Traders Guns And Money

Author: Satyajit Das
Publisher: Pearson UK
ISBN: 0273745085
Size: 36.20 MB
Format: PDF
View: 5956
Traders Guns and Money is a wickedly comic exposé of the culture, games and pure deceptions played out every day in trading rooms around the world. And played out with other people’s money. A sensational insider’s view of the business of trading and marketing derivatives, this revised edition explains the frighteningly central role that derivatives and financial products played in the global financial crisis. This worldwide bestseller reveals the truth about derivatives: those financial tools memorably described by Warren Buffett as ‘financial weapons of mass destruction’. Traders, Guns and Money will introduce you to the players and the practices and reveals how the real money is made and lost. The global financial crisis took almost everyone by surprise and even now new problems keep appearing and solutions continue to be elusive. In the original version of Traders, Guns and Money, Satyajit Das provided a highly prescient insight into the structure and risk of the world financial system exposing the problems that are becoming readily apparent. In a 2006 speech – The Coming Credit Crash – Das argued that: "an informed analysis … shows that risk is not better spread but more leveraged and (arguably) more concentrated…. This does not improve the overall stability and security of the financial system but exposes it to increased risk of a "crash".

Traders Guns Money

Author: Satyajit Das
Publisher: Pearson Education India
ISBN: 9788131714652
Size: 68.17 MB
Format: PDF, Docs
View: 5337

Applications Of Credit Derivatives

Author: Harald Seemann
ISBN: 3836608421
Size: 14.98 MB
Format: PDF, ePub, Docs
View: 1198
Inhaltsangabe:Abstract: The purpose of this thesis is to give a general introduction to the credit derivatives market and its instruments. The analytical focus will be about the business fields where credit derivatives are applied. This work aims to analyze the usage of credit derivatives in economic life and describes the different financial players who are involved in those deals. Explanations for certain decisions and credit views are presented. The reader should get a better understanding of these complex financial structures and their importance for businesses, banks and the overall global financial system. The pricing of such pooled financial structures is not as simple as the pricing of a stock or a bond; therefore selected pricing models are presented with the intention to show all the different factors which determine credit spreads and finally the price of a credit derivative. The thesis concludes with an evaluation of this young, but highly dynamic market, including the role and responsibility of regulators. Opportunities and threats are outlined, so that the reader is able to draw an opinion about these modern financial instruments. This study begins with a general introduction to the credit derivatives market and gives arguments for the growth catalysts which have driven the development to the current state. The financial participants in this market are presented as well. A comparison between market risk and credit risk follows to show the clear transition that helped credit risk to become an asset class. After that, a link to the recent Basel II guidelines is established in order to show the policies that banks have to consider when trading with credit risk. Chapter 2 deals with the historical evolution of credit derivatives and classifies different structures. A presentation of the main types of credit derivatives and their contract elements follow; these are mainly credit default swaps (CDS) and collaterized debt obligations (CDO). Chapter 2 also deals with definitions of a credit event and the calculation of risk premiums. Forms of default payment illustrate the possible settlement of a credit derivative contract. Afterwards, an account of the International Swaps and Derivatives Association (ISDA) is presented. This association serves as a supplier of standardized documentation to all market participants and facilitates transactions. Chapter 3 is the key element of this thesis and shows the applications of credit derivatives: [...]

How The City Really Works

Author: Alexander Davidson
Publisher: Kogan Page Publishers
ISBN: 0749459697
Size: 41.66 MB
Format: PDF, Docs
View: 6598
How the City Really Works clearly explains the workings of the City, as well as its relationships with other international financial centres. The book features sections on the dangers of fraud and money laundering, credit derivatives, the latest governance issues, and the current state of the pensions market. It provides further coverage of the key roles within the City, from stockbrokers and foreign exchange dealers to accountants and Lloyd's underwriters, and demonstrates how they relate to each other. Packed with information and insights on the key products - from bonds to new share offerings and derivatives - How the City Really Works gives you a crash course in: City markets; hedge funds and traders; City regulation; the City's relationships with the United States and Europe. This informative and entertaining guide to London's financial markets offers practical advice on how you can put the information it contains to profitable use when making your investment decisions.

Econned How Unenlightened Self Interest Undermined Democracy And Corrupted Capitalism

Author: Yves Smith
Publisher: St. Martin's Press
ISBN: 9780230105737
Size: 25.72 MB
Format: PDF, ePub, Mobi
View: 5374
Why are we in such a financial mess today? There are lots of proximate causes: over-leverage, global imbalances, bad financial technology that lead to widespread underestimation of risk. But these are all symptoms. Until we isolate and tackle fundamental causes, we will fail to extirpate the disease. ECONned is the first book to examine the unquestioned role of economists as policy-makers, and how they helped create an unmitigated economic disaster. Here, Yves Smith looks at how economists in key policy positions put doctrine before hard evidence, ignoring the deteriorating conditions and rising dangers that eventually led them, and us, off the cliff and into financial meltdown. Intelligently written for the layman, Smith takes us on a terrifying investigation of the financial realm over the last twenty-five years of misrepresentations, naive interpretations of economic conditions, rationalizations of bad outcomes, and rejection of clear signs of growing instability. In eConned, author Yves Smith reveals: --why the measures taken by the Obama Administration are mere palliatives and are unlikely to pave the way for a solid recovery --how economists have come to play a profoundly anti-democratic role in policy --how financial models and concepts that were discredited more than thirty years ago are still widely used by banks, regulators, and investors --how management and employees of major financial firms looted them, enriching themselves and leaving the mess to taxpayers --how financial regulation enabled predatory behavior by Wall Street towards investors --how economics has no theory of financial systems, yet economists fearlessly prescribe how to manage them

Extreme Money

Author: Satyajit Das
Publisher: John Wiley & Sons
ISBN: 1118153723
Size: 43.35 MB
Format: PDF, ePub, Docs
View: 3270
A definitive cultural history of high finance from one of theindustry's most astute analysts Written by internationally respected financial expert SatyajitDas, Extreme Money shows how real engineering was replacedby financial engineering in the twentieth century, enabling vastfortunes to be made not from goods produced or services performed,but from supplying and trading money. Extreme Money focuses on this evisceratedreality—the monetary shadow of real things—and what itmeans today. The high levels of economic growth and the wealth thatinevitably follows, driven by cheap debt, financial engineering,and speculation, were never sustainable, and the last few yearshave borne this out. The book shows how policy makers andregulators unknowingly underwrote the risks, substantially reducingtheir ability to control economic outcomes. Extreme moneyconcentrated economic power, wealth, and risk in the hands of asmall community of gifted, dynamic financiers largely outside theregulatory purview and the democratic process, and there's no goingback. Explains the extreme money games (via private equity,securitization, derivatives, hedge funds, and other means) inventedby the elite financiers of last century Raises deeper questions about the nature of the economicstructure and assumptions about ongoing financially engineeredprosperity that readers, politicians, and financial figures need tobe asking The book is timed to coincide with the next phase of thefinancial crisis, as prospects of recovery diminish and the globaleconomy becomes mired in a Western version of Japan's "LostDecade" Ambitious in scope and coverage, the book is the indispensible,in-depth guide to the age of modern money. An age defined byextremes of financial behavior.


Size: 62.49 MB
Format: PDF, ePub, Mobi
View: 4048

The Age Of Stagnation

Author: Satyajit Das
Publisher: Prometheus Books
ISBN: 1633881598
Size: 80.22 MB
Format: PDF, Docs
View: 4469
The global economy is entering an era of protracted stagnation, similar to what Japan has experienced for over a decade. That is the message of this brilliant and controversial summary of our current economic predicament from an internationally respected consultant and commentator on financial markets, who predicted the Global Financial Crisis of 2008. The author challenges the assumption that growth can be perpetual and questions the ability of political leaders to enact the tough structural changes needed. He is particularly critical of the "easy money" approach to dealing with the great recession of 2008, citing the dangers of excessive debt and deep-seated fundamental imbalances. The fallout of these poor policies, he argues, will affect not only the business sector, but also the lifestyles and prosperity of average citizens and future generations. The author concludes with a thought experiment illustrating the large-scale changes that will be necessary to restore economic, financial, and social sustainability. This experiment has already been tried in Iceland, which went bankrupt in the wake of the 2008 crisis, and now, after a painful adjustment, is on the road to recovery. Written for the lay reader and peppered with witty anecdotes, this immensely readable book clearly explains the missteps that created the current dilemma, why a recovery has proved elusive, and the difficult remedies that must eventually be applied to ensure a stable future.