{"product_id":"pricing-money-isbn-9780471487005","title":"Pricing Money","description":"Pricing Money provides a highly practical introduction to the principles of bonds and fixed income and is aimed at readers who have little prior knowledge.\u003cbr\u003e \u003cbr\u003e The book is written in a style that is not overly mathematical or theoretical but takes a practical approach focusing on the aspects of pricing and trading fixed-income securities that are most relevant to the day-to-day activities of people working in the markets.\u003cbr\u003e \u003cbr\u003e Starting at a basic level the author explains the concepts and principles behind fixed income in an informative way using every day examples that can be understood by the layman. It includes a listing of the terms used; the rules and conventions; the techniques for valuation and pricing and a description of the different roles within the industry. This book will be an excellent training tool for new recruits to the financial markets.Für viele ist die Funktionsweise der Finanzmärkte undurchsichtig und rätselhaft. Dieses Buch schafft Klarheit. \"The Price of Money\" bietet eine praxisorientierte Einführung in die Grundlagen von Anleihen und festverzinslichen Wertpapieren für Anfänger und Neulinge. Autor Julian Wiseman erläutert Konzepte und Grundlagen anschaulich anhand von Beispielen aus der Praxis. Dabei kommt er mit einem Minimum an Mathematik aus und konzentriert sich vornehmlich auf die Preisbildung und das Handeln festverzinslicher Werpapiere, die für das Routinegeschäft am wichtigsten sind. Enthalten ist eine Übersicht mit den verwendeten Fachbegriffen, Regeln und Konventionen, Bewertungs- und Preisbildungsverfahren. \"The Price of Money\" ist ideal geeignet für Leser ohne Vorkenntnisse. Komplexe Themen werden einfach, verständlich und anhand einer Fülle von praktischem Beispielmaterial dargestellt. Eine unverzichtbare Lektüre für alle, die eine fundierte Einführung in Anleihen und Swaps suchen. \u003cp\u003ePreface xiii\u003c\/p\u003e \u003cp\u003eAcknowledgements xv\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart 1: A Beginner's Toolkit 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 Money markets 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat is money? 3\u003c\/p\u003e \u003cp\u003eWhy there is a money market? 4\u003c\/p\u003e \u003cp\u003eChoosing a maturity 6\u003c\/p\u003e \u003cp\u003eRepo 7\u003c\/p\u003e \u003cp\u003eCentral-bank money-market operations 9\u003c\/p\u003e \u003cp\u003eTwo money markets 10\u003c\/p\u003e \u003cp\u003eThe euro 12\u003c\/p\u003e \u003cp\u003eWriting money 13\u003c\/p\u003e \u003cp\u003eSettlement details 15\u003c\/p\u003e \u003cp\u003eSummary 16\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 Government bonds 17\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 17\u003c\/p\u003e \u003cp\u003eThe concept of yield 18\u003c\/p\u003e \u003cp\u003eExample yield calculations 19\u003c\/p\u003e \u003cp\u003eCoupon and yield 22\u003c\/p\u003e \u003cp\u003eThe yield curve 23\u003c\/p\u003e \u003cp\u003ePrimary dealers 24\u003c\/p\u003e \u003cp\u003eGovernment bond markets 24\u003c\/p\u003e \u003cp\u003eRepo as part of the government-bond market 26\u003c\/p\u003e \u003cp\u003eAccrued interest 27\u003c\/p\u003e \u003cp\u003eStrips 27\u003c\/p\u003e \u003cp\u003eOther tradable government debt 29\u003c\/p\u003e \u003cp\u003eNon-government debt 31\u003c\/p\u003e \u003cp\u003eRating agencies 32\u003c\/p\u003e \u003cp\u003eSummary 33\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 Futures 35\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe gold miner's problem 35\u003c\/p\u003e \u003cp\u003eThe gold miner's solution 36\u003c\/p\u003e \u003cp\u003eContract specification 37\u003c\/p\u003e \u003cp\u003eCredit and margin 38\u003c\/p\u003e \u003cp\u003eCash settlement 39\u003c\/p\u003e \u003cp\u003eCash-settling other contracts 40\u003c\/p\u003e \u003cp\u003eThe fixings 41\u003c\/p\u003e \u003cp\u003eThe 3-month interest rate future 43\u003c\/p\u003e \u003cp\u003ePrice action 44\u003c\/p\u003e \u003cp\u003eThe strip and TED spreads 46\u003c\/p\u003e \u003cp\u003eArbitrage 47\u003c\/p\u003e \u003cp\u003eSome trading jargon 48\u003c\/p\u003e \u003cp\u003eSummary 50\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 Swaps 51\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 51\u003c\/p\u003e \u003cp\u003eAn example 53\u003c\/p\u003e \u003cp\u003eAsset swaps 55\u003c\/p\u003e \u003cp\u003eA typical swap in detail 56\u003c\/p\u003e \u003cp\u003eCredit risk in swaps 58\u003c\/p\u003e \u003cp\u003eTrading jargon 59\u003c\/p\u003e \u003cp\u003eSwaps and interest rate futures 60\u003c\/p\u003e \u003cp\u003eMyth and reality 61\u003c\/p\u003e \u003cp\u003eSummary 62\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 Options 63\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 63\u003c\/p\u003e \u003cp\u003ePuts and calls 63\u003c\/p\u003e \u003cp\u003eWhat is the option worth? 65\u003c\/p\u003e \u003cp\u003eCombinations 66\u003c\/p\u003e \u003cp\u003eUnderlyings 66\u003c\/p\u003e \u003cp\u003eEmbedded options 67\u003c\/p\u003e \u003cp\u003eImplied volatility 68\u003c\/p\u003e \u003cp\u003eSummary 69\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 Foreign exchange 71\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe basic rationale 71\u003c\/p\u003e \u003cp\u003eSize and conventions 72\u003c\/p\u003e \u003cp\u003eForwards 72\u003c\/p\u003e \u003cp\u003eShake the dice 73\u003c\/p\u003e \u003cp\u003eSummary 75\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Players 77\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGovernments 77\u003c\/p\u003e \u003cp\u003ePseudo-government issuers 78\u003c\/p\u003e \u003cp\u003eNon-Financial corporations 79\u003c\/p\u003e \u003cp\u003ePension funds 79\u003c\/p\u003e \u003cp\u003eInsurers 81\u003c\/p\u003e \u003cp\u003eMutual funds 82\u003c\/p\u003e \u003cp\u003eHedge funds 83\u003c\/p\u003e \u003cp\u003eCommercial banks 83\u003c\/p\u003e \u003cp\u003eMortgage lenders 85\u003c\/p\u003e \u003cp\u003eCentral banks 86\u003c\/p\u003e \u003cp\u003ePrivate investors 87\u003c\/p\u003e \u003cp\u003eSummary 87\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 People 89\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 89\u003c\/p\u003e \u003cp\u003eProprietary traders 89\u003c\/p\u003e \u003cp\u003eMarket makers 91\u003c\/p\u003e \u003cp\u003eBrokers 92\u003c\/p\u003e \u003cp\u003eSalespeople 93\u003c\/p\u003e \u003cp\u003eResearchers 94\u003c\/p\u003e \u003cp\u003eBack office and middle office 94\u003c\/p\u003e \u003cp\u003eInvestment bankers 94\u003c\/p\u003e \u003cp\u003eSummary 95\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 Price action 97\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhy do prices move? 97\u003c\/p\u003e \u003cp\u003eNecessity never made a good bargain 99\u003c\/p\u003e \u003cp\u003eStability and leverage 100\u003c\/p\u003e \u003cp\u003eFixed-income prices 101\u003c\/p\u003e \u003cp\u003eA stylised crash in fixed income 103\u003c\/p\u003e \u003cp\u003eForwards, zeros and par yields 104\u003c\/p\u003e \u003cp\u003eTrading the crash 108\u003c\/p\u003e \u003cp\u003eMarket irrationality 109\u003c\/p\u003e \u003cp\u003eSummary 110\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart 2: More detail 111\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 Swaps revisited 113\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 113\u003c\/p\u003e \u003cp\u003eCredit risk in swaps 113\u003c\/p\u003e \u003cp\u003eReducing the credit risk 114\u003c\/p\u003e \u003cp\u003eCross-currency basis swaps 116\u003c\/p\u003e \u003cp\u003eThe price of a basis swap 117\u003c\/p\u003e \u003cp\u003eA cross-currency issue 118\u003c\/p\u003e \u003cp\u003eReducing credit risk in basis swaps 121\u003c\/p\u003e \u003cp\u003eForward rate agreements 122\u003c\/p\u003e \u003cp\u003eSummary 122\u003c\/p\u003e \u003cp\u003e\u003cb\u003e11 Non-government issuance 125\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 125\u003c\/p\u003e \u003cp\u003eBringing a deal to market 126\u003c\/p\u003e \u003cp\u003eThe syndicate 128\u003c\/p\u003e \u003cp\u003eBook-building: taking orders 129\u003c\/p\u003e \u003cp\u003ePricing a swapped deal 130\u003c\/p\u003e \u003cp\u003ePricing an unswapped deal 131\u003c\/p\u003e \u003cp\u003eSome legal details 132\u003c\/p\u003e \u003cp\u003eFree to trade 134\u003c\/p\u003e \u003cp\u003eAn example issue 135\u003c\/p\u003e \u003cp\u003eOpportunistic reopenings 136\u003c\/p\u003e \u003cp\u003eSummary 137\u003c\/p\u003e \u003cp\u003e\u003cb\u003e12 Yield, duration, repo and forward bond prices 139\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMeasuring risk 139\u003c\/p\u003e \u003cp\u003eYields: compounding frequencies 140\u003c\/p\u003e \u003cp\u003eDuration continued 142\u003c\/p\u003e \u003cp\u003eDefinition of DV 01 144\u003c\/p\u003e \u003cp\u003eHow coupon affects duration and DV 01 144\u003c\/p\u003e \u003cp\u003eAn example yield curve 145\u003c\/p\u003e \u003cp\u003eA 3s10s flattener 147\u003c\/p\u003e \u003cp\u003eA flattener generates cash 148\u003c\/p\u003e \u003cp\u003eA forward flattener 148\u003c\/p\u003e \u003cp\u003eWhat happens if nothing happens? 149\u003c\/p\u003e \u003cp\u003eWeighting the forward flattener 150\u003c\/p\u003e \u003cp\u003eA barbell 151\u003c\/p\u003e \u003cp\u003eCarry and slide 152\u003c\/p\u003e \u003cp\u003eSummary 153\u003c\/p\u003e \u003cp\u003e\u003cb\u003e13 Bond futures 155\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 155\u003c\/p\u003e \u003cp\u003eSpecification 156\u003c\/p\u003e \u003cp\u003eDelivery day 157\u003c\/p\u003e \u003cp\u003eThe delivery process 158\u003c\/p\u003e \u003cp\u003eCheapest to deliver: at par 159\u003c\/p\u003e \u003cp\u003eCheapest to deliver: far from par 160\u003c\/p\u003e \u003cp\u003eCTD calculations before delivery 161\u003c\/p\u003e \u003cp\u003eDelivery tail 162\u003c\/p\u003e \u003cp\u003eSummary 163\u003c\/p\u003e \u003cp\u003e\u003cb\u003e14 Basic fixed-income arithmetic 165\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe proportion of a year 165\u003c\/p\u003e \u003cp\u003eYield to price and price to yield 167\u003c\/p\u003e \u003cp\u003eSemi to annual: halve and square 167\u003c\/p\u003e \u003cp\u003eForward yield 168\u003c\/p\u003e \u003cp\u003eForward asset swap 168\u003c\/p\u003e \u003cp\u003eSummary 168\u003c\/p\u003e \u003cp\u003eIndex 169\u003c\/p\u003e J.D.A. WISEMAN is a bond and swap trader at Credit Suisse First Boston, having previously been an analyst there and at J.P. Morgan. The author read mathematics at Queens' College, Cambridge, and lives in London.  This book is an introduction to the markets in deposits, bonds, futures and swaps. It explains the purpose and design of these financial instruments, and how they are used by the various players in the financial system.\u003cbr\u003e \u003cbr\u003e The book is for new recruits and potential new recruits in financial markets, as well as accountants, lawyers, and those wishing to understand the basic principles of finance. The author's engaging, accessible and non-mathematical style is comprehensible by those with no prior financial knowledge.","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989847720165,"sku":"NP9780471487005","price":92.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780471487005.jpg?v=1761785660","url":"https:\/\/k12savings.com\/products\/pricing-money-isbn-9780471487005","provider":"K12savings","version":"1.0","type":"link"}