \u003cp\u003eQuantos 274\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 Option Arbitrage 275\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e10.1 Cash-and-carry static arbitrage 275\u003c\/p\u003e \u003cp\u003eBorrowing against the box 275\u003c\/p\u003e \u003cp\u003eIndex arbitrage with options 277\u003c\/p\u003e \u003cp\u003eWarrant arbitrage 278\u003c\/p\u003e \u003cp\u003e10.2 Running an option book: Volatility arbitrage 279\u003c\/p\u003e \u003cp\u003eHedging with options on the same underlying 279\u003c\/p\u003e \u003cp\u003eVolatility skew 282\u003c\/p\u003e \u003cp\u003eOptions with different maturities 284\u003c\/p\u003e \u003cp\u003e10.3 Portfolios of options on different underlyings 284\u003c\/p\u003e \u003cp\u003eIndex volatility vs. individual stocks 285\u003c\/p\u003e \u003cp\u003eInterest-rate caps and floors 286\u003c\/p\u003e \u003cp\u003eCaps and swaptions 287\u003c\/p\u003e \u003cp\u003eExplicit correlation bets 288\u003c\/p\u003e \u003cp\u003e10.4 Options spanning asset classes 289\u003c\/p\u003e \u003cp\u003eConvertible bonds 289\u003c\/p\u003e \u003cp\u003eQuantos and dual-currency bonds with fixed conversion rates 290\u003c\/p\u003e \u003cp\u003eDual-currency callable bonds 291\u003c\/p\u003e \u003cp\u003e10.5 Option-adjusted spread (OAS) 291\u003c\/p\u003e \u003cp\u003e10.6 Insurance 292\u003c\/p\u003e \u003cp\u003eLong-dated commodity options 293\u003c\/p\u003e \u003cp\u003eOptions on energy prices 294\u003c\/p\u003e \u003cp\u003eOptions on economic variables 294\u003c\/p\u003e \u003cp\u003eA final word 294\u003c\/p\u003e \u003cp\u003eAppendix CREDIT RISK 295\u003c\/p\u003e \u003cp\u003e\u003cb\u003e11 Default Risk (Financial Math IV) and Credit Derivatives 297\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e11.1 A constant default probability model 298\u003c\/p\u003e \u003cp\u003e11.2 A credit migration model 300\u003c\/p\u003e \u003cp\u003e11.3 Alternative models 301\u003c\/p\u003e \u003cp\u003e11.4 Credit exposure calculations for derivatives 302\u003c\/p\u003e \u003cp\u003e11.5 Credit derivatives 305\u003c\/p\u003e \u003cp\u003eBasics 306\u003c\/p\u003e \u003cp\u003eCredit default swap 306\u003c\/p\u003e \u003cp\u003eTotal-rate-of-return swap 307\u003c\/p\u003e \u003cp\u003eCredit-linked note 308\u003c\/p\u003e \u003cp\u003eCredit spread options 308\u003c\/p\u003e \u003cp\u003e11.6 Implicit credit arbitrage plays 310\u003c\/p\u003e \u003cp\u003eCredit arbitrage with swaps 310\u003c\/p\u003e \u003cp\u003eCallable bonds 310\u003c\/p\u003e \u003cp\u003e11.7 Corporate bond trading 310\u003c\/p\u003e \u003cp\u003eIndex 313\u003c\/p\u003e \u003cb\u003eROBERT DUBIL\u003c\/b\u003e is a former Director of Risk Analytics in the Corporate Risk Management Group at Merrill Lynch (1999-2001), head of Exotic Fixed Income Derivatives Trading at UBS (1996-99) and Chase Manhattan (1994-95), an equity and debt derivatives trader at Merrill Lynch (1992-94), and a quantitative researcher at Nomura (1990-92) and JP Morgan (1989-90).  He worked in New York, London, Tokyo, Hong Kong and Sydney.  He holds a PhD and MBA from University of Connecticut, and an MA from Wharton.  His recent articles covering liquidity risks and banking regulation can be found in the \u003ci\u003eJournal of Applied Finance, Financial Services Review, Journal of Entrepreneurial Finance and Business Ventures, Journal of Wealth Management\u003c\/i\u003e and the \u003ci\u003eJournal of Investing.\u003c\/i\u003e He is currently Associate Professor of Finance at San Jose State University in California. \"This is an excellent introduction to the financial markets by an author with a strong academic approach and practical insights from trading expereince. At a time when the proliferation of financial instruments and the increased use of sophisticated mathematics in their analysis, makes an introduction to financial market intimidating to most, this book is very useful. It provides an insight into the core concepts across markets and uses mathematics at an accessible level. It equips readers to understand the fundamentals of markets, valuation and trading. I would lighly recommend it to anyone looking to understand the essentials of successfully trading, structuring or using the entire range of financial instruments available today.\"\u003cbr\u003e—\u003cb\u003eVarun Gosain\u003c\/b\u003e, Principal, Constellation Capital Management, New York   \u003cp\u003e\u003ci\u003eAn Arbitrage Guide to Financial Markets \u003c\/i\u003eis the first book to explicitly show the linkages of markets for equities, currencies, fixed income and commodities. Using a unique structural approach, it dissects all markets the same way: into spot, forward and contingent dimensions, bringing out the simplicity and the commonalities of all markets. The book shuns stochastic calculus in favor of cash flow details of arbitrage trades. All math is simple, but there is lots of it. The book reflects the relative value mentality of an institutional trader seeking profit from misalignments of various market segments.  \u003c\/p\u003e\u003cp\u003eThe book is aimed at entrants into investment banking and dealing businesses, existing personnel in non-trading jobs, and people outside of the financial services industry trying to gain a view into what drives dealers in today's highly integrated marketplace. A committed reader is guaranteed to leave with a deep understanding of all current issues.  \u003c\/p\u003e\u003cp\u003e\"This is an excellent introduction to the financial markets by an author with a strong academic approach and practical insights from trading experience. At a time when the proliferation of financial instruments and the increased use of sophisticated mathematics in their analysis, makes an introduction to financial markets intimidating to most, this book is very useful. It provides an insight into the core concepts across markets and uses mathematics at an accessible level. It equips readers to understand the fundamentals of markets, valuation and trading. I would highly recommend it to anyone looking to understand the essentials of successfully trading, structuring or using the entire range of financial instruments available today.\"\u003cbr\u003e \u003cb\u003e—Varun Gosain, Principal,\u003c\/b\u003e Constellation Capital Management, New York  \u003c\/p\u003e\u003cp\u003e\"Robert Dubil, drawing from his extensive prior trading experience, has made a significant contribution by writing an easy to understand book about the complex world of today's financial markets, using basic mathematical concepts. The book is filled with insights and real life examples about how traders approach the market and is required reading for anyone with an interest in understanding markets or a career in trading.\"\u003cbr\u003e \u003cb\u003e—George Handjinicolaou,\u003c\/b\u003e Partner, Etolian Capital, New York  \u003c\/p\u003e\u003cp\u003e\"This book provides an excellent guide to the current state of the financial markets. It combines academic rigour with the author's practical experience of the financial sector, giving both students and practitioners an insight into the arbitrage pricing mechanism.\"\u003cbr\u003e \u003cb\u003e—Zenji Nakamura,\u003c\/b\u003e Managing Director, Europe Fixed Income Division, Nomura  International plc, London\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47988722270437,"sku":"NP9780470853320","price":135.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470853320.jpg?v=1761781330","url":"https:\/\/k12savings.com\/es\/products\/an-arbitrage-guide-to-financial-markets-isbn-9780470853320","provider":"K12savings","version":"1.0","type":"link"}