Fixed Income Trading and Risk Management - (Wiley Finance) by Alexander During (Hardcover)

About the Book

"Fixed Income Trading and Risk Management is the complete guide to fixed income markets from the ground up. Written by a principal portfolio manager at the European Central Bank, this book dispenses with any preconceived notions of how a market should work, instead teaching several markets in parallel and from scratch, developing the commonalities and differences along the way. Beginning with an introduction to money, credit and monetary policy, the book goes on to cover cash instruments, inflation-linked debt, defaultable claims, derivatives, standard trading strategies, data analysis and risk management. Fixed Income Trading and Risk Management is essential reading for new starters in financial institutions and. a comprehensive reference for more experienced practitioners."--

Book Synopsis

A unique, authoritative, and comprehensive treatment of fixed income markets

Fixed Income Trading and Risk Management: The Complete Guide delivers a comprehensive and innovative exposition of fixed income markets. Written by European Central Bank portfolio manager Alexander During, this book takes a practical view of how several different national fixed income markets operate in detail.

The book presents common theoretical models but adds a lot of information on the actually observed behavior of real markets. You'll benefit from the book's:

• Fulsome overview of money, credit, and monetary policy
• Description of cash instruments, inflation-linked debt, and credit claims
• Analysis of derivative instruments, standard trading strategies, and data analysis
• In-depth focus on risk management in fixed income markets

Perfect for new and junior staff in financial institutions working in sales and trading, risk management, back office operations, and portfolio management positions, Fixed Income Trading and Risk Management also belongs on the bookshelves of research analysts and postgraduate students in finance, economics, or MBA programs.

From the Back Cover

Fixed Income Trading and Risk Management: The Complete Guide delivers a valuable and unique perspective on fixed income markets. Fixed income strategist and portfolio manager Alexander Düring provides readers with a comprehensive examination of several fixed income markets from the ground up, developing the commonalities and differences between those markets in great detail. He relies on over 20 years of international experience in the private sector and at the European Central Bank to inform this treatment of fixed income markets.

The book covers fundamental and foundational topics including an introduction to money and credit, money creation by banks, the interaction of monetary frameworks and government policy, as well as monetary policy, before delving into more advanced subjects. Cash instruments, inflation-linked debt, defaultable claims, derivatives, standard trading strategies, data analysis and risk management are all covered in expansive detail.

Written in an approachable but robust style, Fixed Income Trading and Risk Management combines a global outlook on fixed income markets with comprehensive coverage of the most relevant financial instruments. The author devotes space to the controversial debates that dominate the subject of debt, trading debt, and banking. Finally, he includes the complex mathematics used to determine the risk characteristics of various financial instruments.

The book also offers insightful examinations of various markets, including money markets, the repo market, and the bond market. At the same time, no prior knowledge of fixed income markets is assumed or required. Foundational topics are covered in sufficient detail to allow relative newcomers to fully grasp the more advanced material that follows.

Perfect for junior staff in financial institutions in sales and trading departments, risk management, back office, and portfolio management positions, Fixed Income Trading and Risk Management also belongs on the bookshelves of postgraduate students in finance or economics, as well as students in MBA programs. The book offers readers the opportunity to become fully conversant in the complex and nuanced world of fixed income trading and markets.

About the Author

ALEXANDER DÜRING is Adviser in the Bond Markets and International Operations division of the European Central Bank, working on the implementation of the ECB's Asset Purchase Programme and market analytics. Before joining the ECB, he was Managing Director in Fixed Income Research at Deutsche Bank where he worked in London, Frankfurt and Tokyo. He holds a Doctor of Philosophy in Theoretical Physics and is a CFA^(R) charterholder.