Emerging Financial Derivatives

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Emerging Financial Derivatives

Jerome Yen,Kin Keung Lai
Emerging Financial Derivatives Book PDF

Author : Jerome Yen,Kin Keung Lai
Publisher : Routledge
Page : 150 pages
File Size : 42,5 Mb
Release : 2014-11-27
Category : Business & Economics
ISBN : 9781317638896

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Emerging Financial Derivatives by Jerome Yen,Kin Keung Lai Pdf

Exotic options and structured products are two of the most popular financial products over the past ten years and will soon become very important to the emerging markets, especially China. This book first discusses the products' recent development in the world and provides comprehensive overview of the major products. The book also discusses the risks of issuing and buying such products as well as the techniques to price them and to assess the risks. Volatility is the most important factor in determining the return and risk. Therefore, significant part of the book's content discusses how we can measure the volatility by using local and stochastic volatility models — Heston Model and Dupire Model, the volatility surface, the term structure of volatility, variance swaps, and breakeven volatility. The book introduces a set of dimensions which can be used to describe structured products to help readers to classify them. It also describes the more commonly traded exotic options with details. The book discusses key features of each exotic option which can be used to develop structured products and covers their pricing models and when to issue such products that contain such exotic options. This book contains several case studies about how to use the models or techniques to price and hedge risks. These case analyses are illuminating.

Energy Derivatives

Peter C. Fusaro,Jeremy Wilcox
Energy Derivatives Book PDF

Author : Peter C. Fusaro,Jeremy Wilcox
Publisher : Energy Publishing Enterprises dba
Page : 288 pages
File Size : 48,5 Mb
Release : 2000
Category : Business & Economics
ISBN : 9780970222800

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Energy Derivatives by Peter C. Fusaro,Jeremy Wilcox Pdf

The new finanacial markets for energy trading are growing globally. Financial derivatives now influence energy price formation for oil, gas and electricity. The power of the Internet is driving these global changes more rapidly and adding more price volatility. This book is the second of three books on energy trading and risk management written by best selling author Peter C. Fusaro. It covers the key new markets of emissions trading, weather driving, electronic energy trading, bandwidth trading and electricty and gas trading in Europe.

Financial Derivatives and the Globalization of Risk

Edward LiPuma,Benjamin Lee
Financial Derivatives and the Globalization of Risk Book PDF

Author : Edward LiPuma,Benjamin Lee
Publisher : Duke University Press
Page : 224 pages
File Size : 48,5 Mb
Release : 2004-09-08
Category : Business & Economics
ISBN : 9780822386124

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Financial Derivatives and the Globalization of Risk by Edward LiPuma,Benjamin Lee Pdf

The market for financial derivatives is far and away the largest and most powerful market in the world, and it is growing exponentially. In 1970 the yearly valuation of financial derivatives was only a few million dollars. By 1980 the sum had swollen to nearly one hundred million dollars. By 1990 it had climbed to almost one hundred billion dollars, and in 2000 it approached one hundred trillion. Created and sustained by a small number of European and American banks, corporations, and hedge funds, the derivatives market has an enormous impact on the economies of nations—particularly poorer nations—because it controls the price of money. Derivatives bought and sold by means of computer keystrokes in London and New York affect the price of food, clothing, and housing in Johannesburg, Kuala Lumpur, and Buenos Aires. Arguing that social theorists concerned with globalization must familiarize themselves with the mechanisms of a world economy based on the rapid circulation of capital, Edward LiPuma and Benjamin Lee offer a concise introduction to financial derivatives. LiPuma and Lee explain how derivatives are essentially wagers—often on the fluctuations of national currencies—based on models that aggregate and price risk. They describe how these financial instruments are changing the face of capitalism, undermining the power of nations and perpetrating a new and less visible form of domination on postcolonial societies. As they ask: How does one know about, let alone demonstrate against, an unlisted, virtual, offshore corporation that operates in an unregulated electronic space using a secret proprietary trading strategy to buy and sell arcane financial instruments? LiPuma and Lee provide a necessary look at the obscure but consequential role of financial derivatives in the global economy.

Financial Derivatives

Rob Quail,James A. Overdahl
Financial Derivatives Book PDF

Author : Rob Quail,James A. Overdahl
Publisher : John Wiley & Sons
Page : 627 pages
File Size : 49,9 Mb
Release : 2009-10-15
Category : Business & Economics
ISBN : 9780470541746

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Financial Derivatives by Rob Quail,James A. Overdahl Pdf

Essential insights on the various aspects of financial derivatives If you want to understand derivatives without getting bogged down by the mathematics surrounding their pricing and valuation, Financial Derivatives is the book for you. Through in-depth insights gleaned from years of financial experience, Robert Kolb and James Overdahl clearly explain what derivatives are and how you can prudently use them within the context of your underlying business activities. Financial Derivatives introduces you to the wide range of markets for financial derivatives. This invaluable guide offers a broad overview of the different types of derivatives-futures, options, swaps, and structured products-while focusing on the principles that determine market prices. This comprehensive resource also provides a thorough introduction to financial derivatives and their importance to risk management in a corporate setting. Filled with helpful tables and charts, Financial Derivatives offers a wealth of knowledge on futures, options, swaps, financial engineering, and structured products. Discusses what derivatives are and how you can prudently implement them within the context of your underlying business activities Provides thorough coverage of financial derivatives and their role in risk management Explores financial derivatives without getting bogged down by the mathematics surrounding their pricing and valuation This informative guide will help you unlock the incredible potential of financial derivatives.

The Structure of Derivatives Exchanges

George P. Tsetsekos
The Structure of Derivatives Exchanges Book PDF

Author : George P. Tsetsekos
Publisher : Unknown
Page : 28 pages
File Size : 49,7 Mb
Release : 2016
Category : Electronic
ISBN : OCLC:1290705374

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The Structure of Derivatives Exchanges by George P. Tsetsekos Pdf

Derivatives exchanges can offer emerging market economies certain important benefits, including risk transfer, price discovery, and more public information. But they are not a substitute for reform of financial, capital, and commodity markets.Tsetsekos and Varangis examine the architecture, elements of market design, and products traded in derivatives exchanges around the world. The core function of a derivatives exchange is to facilitate the transfer of risk among economic agents by providing mechanisms to enhance liquidity and facilitate price discovery. They test the proposition that organizational arrangements necessary to perform this function are not the same across markets. They also examine the sequencing of products introduced in derivatives exchanges.Using a survey instrument, they find that:* Financial systems perform the same core functions across time and place but institutional arrangements differ.* The ownership structure of derivatives exchanges assumes different forms across markets.* The success of an exchange depends on the structure adopted and the products traded.* Exchanges are regulated directly or indirectly through a government law. In addition, exchanges have their own regulatory structure.* Typically (but not always) market-making systems are based on open outcry, with daily mark-to-market and gross margining-but electronic systems are gaining popularity.* Several (but not all) exchanges own clearing facilities and use netting settlement procedures.As for derivative products traded, they find that:* Although most of the older exchanges started with (mainly agricultural) commodity derivatives, newer exchanges first introduce financial derivative products.* Derivatives based on a domestic stock index have greater potential for success followed by derivatives based on local interest rates and currencies.* The introduction of derivatives contracts appears to take more time in emerging markets compared with developed, with the exception of index products.This paper - a product of the Development Research Group - is part of research project Market Architecture and Design of Derivatives Exchanges (RPO 680-45). Earlier versions of the paper were presented at the annual meetings of the Multinational Finance Society (June 25-28, 1997) and the Financial Management Association (Honolulu, October 15-18, 1997).

Emerging Local Securities and Derivatives Markets

Ms.Anna Ilyina,Mr.Donald J. Mathieson,Mr.Ramana Ramaswamy,Mr.Jorge Roldos
Emerging Local Securities and Derivatives Markets Book PDF

Author : Ms.Anna Ilyina,Mr.Donald J. Mathieson,Mr.Ramana Ramaswamy,Mr.Jorge Roldos
Publisher : International Monetary Fund
Page : 108 pages
File Size : 43,7 Mb
Release : 2004-04-20
Category : Business & Economics
ISBN : 9781589062917

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Emerging Local Securities and Derivatives Markets by Ms.Anna Ilyina,Mr.Donald J. Mathieson,Mr.Ramana Ramaswamy,Mr.Jorge Roldos Pdf

In response to the volatility of capital flows since the mid-1990s, many emerging market economies have taken a variety of steps designed to “selfinsure” against volatile capital flows. One such measure has been the development of local securities and derivatives markets as an alternative source of funding the public and corporate sectors. This paper examines this self-insurance policy, focusing on the extent to which emerging markets have developed local securities and derivatives, and what key policy issues have arisen as a result.

The Economics of Derivatives

T. V. Somanathan,V. Anantha Nageswaran
The Economics of Derivatives Book PDF

Author : T. V. Somanathan,V. Anantha Nageswaran
Publisher : Cambridge University Press
Page : 277 pages
File Size : 46,5 Mb
Release : 2015-03-02
Category : Business & Economics
ISBN : 9781107091504

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The Economics of Derivatives by T. V. Somanathan,V. Anantha Nageswaran Pdf

This book examines the beneficial and adverse effects of derivatives trading from economic theory and the recent economic history.

Mathematical Models of Financial Derivatives

Yue-Kuen Kwok
Mathematical Models of Financial Derivatives Book PDF

Author : Yue-Kuen Kwok
Publisher : Springer Science & Business Media
Page : 530 pages
File Size : 49,8 Mb
Release : 2008-07-10
Category : Mathematics
ISBN : 9783540686880

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Mathematical Models of Financial Derivatives by Yue-Kuen Kwok Pdf

This second edition, now featuring new material, focuses on the valuation principles that are common to most derivative securities. A wide range of financial derivatives commonly traded in the equity and fixed income markets are analysed, emphasising aspects of pricing, hedging and practical usage. This second edition features additional emphasis on the discussion of Ito calculus and Girsanovs Theorem, and the risk-neutral measure and equivalent martingale pricing approach. A new chapter on credit risk models and pricing of credit derivatives has been added. Up-to-date research results are provided by many useful exercises.

An Introduction to Equity Derivatives

Sebastien Bossu,Philippe Henrotte
An Introduction to Equity Derivatives Book PDF

Author : Sebastien Bossu,Philippe Henrotte
Publisher : John Wiley & Sons
Page : 249 pages
File Size : 46,7 Mb
Release : 2012-05-14
Category : Business & Economics
ISBN : 9781119961857

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An Introduction to Equity Derivatives by Sebastien Bossu,Philippe Henrotte Pdf

Everything you need to get a grip on the complex world of derivatives Written by the internationally respected academic/finance professional author team of Sebastien Bossu and Philipe Henrotte, An Introduction to Equity Derivatives is the fully updated and expanded second edition of the popular Finance and Derivatives. It covers all of the fundamentals of quantitative finance clearly and concisely without going into unnecessary technical detail. Designed for both new practitioners and students, it requires no prior background in finance and features twelve chapters of gradually increasing difficulty, beginning with basic principles of interest rate and discounting, and ending with advanced concepts in derivatives, volatility trading, and exotic products. Each chapter includes numerous illustrations and exercises accompanied by the relevant financial theory. Topics covered include present value, arbitrage pricing, portfolio theory, derivates pricing, delta-hedging, the Black-Scholes model, and more. An excellent resource for finance professionals and investors looking to acquire an understanding of financial derivatives theory and practice Completely revised and updated with new chapters, including coverage of cutting-edge concepts in volatility trading and exotic products An accompanying website is available which contains additional resources including powerpoint slides and spreadsheets. Visit www.introeqd.com for details.

Derivatives Demystified

Andrew M. Chisholm
Derivatives Demystified Book PDF

Author : Andrew M. Chisholm
Publisher : John Wiley & Sons
Page : 293 pages
File Size : 45,8 Mb
Release : 2010-08-23
Category : Business & Economics
ISBN : 9780470749371

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Derivatives Demystified by Andrew M. Chisholm Pdf

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. Derivatives Demystified provides a step-by-step guide to the subject, enabling the reader to have a solid, working understanding of key derivative products. Adopting 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. Derivatives Demystified 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. This 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. Derivatives Demystified 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.

Financial Derivatives

Rob Quail,James A. Overdahl
Financial Derivatives Book PDF

Author : Rob Quail,James A. Overdahl
Publisher : John Wiley & Sons
Page : 337 pages
File Size : 40,9 Mb
Release : 2003-03-20
Category : Business & Economics
ISBN : 9780471467663

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Financial Derivatives by Rob Quail,James A. Overdahl Pdf

"Financial Derivatives" - Jetzt neu in der 3. komplett überarbeiteten Auflage! Dieses umfassende Nachschlagewerk bietet eine gründliche Einführung in das Thema Finanzderivate und ihre Bedeutung für das Risikomanagement im Unternehmensumfeld. Es vermittelt fundierte Kenntnisse zum Thema Finanzderivate, und zwar mit einem verständlich gehaltenen Minimum an Finanzmathematik, was Preisbildung und Bewertung angeht. Mit einer breitgefächerten Übersicht über die verschiedenen Arten von Finanzderivaten. Mit neuem Material zu Kreditderivaten und zur Kreditrisikobewertung bei Derivaten. Mit neuen und ausführlicheren Informationen zu den Themen Finanztechnik und strukturierte Finanzprodukte. "Financial Derivatives" - Ein unverzichtbarer Ratgeber für alle Finanzexperten im Bereich Risikomanagement.

Assessment of post-GFC derivative regulations and impact of new processes and technologies in the financial derivatives sector

Mert Ozenay
Assessment of post GFC derivative regulations and impact of new processes and technologies in the financial derivatives sector Book PDF

Author : Mert Ozenay
Publisher : GRIN Verlag
Page : 85 pages
File Size : 45,6 Mb
Release : 2019-05-15
Category : Business & Economics
ISBN : 9783668938991

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Assessment of post-GFC derivative regulations and impact of new processes and technologies in the financial derivatives sector by Mert Ozenay Pdf

Seminar paper from the year 2019 in the subject Economics - Finance, , language: English, abstract: The year 2008 marks one of the worst financial crises since the Great Depression. This market crisis has caused a paradigm shift in the global financial and capital markets. During the period between 2008 and 2012, a number of complications were seen in the markets, ultimately leading to a collapse of many institutions. Credit risk and complex securitized products were priced incorrectly and insufficient risk management functions amplified the scale of risks transmitted within multiple channels across the global markets. This paper addresses these developments and explores the current state of regulatory convergence. It furthermore seeks to understand the optimum level of regulatory convergence in the derivatives market and evaluates the developments in the global derivative markets. The primary focus is not on critically evaluating the highly technical aspects of regulatory developments but rather on assessing the practical outcomes derived from such changes. In addition, this paper also seeks to find an answer to achieve transformative changes by setting effective policies across the EU and the US derivatives landscape. This paper is furthermore focused on the more recent technological advancements which have a direct impact on derivative trading activities. Taking into consideration that innovation has tended to outpace regulation throughout history, it attempts to answer the question of regulating two selected innovations: smart derivative contracts and derivative security tokens.

Good Derivatives

Richard L Sandor
Good Derivatives Book PDF

Author : Richard L Sandor
Publisher : John Wiley & Sons
Page : 648 pages
File Size : 50,5 Mb
Release : 2012-04-06
Category : Business & Economics
ISBN : 9781118216392

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Good Derivatives by Richard L Sandor Pdf

Through the eyes of an inventor of new markets, Good Derivatives: A Story of Financial and Environmental Innovation tells the story of how financial innovation – a concept that is misunderstood and under attack - has been a positive force in the last four decades. If properly designed and regulated, these “good derivatives” can open vast possibilities to address a variety of global problems. Filled with provocative ideas, fascinating stories, and valuable lessons, it will provide both an insightful interpretation of the last forty years in capital and environmental markets and a vision of world finance for the next forty years. As a young economist at the Chicago Board of Trade, Richard Sandor helped create interest rate futures, a development that revolutionized worldwide finance. Later, he pioneered the use of emissions trading to reduce acid rain, one of the most successful environmental programs ever. He will provide unique insights into the process of creating these new financial products. Covering successes and failures, the story describes the tireless process of inventing, educating and creating support for these new inventions in places like Chicago, New York, London, Paris and how it is unfolding today in Mumbai, Shanghai and Beijing. The book will tell the story of the creation of the Chicago Climate Exchange and its affiliated exchanges (European Climate Exchange, Chicago Climate Futures Exchange and Tianjin Climate Exchange, located in China). The lessons learned in these markets can play a critical role in effectively addressing global climate change and other pressing environmental issues. The author argues that market-based trading systems are a far more effective means of reducing pollutants than “command-and-control”. Environmental markets may ultimately help to find solutions to issues such as rainforest destruction, water problems and biodiversity threats. Written in an engaging, narrative style, Good Derivatives will be of interest to both practitioners and general readers who want to better understand the creative process of financial innovation. In the middle of so much distrust of markets, it is also a recipe of how transparent, well-regulated markets can be a force for good in the environmental, health, and social areas.

The Structure of Derivatives Exchanges

George Tsetsekos,Panayotis N. Varangis
The Structure of Derivatives Exchanges Book PDF

Author : George Tsetsekos,Panayotis N. Varangis
Publisher : World Bank Publications
Page : 48 pages
File Size : 40,9 Mb
Release : 1998
Category : Clearing of securities
ISBN : 8210379456XXX

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The Structure of Derivatives Exchanges by George Tsetsekos,Panayotis N. Varangis Pdf

February 1998 Derivatives exchanges can offer emerging market economies certain important benefits, including risk transfer, price discovery, and more public information. But they are not a substitute for reform of financial, capital, and commodity markets. Tsetsekos and Varangis examine the architecture, elements of market design, and products traded in derivatives exchanges around the world. The core function of a derivatives exchange is to facilitate the transfer of risk among economic agents by providing mechanisms to enhance liquidity and facilitate price discovery. They test the proposition that organizational arrangements necessary to perform this function are not the same across markets. They also examine the sequencing of products introduced in derivatives exchanges. Using a survey instrument, they find that: * Financial systems perform the same core functions across time and place but institutional arrangements differ. * The ownership structure of derivatives exchanges assumes different forms across markets. * The success of an exchange depends on the structure adopted and the products traded. * Exchanges are regulated directly or indirectly through a government law. In addition, exchanges have their own regulatory structure. * Typically (but not always) market-making systems are based on open outcry, with daily mark-to-market and gross margining-but electronic systems are gaining popularity. * Several (but not all) exchanges own clearing facilities and use netting settlement procedures. As for derivative products traded, they find that: * Although most of the older exchanges started with (mainly agricultural) commodity derivatives, newer exchanges first introduce financial derivative products. * Derivatives based on a domestic stock index have greater potential for success followed by derivatives based on local interest rates and currencies. * The introduction of derivatives contracts appears to take more time in emerging markets compared with developed, with the exception of index products. This paper-a product of the Development Research Group-is part of research project Market Architecture and Design of Derivatives Exchanges (RPO 680-45). Earlier versions of the paper were presented at the annual meetings of the Multinational Finance Society (June 25-28, 1997) and the Financial Management Association (Honolulu, October 15-18, 1997).

Regulating Financial Derivatives

Alexandra G. Balmer
Regulating Financial Derivatives Book PDF

Author : Alexandra G. Balmer
Publisher : Edward Elgar Publishing
Page : 256 pages
File Size : 46,8 Mb
Release : 2018-06-29
Category : Law
ISBN : 9781788111928

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Regulating Financial Derivatives by Alexandra G. Balmer Pdf

This book puts forward a holistic approach to post-crisis derivatives regulation, providing insight into how new regulation has dealt with the risk that OTC derivatives pose to financial stability. It discusses the implications that post crisis regulation has had on central counterparties and the risk associated with clearing of OTC derivatives. The author offers a novel solution to tackle the potential negative externalities from the failure of a central counterparty and identifies potential new risks arising from post crisis reforms.