{"product_id":"derivatives-demystified-isbn-9780470749371","title":"Derivatives Demystified","description":"Derivatives are everywhere in the modern world and it is important for everyone in banking, investment and finance to have a good understanding of the subject. \u003ci\u003eDerivatives Demystified\u003c\/i\u003e provides a step-by-step guide to the subject, enabling the reader to have a solid, working understanding of key derivative products.  \u003cp\u003eAdopting a highly accessible approach, the author explains derivative products in straightforward terms and without the complex mathematics that underlie the subject, focusing on practical applications, case studies and examples of how the products are used to solve real-world problems. \u003ci\u003eDerivatives Demystified\u003c\/i\u003e follows a sequence that is designed to show that, although there are many applications of derivatives, there are only a small number of basic building blocks, namely forwards and futures, swaps and options. The book shows how each building block is applied to different markets and to the solution of various risk management and trading problems.\u003c\/p\u003e \u003cp\u003eThis new edition will be fully revised to reflect the many changes the derivatives markets have seen over the last three years.  New material will include a comprehensive history of derivatives, leading up to their use and abuse in the current credit crisis.  It will also feature new chapters on regulation and control of derivatives, commodity derivatives, credit derivatives and structured products and new derivative markets including inflation linked and insurance linked products. \u003c\/p\u003e \u003cp\u003e\u003ci\u003eDerivatives Demystified\u003c\/i\u003e is essential reading for everyone who operates in the financial markets or within the corporate environment who requires a good understanding of these important financial instruments.\u003c\/p\u003e \u003cp\u003eAcknowledgements xix\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 The Origins and Growth of the Market 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDefinitions 1\u003c\/p\u003e \u003cp\u003eDerivatives Building Blocks 1\u003c\/p\u003e \u003cp\u003eMarket Participants 3\u003c\/p\u003e \u003cp\u003eSupporting Organizations 4\u003c\/p\u003e \u003cp\u003eEarly Origins of Derivatives 5\u003c\/p\u003e \u003cp\u003eDerivatives in the USA 6\u003c\/p\u003e \u003cp\u003eOverseas Developments, Innovation and Expansion 7\u003c\/p\u003e \u003cp\u003eAn Example of Recent Innovation: Weather Derivatives 7\u003c\/p\u003e \u003cp\u003eTemperature-Linked Derivatives 8\u003c\/p\u003e \u003cp\u003eThe Wild Beast of Finance? 9\u003c\/p\u003e \u003cp\u003eLessons from Recent History 10\u003c\/p\u003e \u003cp\u003eCreative Destruction and Contagion Effects 13\u003c\/p\u003e \u003cp\u003eThe Modern OTC Derivatives Market 13\u003c\/p\u003e \u003cp\u003eThe Exchange-Traded Derivatives Market 15\u003c\/p\u003e \u003cp\u003eChapter Summary 15\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 Equity and Currency Forwards 17\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 17\u003c\/p\u003e \u003cp\u003eEquity Forward Contract 17\u003c\/p\u003e \u003cp\u003eThe Forward Price 18\u003c\/p\u003e \u003cp\u003eThe Forward Price and Arbitrage Opportunities 19\u003c\/p\u003e \u003cp\u003eThe Forward Price and the Expected Payout 20\u003c\/p\u003e \u003cp\u003eForeign Exchange Forwards 21\u003c\/p\u003e \u003cp\u003eManaging Currency Risk 22\u003c\/p\u003e \u003cp\u003eHedging with an Outright Forward FX Deal 23\u003c\/p\u003e \u003cp\u003eThe Forward Foreign Exchange Rate 24\u003c\/p\u003e \u003cp\u003eThe Forward FX Rate and Arbitrage Opportunities 25\u003c\/p\u003e \u003cp\u003eForward Points 26\u003c\/p\u003e \u003cp\u003eFX Swaps 27\u003c\/p\u003e \u003cp\u003eApplications of FX Swaps 28\u003c\/p\u003e \u003cp\u003eChapter Summary 28\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 Forward Rate Agreements 31\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 31\u003c\/p\u003e \u003cp\u003eFRA Case Study: Corporate Borrower 31\u003c\/p\u003e \u003cp\u003eResults of the FRA Hedge 33\u003c\/p\u003e \u003cp\u003eThe FRA as Two Payment Legs 34\u003c\/p\u003e \u003cp\u003eDealing in FRAs 36\u003c\/p\u003e \u003cp\u003eForward Interest Rates 37\u003c\/p\u003e \u003cp\u003eChapter Summary 37\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 Commodity and Bond Futures 39\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 39\u003c\/p\u003e \u003cp\u003eThe Margining System and the Clearing House 39\u003c\/p\u003e \u003cp\u003eUsers of Futures Contracts 40\u003c\/p\u003e \u003cp\u003eCommodity Futures 41\u003c\/p\u003e \u003cp\u003eFutures Prices and the Basis 42\u003c\/p\u003e \u003cp\u003eUS Treasury Bond Futures 43\u003c\/p\u003e \u003cp\u003eUS Treasury Bond Futures: Delivery Procedures 44\u003c\/p\u003e \u003cp\u003eGilt Futures 45\u003c\/p\u003e \u003cp\u003eThe Cheapest-To-Deliver (CTD) Bond 45\u003c\/p\u003e \u003cp\u003eChapter Summary 46\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 Interest Rate and Equity Futures 47\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 47\u003c\/p\u003e \u003cp\u003eEurodollar Futures 47\u003c\/p\u003e \u003cp\u003eTrading Eurodollar Futures 48\u003c\/p\u003e \u003cp\u003eHedging with Interest Rate Futures 50\u003c\/p\u003e \u003cp\u003eInterest Rate Futures Prices 50\u003c\/p\u003e \u003cp\u003eEquity Index Futures 52\u003c\/p\u003e \u003cp\u003eApplications of S\u0026amp;P 500 Index Futures 53\u003c\/p\u003e \u003cp\u003eFT-SE 100 Index Futures Contracts 54\u003c\/p\u003e \u003cp\u003eEstablishing Net Profits and Losses 55\u003c\/p\u003e \u003cp\u003eSingle Stock Futures (SSFs) 56\u003c\/p\u003e \u003cp\u003eChapter Summary 57\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 Interest Rate Swaps 59\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 59\u003c\/p\u003e \u003cp\u003eInterest Rate Swap Structure 59\u003c\/p\u003e \u003cp\u003eBasic Single-Currency Interest Rate Swap 60\u003c\/p\u003e \u003cp\u003eThe Swap as a Package of Spot and Forward Deals 61\u003c\/p\u003e \u003cp\u003eRationale for the Swap Deal 62\u003c\/p\u003e \u003cp\u003eSwap Terminology and Swap Spreads 62\u003c\/p\u003e \u003cp\u003eTypical Swap Applications 63\u003c\/p\u003e \u003cp\u003eInterest Rate Swap Variants 64\u003c\/p\u003e \u003cp\u003eCross-Currency Interest Rate Swaps 65\u003c\/p\u003e \u003cp\u003eNet Borrowing Costs Using a Cross-Currency Swap 66\u003c\/p\u003e \u003cp\u003eInflation Swaps 67\u003c\/p\u003e \u003cp\u003eChapter Summary 68\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Equity and Credit Default Swaps 69\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction to Equity Swaps 69\u003c\/p\u003e \u003cp\u003eEquity Swap Case Study 69\u003c\/p\u003e \u003cp\u003eOther Applications of Equity Swaps 71\u003c\/p\u003e \u003cp\u003eEquity Index Swaps 73\u003c\/p\u003e \u003cp\u003eHedging an Equity Index Swap 74\u003c\/p\u003e \u003cp\u003eCredit Default Swaps 75\u003c\/p\u003e \u003cp\u003eCredit Default Swap: Basic Structure 76\u003c\/p\u003e \u003cp\u003eCredit Default Swap Applications 77\u003c\/p\u003e \u003cp\u003eCredit Spreads 78\u003c\/p\u003e \u003cp\u003eThe CDS Premium and the Credit Spread 78\u003c\/p\u003e \u003cp\u003ePricing Models for CDS Premium 80\u003c\/p\u003e \u003cp\u003eIndex Credit Default Swaps 80\u003c\/p\u003e \u003cp\u003eBasket Credit Default Swaps 81\u003c\/p\u003e \u003cp\u003eChapter Summary 82\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 Fundamentals of Options 83\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 83\u003c\/p\u003e \u003cp\u003eDefinitions 83\u003c\/p\u003e \u003cp\u003eTypes of Options 83\u003c\/p\u003e \u003cp\u003eBasic Option Trading Strategies 84\u003c\/p\u003e \u003cp\u003eLong Call: Expiry Payoff Profile 85\u003c\/p\u003e \u003cp\u003eShort Call: Expiry Payoff Profile 87\u003c\/p\u003e \u003cp\u003eLong Put: Expiry Payoff Profile 88\u003c\/p\u003e \u003cp\u003eShort Put: Expiry Payoff Profile 90\u003c\/p\u003e \u003cp\u003eSummary: Intrinsic and Time Value 90\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 Hedging with Options 93\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter Overview 93\u003c\/p\u003e \u003cp\u003eFutures Hedge Revisited 93\u003c\/p\u003e \u003cp\u003eProtective Put 93\u003c\/p\u003e \u003cp\u003eHedging with ATM Put Option 96\u003c\/p\u003e \u003cp\u003eCovered Call Writing 97\u003c\/p\u003e \u003cp\u003eEquity Collar 98\u003c\/p\u003e \u003cp\u003eZero-Cost Equity Collar 99\u003c\/p\u003e \u003cp\u003eProtective PUT with a Barrier Option 100\u003c\/p\u003e \u003cp\u003eBehaviour of Barrier Options 101\u003c\/p\u003e \u003cp\u003eChapter Summary 102\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 Exchange-Traded Equity Options 103\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 103\u003c\/p\u003e \u003cp\u003eBasic Concepts 103\u003c\/p\u003e \u003cp\u003eCBOE Stock Options 104\u003c\/p\u003e \u003cp\u003eUK Stock Options on NYSE Liffe 106\u003c\/p\u003e \u003cp\u003eCME S\u0026amp;P 500 Index Options 107\u003c\/p\u003e \u003cp\u003eFT-SE 100 Index Options 109\u003c\/p\u003e \u003cp\u003eChapter Summary 109\u003c\/p\u003e \u003cp\u003e\u003cb\u003e11 Currency or FX Options 111\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 111\u003c\/p\u003e \u003cp\u003eUsers of Currency Options 111\u003c\/p\u003e \u003cp\u003eHedging FX Exposures with Options: Case Study 112\u003c\/p\u003e \u003cp\u003eGraph of Hedged and Unhedged Positions 113\u003c\/p\u003e \u003cp\u003eHedging with a Zero-Cost Collar 114\u003c\/p\u003e \u003cp\u003eReducing Premium on FX Hedges 115\u003c\/p\u003e \u003cp\u003eCompound Options 116\u003c\/p\u003e \u003cp\u003eExchange-Traded Currency Options 117\u003c\/p\u003e \u003cp\u003eChapter Summary 118\u003c\/p\u003e \u003cp\u003e\u003cb\u003e12 Interest Rate Options 119\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 119\u003c\/p\u003e \u003cp\u003eOTC Interest Rate Options 119\u003c\/p\u003e \u003cp\u003eOTC Interest Rate Option Case Study 120\u003c\/p\u003e \u003cp\u003eHedging a Loan with a Caplet 121\u003c\/p\u003e \u003cp\u003eInterest Rate Cap 123\u003c\/p\u003e \u003cp\u003eInterest Rate Collar 123\u003c\/p\u003e \u003cp\u003eInterest Rate Swap and Swaption 124\u003c\/p\u003e \u003cp\u003eSummary of Interest Rate Hedging Strategies 125\u003c\/p\u003e \u003cp\u003eEurodollar Options 126\u003c\/p\u003e \u003cp\u003eEuro and Sterling Interest Rate Options 127\u003c\/p\u003e \u003cp\u003eBond Options 127\u003c\/p\u003e \u003cp\u003eExchange-Traded Bond Options 128\u003c\/p\u003e \u003cp\u003eChapter Summary 130\u003c\/p\u003e \u003cp\u003e\u003cb\u003e13 Option Valuation Concepts (1) 131\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 131\u003c\/p\u003e \u003cp\u003eThe Concept of a Riskless Hedge 132\u003c\/p\u003e \u003cp\u003eA Simple Option Pricing Model 132\u003c\/p\u003e \u003cp\u003eOption Fair Value 134\u003c\/p\u003e \u003cp\u003eExtending the Binomial Model 134\u003c\/p\u003e \u003cp\u003eCost of Dynamic Hedging 135\u003c\/p\u003e \u003cp\u003eThe Black-Scholes Option Pricing Model 136\u003c\/p\u003e \u003cp\u003eHistorical Volatility 137\u003c\/p\u003e \u003cp\u003eMeasuring and Using Historical Volatility 139\u003c\/p\u003e \u003cp\u003eChapter Summary 140\u003c\/p\u003e \u003cp\u003e\u003cb\u003e14 Option Valuation Concepts (2) 141\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 141\u003c\/p\u003e \u003cp\u003eProblems with Historical Volatility 141\u003c\/p\u003e \u003cp\u003eImplied Volatility 142\u003c\/p\u003e \u003cp\u003eBlack-Scholes Model Assumptions 143\u003c\/p\u003e \u003cp\u003eValue of a Call Option 143\u003c\/p\u003e \u003cp\u003eValue of a Put Option 144\u003c\/p\u003e \u003cp\u003eEquity Index and Currency Options 145\u003c\/p\u003e \u003cp\u003ePricing Interest Rate Options 146\u003c\/p\u003e \u003cp\u003eChapter Summary 148\u003c\/p\u003e \u003cp\u003e\u003cb\u003e15 Option Sensitivities: The ‘Greeks’ 149\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 149\u003c\/p\u003e \u003cp\u003eDelta (Δ or δ) 149\u003c\/p\u003e \u003cp\u003eDelta Behaviour 150\u003c\/p\u003e \u003cp\u003eDelta as the Hedge Ratio 151\u003c\/p\u003e \u003cp\u003eThe Effects of Changes in Delta 152\u003c\/p\u003e \u003cp\u003eReadjusting the Delta Hedge 153\u003c\/p\u003e \u003cp\u003eGamma (Γ or γ) 153\u003c\/p\u003e \u003cp\u003eGamma and the Spot Price of the Underlying 154\u003c\/p\u003e \u003cp\u003eGamma and Time to Expiry 155\u003c\/p\u003e \u003cp\u003eTheta (Θ) 156\u003c\/p\u003e \u003cp\u003eVega or Kappa (κ) 157\u003c\/p\u003e \u003cp\u003eRho (ρ) 158\u003c\/p\u003e \u003cp\u003eSummary of Greeks 159\u003c\/p\u003e \u003cp\u003eChapter Summary 160\u003c\/p\u003e \u003cp\u003e\u003cb\u003e16 Option Trading Strategies (1) 161\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 161\u003c\/p\u003e \u003cp\u003eBull Spread 161\u003c\/p\u003e \u003cp\u003eBull Position with Digital Options 162\u003c\/p\u003e \u003cp\u003eSpot Price and Con Value 163\u003c\/p\u003e \u003cp\u003eBear Spread 164\u003c\/p\u003e \u003cp\u003eThe Greeks for the Bear Spread 165\u003c\/p\u003e \u003cp\u003ePut or Bear Ratio Spread 166\u003c\/p\u003e \u003cp\u003eLong Straddle 167\u003c\/p\u003e \u003cp\u003eLong Straddle Current Payoff Profile 168\u003c\/p\u003e \u003cp\u003ePotential Risks with a Long Straddle 169\u003c\/p\u003e \u003cp\u003eChapter Summary 170\u003c\/p\u003e \u003cp\u003e\u003cb\u003e17 Option Trading Strategies (2) 171\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 171\u003c\/p\u003e \u003cp\u003eChooser Option 171\u003c\/p\u003e \u003cp\u003eShort Straddle 172\u003c\/p\u003e \u003cp\u003eShort Straddle Current Payoff Profile 172\u003c\/p\u003e \u003cp\u003ePotential Profits with a Short Straddle 175\u003c\/p\u003e \u003cp\u003eManaging the Risk on a Short Straddle 175\u003c\/p\u003e \u003cp\u003eShort Strangle 177\u003c\/p\u003e \u003cp\u003eNew Ways of Trading Volatility 177\u003c\/p\u003e \u003cp\u003eCalendar or Time Spread 178\u003c\/p\u003e \u003cp\u003eChapter Summary 179\u003c\/p\u003e \u003cp\u003e\u003cb\u003e18 Convertible and Exchangeable Bonds 181\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 181\u003c\/p\u003e \u003cp\u003eInvestors in Convertible Bonds 181\u003c\/p\u003e \u003cp\u003eIssuers of Convertible Bonds 182\u003c\/p\u003e \u003cp\u003eCB Measures of Value 183\u003c\/p\u003e \u003cp\u003eConversion Premium and Parity 184\u003c\/p\u003e \u003cp\u003eOther Factors Affecting CB Value 185\u003c\/p\u003e \u003cp\u003eConvertible Arbitrage 186\u003c\/p\u003e \u003cp\u003eConvertible Arbitrage Example 186\u003c\/p\u003e \u003cp\u003eProfits and Risks with the CB Arbitrage Trade 187\u003c\/p\u003e \u003cp\u003eMandatorily Convertibles and Exchangeables 188\u003c\/p\u003e \u003cp\u003eStructuring a Mandatorily Exchangeable (ME) Bond 189\u003c\/p\u003e \u003cp\u003eChapter Summary 190\u003c\/p\u003e \u003cp\u003e\u003cb\u003e19 Structured Securities 193\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 193\u003c\/p\u003e \u003cp\u003eCapital Protection Equity-Linked Notes 193\u003c\/p\u003e \u003cp\u003eExpiry Value of 100% Capital Protection Notes 195\u003c\/p\u003e \u003cp\u003e100% Participation Equity-Linked Notes 196\u003c\/p\u003e \u003cp\u003eCapped Participation Equity-Linked Notes 197\u003c\/p\u003e \u003cp\u003eAverage Price Notes 199\u003c\/p\u003e \u003cp\u003eLocking in Interim Gains: Cliquet Options 200\u003c\/p\u003e \u003cp\u003eSecuritization and CDOs 201\u003c\/p\u003e \u003cp\u003eThe Basic CDO Structure 202\u003c\/p\u003e \u003cp\u003eRationale for Securitization 203\u003c\/p\u003e \u003cp\u003eSynthetic CDOs 203\u003c\/p\u003e \u003cp\u003eChapter Summary 205\u003c\/p\u003e \u003cp\u003e\u003cb\u003e20 Clearing, Settlement and Operational Risk 207\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 207\u003c\/p\u003e \u003cp\u003eRisk Management in General 207\u003c\/p\u003e \u003cp\u003eSettlement of Exchange-Traded Derivatives 208\u003c\/p\u003e \u003cp\u003eMajor Clearing Houses 209\u003c\/p\u003e \u003cp\u003eConfirmation and Settlement of OTC Deals 210\u003c\/p\u003e \u003cp\u003eControlling Counterparty Risk on OTC Derivatives 211\u003c\/p\u003e \u003cp\u003eOperational Risk 211\u003c\/p\u003e \u003cp\u003eBest Practice in Operational Risk Management 213\u003c\/p\u003e \u003cp\u003eChapter Summary 213\u003c\/p\u003e \u003cp\u003eAppendix A: Financial Calculations 215\u003c\/p\u003e \u003cp\u003eAppendix B: Exotic Options 235\u003c\/p\u003e \u003cp\u003eAppendix C: Glossary of Terms 239\u003c\/p\u003e \u003cp\u003eIndex 255\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eANDREW M. CHISHOLM MA MBA PhD\u003c\/b\u003e is a Visiting Fellow at the International Capital Market Association (ICMA) Centre at the University of Reading in England. He has designed, developed and taught programmes in derivatives and finance for more than 25 years. In that time, he has worked with many of the largest financial institutions around the world, teaching corporate financiers, traders, sales and marketing staff, risk managers, analysts, fund managers, operations and technology professionals. He has worked extensively on seminars at senior management level as well as training programmes designed to introduce new graduate and MBA entrants to the securities industry. He was formerly Head of Professional Development for Europe at JP Morgan and is the author of \u003ci\u003eAn Introduction to International Capital Markets\u003c\/i\u003e, the second edition of which was published by John Wiley and Sons in 2009.   \u003c\/p\u003e\u003cp\u003eDerivatives are everywhere in the modern world. They are constantly discussed (and sometimes vilified). It is now more important than ever for participants in the banking, investment and finance sectors to fully understand the building blocks, uses and limitations of these important financial products. \u003c\/p\u003e\u003cp\u003eFully revised and updated to take into account the many changes the industry has seen over the last few years, \u003ci\u003eDerivatives Demystified\u003c\/i\u003e is a step-by-step guide to financial derivatives, enabling the reader to build a solid, working knowledge of key derivative products. It is based on the author’s many years of experience teaching the subject to market practitioners, ranging from the most senior managers in the global banking industry to recent MBA and graduate hires. Adopting a highly accessible and structured approach, the author explains derivative products in straightforward terms and without the complex mathematics that underlie the subject. The focus is on practical applications, case studies and examples of how products are used to solve real-world problems. It follows a sequence that is designed to show that, although there are many applications of derivatives, there are only a small number of basic building blocks. The book examines how each building block is applied to different markets and to the solution of various risk management, investment and trading problems. \u003c\/p\u003e\u003cp\u003eIt features a wealth of updated and new material covering the latest developments in the derivatives markets, including the role of derivative products in the global financial crisis, settlement and risk-management, market regulation, commodity derivatives, credit derivatives, later-generation or ‘exotic’ options, structured products including collateralized debt obligations (CDOs), and inflation-linked and weather derivatives. \u003c\/p\u003e\u003cp\u003e\u003ci\u003eDerivatives Demystified\u003c\/i\u003e is essential reading for anyone who operates in the financial markets or within the corporate environment requiring a solid understanding of these critical financial instruments.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989041070309,"sku":"NP9780470749371","price":85.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470749371.jpg?v=1761782547","url":"https:\/\/k12savings.com\/es\/products\/derivatives-demystified-isbn-9780470749371","provider":"K12savings","version":"1.0","type":"link"}