Pricing Money: A Beginner's Guide to Money, Bonds, Futures and Swaps
Pricing Money provides a highly practical introduction to theprinciples of bonds and fixed income and is aimed at readers whohave little prior knowledge.
The book is written in a style that is not overly mathematical ortheoretical but takes a practical approach focusing on the aspectsof pricing and trading fixed-income securities that are mostrelevant to the day-to-day activities of people working in themarkets.
Starting at a basic level the author explains the concepts andprinciples behind fixed income in an informative way using everyday examples that can be understood by the layman. It includes alisting of the terms used; the rules and conventions; thetechniques for valuation and pricing and a description of thedifferent roles within the industry. This book will be an excellenttraining tool for new recruits to the financial markets.
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What is money?
Centralbank moneymarket operations
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10-year bond 100 million 100 nominal asset swap bank’s basis swap bond futures bond pays borrow money calculation cash cashﬂows central bank clean price clearing house client collateral conversion factor counterparties crash credit risk CSFB currency dealer default deliver deposit dollars euro eurozone example expiry ﬁnal ﬁnancial markets ﬁrst ﬁxed-coupon ﬁxed-rate ﬁxing ﬂattener ﬂoating rate ﬂoating-rate ﬂows forward price futures contract gilts gold govemment bond govemment debt hedge hence higher HSBC IBOR implied volatility inﬂation interest payments interest rate interest-rate futures interest-rate swap investment bank investors issue issuer lead managers long-dated Macaulay duration market maker market price maturity money market months NatWest option paid pension funds position price action proﬁt or loss prop traders put option quoted repo rate retum sell seller semi-annual short-term speciﬁcation sterling Swiss francs tradable trade transaction Treasury troy ounce typically USD/JPY variation margin yield curve zero-coupon