Business & Economics Books:

Trading the Fixed Income, Inflation and Credit Markets

A Relative Value Guide
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Description

Trading the Fixed Income, Inflation and Credit Markets is a comprehensive guide to the most popular strategies that are used in the wholesale financial markets, answering the question: what is the optimal way to express a view on expected market movements? This relatively unique approach to relative value highlights the pricing links between the different products and how these relationships can be used as the basis for a number of trading strategies. The book begins by looking at the main derivative products and their pricing interrelationships. It shows that within any asset class there are mathematical relationships that tie together four key building blocks: cash products, forwards/futures, swaps and options. The nature of these interrelationships means that there may be a variety of different ways in which a particular strategy can be expressed. It then moves on to relative value within a fixed income context and looks at strategies that build on the pricing relationships between products as well as those that focus on how to identify the optimal way to express a view on the movement of the yield curve. It concludes by taking the main themes of relative value and showing how they can be applied within other asset classes. Although the main focus is fixed income the book does cover multiple asset classes including credit and inflation. Written from a practitioner's perspective, the book illustrates how the products are used by including many worked examples and a number of screenshots to ensure that the content is as practical and applied as possible.

Author Biography:

NEIL C. SCHOFIELD is the principal of FMT Ltd, a UK-basedcompany offering training services in the areas of treasury,derivatives, capital markets and risk management to financialinstitutions, central banks and corporations worldwide. Neil wasGlobal Head of Financial Markets Training at Barclays Capital from2001 to 2008. He teaches primarily on the rates business, coveringall of the major asset classes and their respective derivativeproducts from foreign exchange through to commodities. Beforejoining Barclays Capital, he was a director at Chisholm-RothTraining for 4 years, where he was responsible for provision oftraining services for a number of blue chip global investmentbanks. Clients included Citigroup, Deutsche Bank, Goldman Sachs andJP Morgan Chase. He started his training career at Chase ManhattanBank, where he was originally employed as an internal auditor. Overa period of nine years, he conducted numerous internal and externaltraining seminars including the Bank of England and the FederalReserve System in the USA. He has also held positions with SecurityPacific Hoare Govett (now trading as Bank of America) and LloydsTSB. Neil holds a B.Sc. in Economics from Loughborough Universityand an MBA from Manchester Business School. He was elected as aFellow of the IFS School of Finance (formerly the CharteredInstitute of Bankers) in 1999. Neil was appointed as a VisitingFellow at the University of Reading ICMA centre in April, 2007. Heis author of the book Commodity Derivatives: Markets andApplications published by John Wiley & Sons, Ltd in October2007. TROY BOWLER joined Barclays Capital in London in 2002 andis currently a Managing Director within Distribution, based inSingapore. Before joining Barclays Capital, he held positions atDeutsche Bank in London, where he was part of their highly-regardedglobal fixed income and relative value research team; PaineWebber;and Bank of Tokyo Capital Markets (UK), where he was ChiefEconomist; and Charterhouse Investment Management Limited, where hemanaged money-market funds, including the #1 ranked GBP unit trustaccording to Micropal (acquired by The McGraw-Hill Companies in1997). He is a former member of the Institute of InvestmentManagement and Research (IIMR), now known as CFA UK, ExaminationCommittee where he helped revamp the IIMR's examinations widening the remit to encompass fixed income professionals asopposed to focussing almost exclusively on equity markets. Troyholds a B.Sc. in Economics from Loughborough University and anM.Sc. in Economics from London University.
Release date Australia
September 30th, 2011
Audience
  • Professional & Vocational
Pages
320
Dimensions
174x252x23
ISBN-13
9780470742297
Product ID
10372265

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