{"product_id":"fundamentals-of-financial-instruments-isbn-9780470824900","title":"Fundamentals of Financial Instruments","description":"\u003cb\u003eThe essential guide to financial instruments, logically presented\u003c\/b\u003e  \u003cp\u003e\u003ci\u003eFundamentals of Financial Instruments\u003c\/i\u003e deals with the global financial markets and the instruments in which they trade. While most books on finance tend to be heavily mathematical, this book emphasizes the concepts in a logical, sequential fashion, introducing mathematical concepts only at the relevant times. As a result, the reader gains conceptual clarity reinforced by just the right level of technical detail to ensure a comprehensive exposure to the skills needed in the financial world.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eEstablishes a strong foundation for understanding global markets\u003c\/li\u003e \u003cli\u003eActs as an invaluable resource for those considering a career in the financial markets\u003c\/li\u003e \u003cli\u003eOffers an accessible yet in-depth treatise on modern financial instruments\u003c\/li\u003e \u003cli\u003ePresents a logical navigational path for a typical student of finance who is attempting to come to terms with the intricacies of the subject\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eCovering the fundamentals of various types of assets in a single volume, Fundamentals of \u003ci\u003eFinancial Instruments\u003c\/i\u003e is a compact yet comprehensive one-stop reference for students and professionals in finance and economics.\u003c\/p\u003e  Preface xiii  \u003cp\u003eAcknowledgments xv\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1\u003c\/b\u003e \u003cb\u003eAn Introduction to Financial Institutions, Instruments, and Markets 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Role of an Economic System 1\u003c\/p\u003e \u003cp\u003eA Command Economy 2\u003c\/p\u003e \u003cp\u003eA Market Economy 3\u003c\/p\u003e \u003cp\u003eClassification of Economic Units 4\u003c\/p\u003e \u003cp\u003eAn Economy’s Relationship with the External World 7\u003c\/p\u003e \u003cp\u003eThe Balance of Trade 9\u003c\/p\u003e \u003cp\u003eThe Current Account Balance 9\u003c\/p\u003e \u003cp\u003eFinancial Assets 10\u003c\/p\u003e \u003cp\u003ePrimary Markets and Secondary Markets 22\u003c\/p\u003e \u003cp\u003eExchanges and OTC Markets 24\u003c\/p\u003e \u003cp\u003eBrokers and Dealers 27\u003c\/p\u003e \u003cp\u003eThe Need for Brokers and Dealers 29\u003c\/p\u003e \u003cp\u003eTrading Positions 31\u003c\/p\u003e \u003cp\u003eThe Buy Side and the Sell Side 31\u003c\/p\u003e \u003cp\u003eInvestment Bankers 32\u003c\/p\u003e \u003cp\u003eDirect and Indirect Markets 33\u003c\/p\u003e \u003cp\u003eMutual Funds 36\u003c\/p\u003e \u003cp\u003eMoney and Capital Markets 40\u003c\/p\u003e \u003cp\u003eThe Eurocurrency Market 41\u003c\/p\u003e \u003cp\u003eThe International Bond Market 43\u003c\/p\u003e \u003cp\u003eGlobalization of Equity Markets 45\u003c\/p\u003e \u003cp\u003eDual Listing 46\u003c\/p\u003e \u003cp\u003eFungibility 49\u003c\/p\u003e \u003cp\u003eRisk 51\u003c\/p\u003e \u003cp\u003eAfter the Trade: Clearing and Settlement 54\u003c\/p\u003e \u003cp\u003eDematerialization and the Role of a Depository 54\u003c\/p\u003e \u003cp\u003eCustodial Services 55\u003c\/p\u003e \u003cp\u003eGlobalization: The New Mantra 56\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2\u003c\/b\u003e \u003cb\u003eMathematics of Finance 59\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInterest Rates 59\u003c\/p\u003e \u003cp\u003eThe Real Rate of Interest 60\u003c\/p\u003e \u003cp\u003eThe Fisher Equation 60\u003c\/p\u003e \u003cp\u003eSimple Interest 64\u003c\/p\u003e \u003cp\u003eCompound Interest 66\u003c\/p\u003e \u003cp\u003eProperties 68\u003c\/p\u003e \u003cp\u003eA Symbolic Derivation 71\u003c\/p\u003e \u003cp\u003ePrinciple of Equivalency 72\u003c\/p\u003e \u003cp\u003eContinuous Compounding 73\u003c\/p\u003e \u003cp\u003eFuture Value 74\u003c\/p\u003e \u003cp\u003ePresent Value 76\u003c\/p\u003e \u003cp\u003eHandling a Series of Cash Flows 77\u003c\/p\u003e \u003cp\u003eThe Internal Rate of Return 79\u003c\/p\u003e \u003cp\u003eEvaluating an Investment 79\u003c\/p\u003e \u003cp\u003eAnnuities: An Introduction 82\u003c\/p\u003e \u003cp\u003ePerpetuities 87\u003c\/p\u003e \u003cp\u003eThe Amortization Method 88\u003c\/p\u003e \u003cp\u003eAmortization with a Balloon Payment 91\u003c\/p\u003e \u003cp\u003eThe Equal Principal Repayment Approach 92\u003c\/p\u003e \u003cp\u003eTypes of Interest Computation 93\u003c\/p\u003e \u003cp\u003eLoans with a Compensating Balance 94\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3\u003c\/b\u003e \u003cb\u003eEquity Shares, Preferred Shares, and Stock Market Indexes 97\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 97\u003c\/p\u003e \u003cp\u003ePar Value versus Book Value 99\u003c\/p\u003e \u003cp\u003eVoting Rights 100\u003c\/p\u003e \u003cp\u003eStatutory versus Cumulative Voting 101\u003c\/p\u003e \u003cp\u003eProxies 101\u003c\/p\u003e \u003cp\u003eDividends 102\u003c\/p\u003e \u003cp\u003eDividend Yield 104\u003c\/p\u003e \u003cp\u003eDividend Reinvestment Plans 105\u003c\/p\u003e \u003cp\u003eStock Dividends 106\u003c\/p\u003e \u003cp\u003eTreasury Stock 107\u003c\/p\u003e \u003cp\u003eSplits and Reverse Splits 108\u003c\/p\u003e \u003cp\u003eCosts Associated with Splits and Stock Dividends 110\u003c\/p\u003e \u003cp\u003ePreemptive Rights 110\u003c\/p\u003e \u003cp\u003eInterpreting Stated Ratios 113\u003c\/p\u003e \u003cp\u003eHandling Fractions 113\u003c\/p\u003e \u003cp\u003ePhysical Certificates versus Book Entry 114\u003c\/p\u003e \u003cp\u003eTracking Stock 115\u003c\/p\u003e \u003cp\u003eReport Cards 115\u003c\/p\u003e \u003cp\u003eTypes of Stocks 115\u003c\/p\u003e \u003cp\u003eRisk and Return and the Concept of Diversification 116\u003c\/p\u003e \u003cp\u003ePreferred Shares 119\u003c\/p\u003e \u003cp\u003eCallable Preferred Stock 120\u003c\/p\u003e \u003cp\u003eConvertible Preferred Shares 121\u003c\/p\u003e \u003cp\u003eCumulative Preferred Shares 122\u003c\/p\u003e \u003cp\u003eAdjustable Rate Preferred Shares 124\u003c\/p\u003e \u003cp\u003eParticipating Preferred Shares 125\u003c\/p\u003e \u003cp\u003eDividend Discount Models 125\u003c\/p\u003e \u003cp\u003eA General Valuation Model 125\u003c\/p\u003e \u003cp\u003eThe Constant Growth Model 126\u003c\/p\u003e \u003cp\u003eThe Two-Stage Model 127\u003c\/p\u003e \u003cp\u003eThe Three-Stage Model 128\u003c\/p\u003e \u003cp\u003eThe H Model 130\u003c\/p\u003e \u003cp\u003eStock Market Indexes 131\u003c\/p\u003e \u003cp\u003ePrice-Weighted Indexes 131\u003c\/p\u003e \u003cp\u003eChanging the Divisor 133\u003c\/p\u003e \u003cp\u003eThe Importance of Price 135\u003c\/p\u003e \u003cp\u003eValue-Weighted Indexes 136\u003c\/p\u003e \u003cp\u003eChanging the Base-Period Capitalization 139\u003c\/p\u003e \u003cp\u003eEqually Weighted Indexes 140\u003c\/p\u003e \u003cp\u003eTracking Portfolios 141\u003c\/p\u003e \u003cp\u003eThe Free-Floating Methodology 149\u003c\/p\u003e \u003cp\u003eWell-Known Global Indexes 150\u003c\/p\u003e \u003cp\u003eMargin Trading and Short Selling 150\u003c\/p\u003e \u003cp\u003eTerminology 150\u003c\/p\u003e \u003cp\u003eMaintenance Margin 156\u003c\/p\u003e \u003cp\u003eRegulation T and NYSE and NASD Rules 157\u003c\/p\u003e \u003cp\u003eShort Selling 157\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4\u003c\/b\u003e \u003cb\u003eBonds 167\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eValuation of a Bond 170\u003c\/p\u003e \u003cp\u003ePar, Premium, and Discount Bonds 172\u003c\/p\u003e \u003cp\u003eEvolution of the Price 173\u003c\/p\u003e \u003cp\u003eZero-Coupon Bonds 175\u003c\/p\u003e \u003cp\u003eValuing a Bond in between Coupon Dates 176\u003c\/p\u003e \u003cp\u003eDay-Count Conventions 177\u003c\/p\u003e \u003cp\u003eActualActual 177\u003c\/p\u003e \u003cp\u003eThe Treasury’s Approach 179\u003c\/p\u003e \u003cp\u003eCorporate Bonds 180\u003c\/p\u003e \u003cp\u003eAccrued Interest 181\u003c\/p\u003e \u003cp\u003eYields 183\u003c\/p\u003e \u003cp\u003eTaxable-Equivalent Yield 192\u003c\/p\u003e \u003cp\u003eCredit Risk 194\u003c\/p\u003e \u003cp\u003eBond Insurance 195\u003c\/p\u003e \u003cp\u003eEquivalence with Zero-Coupon Bonds 195\u003c\/p\u003e \u003cp\u003eThe Yield Curve and the Term Structure 199\u003c\/p\u003e \u003cp\u003eBonds with Embedded Options 206\u003c\/p\u003e \u003cp\u003ePrice Volatility 211\u003c\/p\u003e \u003cp\u003eDuration and Price Volatility 214\u003c\/p\u003e \u003cp\u003eDollar Duration 215\u003c\/p\u003e \u003cp\u003eConvexity 215\u003c\/p\u003e \u003cp\u003eTreasury Auctions 219\u003c\/p\u003e \u003cp\u003eWhen Issued Trading 223\u003c\/p\u003e \u003cp\u003ePrice Quotes 223\u003c\/p\u003e \u003cp\u003eBond Futures 224\u003c\/p\u003e \u003cp\u003eSTRIPS 225\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5\u003c\/b\u003e \u003cb\u003eMoney Markets 227\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 227\u003c\/p\u003e \u003cp\u003eMarket Supervision 231\u003c\/p\u003e \u003cp\u003eThe Interbank Market 234\u003c\/p\u003e \u003cp\u003eInterest-Computation Methods 238\u003c\/p\u003e \u003cp\u003eTerm Money Market Deposits 240\u003c\/p\u003e \u003cp\u003eFederal Funds 240\u003c\/p\u003e \u003cp\u003eCorrespondent Banks: Nostro and Vostro Accounts 242\u003c\/p\u003e \u003cp\u003ePayment Systems 243\u003c\/p\u003e \u003cp\u003eFed Funds and Reserve Maintenance 244\u003c\/p\u003e \u003cp\u003eTreasury Bills 245\u003c\/p\u003e \u003cp\u003eYields on Discount Securities 246\u003c\/p\u003e \u003cp\u003eDiscount Rates and T-Bill Prices 247\u003c\/p\u003e \u003cp\u003ePrimary Dealers and Open-Market Operations 257\u003c\/p\u003e \u003cp\u003eCommercial Paper 271\u003c\/p\u003e \u003cp\u003eLetters of Credit and Bank Guarantees 272\u003c\/p\u003e \u003cp\u003eYankee Paper 274\u003c\/p\u003e \u003cp\u003eCredit Rating 275\u003c\/p\u003e \u003cp\u003eBills of Exchange 277\u003c\/p\u003e \u003cp\u003eEurocurrency Deposits 280\u003c\/p\u003e \u003cp\u003eMoney Market Futures 282\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6\u003c\/b\u003e \u003cb\u003eForward and Futures Contracts 283\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 283\u003c\/p\u003e \u003cp\u003eSpotFutures Equivalence 296\u003c\/p\u003e \u003cp\u003eCash-and-Carry Arbitrage 299\u003c\/p\u003e \u003cp\u003eSynthetic Securities 300\u003c\/p\u003e \u003cp\u003eThe Case of Assets Making Payouts 301\u003c\/p\u003e \u003cp\u003ePhysical Assets 303\u003c\/p\u003e \u003cp\u003eThe Case of Multiple Deliverable Grades 307\u003c\/p\u003e \u003cp\u003eTrading Volume and Open Interest 314\u003c\/p\u003e \u003cp\u003eCash Settlement 316\u003c\/p\u003e \u003cp\u003eHedging and Speculation 317\u003c\/p\u003e \u003cp\u003eEstimation of the Hedge Ratio and the Hedging\u003c\/p\u003e \u003cp\u003eEffectiveness 321\u003c\/p\u003e \u003cp\u003eSpeculation 322\u003c\/p\u003e \u003cp\u003eLeverage 325\u003c\/p\u003e \u003cp\u003eContract Value 325\u003c\/p\u003e \u003cp\u003eForward versus Futures Prices 327\u003c\/p\u003e \u003cp\u003eLocking in Borrowing and Lending Rates 327\u003c\/p\u003e \u003cp\u003eHedging the Rate of Return on a Stock Portfolio 329\u003c\/p\u003e \u003cp\u003eChanging the Beta 331\u003c\/p\u003e \u003cp\u003eProgram Trading 332\u003c\/p\u003e \u003cp\u003eStock Picking 336\u003c\/p\u003e \u003cp\u003ePortfolio Insurance 338\u003c\/p\u003e \u003cp\u003eThe Importance of Futures 340\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7\u003c\/b\u003e \u003cb\u003eOptions Contracts 343\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMoneyness 349\u003c\/p\u003e \u003cp\u003eExchange-Traded Options 350\u003c\/p\u003e \u003cp\u003eSpeculation with Options 369\u003c\/p\u003e \u003cp\u003eThe Two-Period Model 378\u003c\/p\u003e \u003cp\u003eValuation of European Put Options 381\u003c\/p\u003e \u003cp\u003eValuing American Options 382\u003c\/p\u003e \u003cp\u003eImplementing the Binomial Model in Practice 383\u003c\/p\u003e \u003cp\u003eThe Black-Scholes Model 384\u003c\/p\u003e \u003cp\u003eThe Greeks 387\u003c\/p\u003e \u003cp\u003eOption Strategies 388\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8\u003c\/b\u003e \u003cb\u003eForeign Exchange 405\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 405\u003c\/p\u003e \u003cp\u003eCurrency Codes 406\u003c\/p\u003e \u003cp\u003eEuropean Terms and American Terms 408\u003c\/p\u003e \u003cp\u003eAppreciating and Depreciating Currencies 409\u003c\/p\u003e \u003cp\u003eConverting Direct Quotes to Indirect Quotes 410\u003c\/p\u003e \u003cp\u003eThe Impact of Spreads on Returns 412\u003c\/p\u003e \u003cp\u003eArbitrage in Spot Markets 413\u003c\/p\u003e \u003cp\u003eCross Rates 417\u003c\/p\u003e \u003cp\u003eValue Dates 418\u003c\/p\u003e \u003cp\u003eThe Forward Market 419\u003c\/p\u003e \u003cp\u003eOutright Forward Rates 420\u003c\/p\u003e \u003cp\u003eSwap Points 420\u003c\/p\u003e \u003cp\u003eBroken-Dated Contracts 422\u003c\/p\u003e \u003cp\u003eA Perfect Market 424\u003c\/p\u003e \u003cp\u003eThe Cost 426\u003c\/p\u003e \u003cp\u003eInterpretation of the Swap Points 430\u003c\/p\u003e \u003cp\u003eShort-Date Contracts 431\u003c\/p\u003e \u003cp\u003eOption Forwards 434\u003c\/p\u003e \u003cp\u003eNondeliverable Forwards 438\u003c\/p\u003e \u003cp\u003eFutures Markets 438\u003c\/p\u003e \u003cp\u003eHedging Using Currency Futures 441\u003c\/p\u003e \u003cp\u003eExchange-Traded Foreign Currency Options 444\u003c\/p\u003e \u003cp\u003eThe Garman-Kohlhagen Model 446\u003c\/p\u003e \u003cp\u003ePut-Call Parity 448\u003c\/p\u003e \u003cp\u003eThe Binomial Model 448\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9\u003c\/b\u003e \u003cb\u003eMortgages and Mortgage-Backed Securities 451\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 451\u003c\/p\u003e \u003cp\u003eMarket Participants 451\u003c\/p\u003e \u003cp\u003eGovernment Insurance and Private Mortgage\u003c\/p\u003e \u003cp\u003eInsurance 454\u003c\/p\u003e \u003cp\u003eRisks in Mortgage Lending 455\u003c\/p\u003e \u003cp\u003eOther Mortgage Structures 457\u003c\/p\u003e \u003cp\u003eNegative Amortization 463\u003c\/p\u003e \u003cp\u003eGraduated-Payment Mortgage 465\u003c\/p\u003e \u003cp\u003eWAC and WAM 467\u003c\/p\u003e \u003cp\u003ePass-Through Securities 468\u003c\/p\u003e \u003cp\u003eExtension Risk and Contraction Risk 492\u003c\/p\u003e \u003cp\u003eAccrual Bonds 492\u003c\/p\u003e \u003cp\u003eFloating-Rate Tranches 497\u003c\/p\u003e \u003cp\u003eNotional Interest Only Tranche 498\u003c\/p\u003e \u003cp\u003eInterest-Only and Principal-Only Strips 500\u003c\/p\u003e \u003cp\u003ePAC Bonds 500\u003c\/p\u003e \u003cp\u003eAgency Pass-Throughs 506\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Swaps 509\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 509\u003c\/p\u003e \u003cp\u003eContract Terms 512\u003c\/p\u003e \u003cp\u003eMarket Terminology 514\u003c\/p\u003e \u003cp\u003eInherent Risk 515\u003c\/p\u003e \u003cp\u003eThe Swap Rate 515\u003c\/p\u003e \u003cp\u003eIllustrative Swap Rates 515\u003c\/p\u003e \u003cp\u003eDetermining the Swap Rate 516\u003c\/p\u003e \u003cp\u003eThe Market Method 518\u003c\/p\u003e \u003cp\u003eValuation of a Swap During Its Life 519\u003c\/p\u003e \u003cp\u003eTerminating a Swap 520\u003c\/p\u003e \u003cp\u003eThe Role of Banks in the Swap Market 521\u003c\/p\u003e \u003cp\u003eComparative Advantage and Credit Arbitrage 523\u003c\/p\u003e \u003cp\u003eSwap Quotations 524\u003c\/p\u003e \u003cp\u003eMatched Payments 525\u003c\/p\u003e \u003cp\u003eCurrency Swaps 526\u003c\/p\u003e \u003cp\u003eCross-Currency Swaps 528\u003c\/p\u003e \u003cp\u003eCurrency Risks 530\u003c\/p\u003e \u003cp\u003eHedging with Currency Swaps 530\u003c\/p\u003e \u003cp\u003eAppendix 1 533\u003c\/p\u003e \u003cp\u003eAppendix 2 535\u003c\/p\u003e \u003cp\u003eBibliography 537\u003c\/p\u003e \u003cp\u003eWeb Sites 541\u003c\/p\u003e \u003cp\u003eIndex 543\u003c\/p\u003e  \u003cb\u003eSunil K. Parameswaran\u003c\/b\u003e is a Professor of Finance at the T.A. Pai Management Institute in Manipal, where he anchors courses in the area of Finance. His primary areas of interest are Securities Markets, Financial Derivatives, Fixed Income Securities, International Finance, and Banking. For the past seven years Dr. Parameswaran has also been a corporate trainer and management consultant. He has delivered training programs on Global Securities Markets and Global Banking to many multinational IT firms located in India including WIPRO Technologies, HCL Technologies, MINDTREE Consulting; JPMorgan Chase, Société Générale, ANZ Information Technology, and Kanbay (now a part of Cap Gemini). Dr. Parameswaran also has several years of teaching experience at leading business schools in the U.S., Singapore, Australia, and India.\u003cbr\u003e Dr. Parameswaran obtained his Ph.D. in Finance from the Fuqua School of Business at Duke University in North Carolina, U.S.A. He obtained his M.B.A. from the Indian Institute of Management, Bangalore. A prolific writer, he has published several books, primarily in the field of Financial Derivatives.  \u003ci\u003eFundamentals of Financial Instruments\u003c\/i\u003e is a comprehensive introduction to the full range of financial products commonly used in the financial markets. Author Sunil Parameswaran offers clear, worked examples of everything from basic equity and debt securities to complex instruments such as derivatives and mortgage-backed securities.  \u003cp\u003eIn addition to explaining the instruments, Parameswaran also outlines the structure and dynamics of the free-market system and clearly highlights the environment in which such financial instruments are traded.\u003c\/p\u003e \u003cp\u003eFinancial securities lend themselves naturally to a quantitative analysis. To ensure that readers, irrespective of their academic background, are able to navigate through the presentation, a detailed chapter is devoted to the topic of interest rates and the time value of money. Thereafter the focus shifts to the intricacies of various financial instruments, including:\u003c\/p\u003e \u003cul\u003e \u003cli\u003e \u003cdiv\u003eequity and preferred shares\u003c\/div\u003e \u003c\/li\u003e \u003cli\u003e \u003cdiv\u003ebonds\u003c\/div\u003e \u003c\/li\u003e \u003cli\u003e \u003cdiv\u003emoney market instruments\u003c\/div\u003e \u003c\/li\u003e \u003cli\u003e \u003cdiv\u003eforeign exchange products\u003c\/div\u003e \u003c\/li\u003e \u003cli\u003e \u003cdiv\u003ederivatives\u003c\/div\u003e \u003c\/li\u003e \u003cli\u003e \u003cdiv\u003emortgage-backed securities\u003c\/div\u003e \u003c\/li\u003e \u003cli\u003e \u003cdiv\u003eswaps.\u003c\/div\u003e \u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eThe book is intended to serve as a standalone reference for market professionals and MBA students. It can also be used as a detailed reference for augmenting standard textbooks used in courses such as Financial Derivatives, Fixed Income Securities, and International Finance.\u003c\/p\u003e  \"This is a careful introduction to securities, securitized products, futures options and vanilla swaps covering their basic structure, market and trading and elementary pricing methods. It will appeal to readers requiring a gentle explanation of the fundamental concepts underlying the main classes of financial instruments, where every step is clearly illustrated by a simple numerical example. There are many specialized advanced mathematical texts on pricing and hedging financial instruments, but few other texts can compete with the clarity of Sunil Parameswaran's \u003ci\u003eFundamentals of Financial Instruments\u003c\/i\u003e as an introduction to the general subject.\"\u003cbr\u003e \u003cb\u003e—Pofessor Carol Alexander\u003c\/b\u003e, Chair of Financial Risk Management, ICMA Centre, Henley Business School at Reading Chair of the Board, Professional Risk Manager’s International Association  \u003cp\u003e\"his book is a comprehensive survey of financial instruments with illustrations to enable an assiduous reader to understand not only their definitions but also the mechanics and numerical implementation. It will prove a valuable reference.\"\u003cbr\u003e \u003cb\u003e—Professor Simon Benninga\u003c\/b\u003e, Faculty of Management, Tel Aviv University\u003c\/p\u003e \u003cp\u003e\"The book contains an excellent and comprehensive coverage of all important financial products and instruments which are extensively used in financial markets. It provides the reader with the fundamentals of valuation, nature of the markets and a wide range of applications of these instruments. It will be a very useful text in MBA courses dealing with financial markets and instruments.\"\u003cbr\u003e \u003cb\u003e—Professor P.G. Apte\u003c\/b\u003e, Professor, Indian Institute of Management, Bangalore, India\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989259174117,"sku":"NP9780470824900","price":125.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470824900.jpg?v=1761783413","url":"https:\/\/k12savings.com\/es\/products\/fundamentals-of-financial-instruments-isbn-9780470824900","provider":"K12savings","version":"1.0","type":"link"}