A detailed examination of "swaps" - customized contracts for an exchange of interest or principal payments as a means of transferring risk. The text demonstrates how complex financial structures can be built by utilizing a number of swaps and related instruments.

Autorentext

JOHN F. MARSHALL is Senior Partner of Marshall & Associates, aNew York-based financial engineering and consulting firm. He iswidely known for his introduction of new swap derivatives andwidely used futures portfolio models. He is a professor of financeat St. John's University, and serves as Executive Director of theInternational Association of Financial Engineers. He is the authorof Financial Engineering: A Guide to the Development and Use ofDerivative Products and coauthor, along with Kenneth Kapner, ofThe Swaps Handbook: Swaps and Related Risk ManagementInstrument. KENNETH R. KAPNER is Treasury Training Manager for The Hong Kongand Shanghai Banking Corporation Limited. A frequent user of swapsfor the hedging of his bank's positions, he has extensive tradingexperience in both the foreign exchange and money markets.

Klappentext

From plain vanilla swaps to swaptions to circus swaps?here's the most comprehensive, practical introduction to the global world of swaps Understanding Swaps Financial personnel, corporate treasurers and professional cash managers seeking a practical, hands-on introduction to swaps?sophisticated financial instruments used globally to control interest payments, manage debt, and enhance investment portfolios?need look no further than Understanding Swaps. "Jack Marshall and Ken Kapner have done a superb job of providing a complete, easy-to-read primer to derivative products. Using clear language and concise examples, it lays out the world of swaps for the practitioner, student, accountant, lawyer or regulator." ?Robert J. Schwartz EUP and Chief Operating Officer Mitsubishi Capital Markets, Inc.

"Marshall and Kapner have produced an exceptionally cogent description and analysis of the swaps market along with its essential technical and theoretical underpinnings. This book should be number one on the reading list for any student or practitioner of contemporary financial techniques." ?J. Michael Payte Senior Managing Director Bear Sterns & Co., Inc.

"Understanding Swaps details the complete world of swaps: the basics (interest rate and currency swaps), the vogue (equity and commodity swaps), and the future (macroeconomic swaps). Indeed, Understanding Swaps is the book I would recommend to someone for a comprehensive and very readable primer on swaps." ?Carolyn Jackson First Vice President Banque Indosuez

Inhalt
An Overview and Brief History of the Swaps Markets. The Generic Swap Structure. Interest Rate Swaps. Currency Swaps. Commodity Swaps and Equity Swaps. Swaps, Structured Solutions, and Financial Engineering. The Pricing of Interest Rate Swaps. Managing a Swap Portfolio. Hedging Business Cycle Risk: The Next Major Wave in Derivatives?. Glosssary. Answers to Review Questions. Index.