An Introduction to Repo Markets
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Beschreibung"Providing a revealing insight into global repo markets and instruments, An Introduction to Repo Markets presents an accurate practitioner's guide to a market that is often difficult to understand." Bhavin Parmar, Equity Finance Trading
The repo markets are a vital part of the global financial system. Repo is used by virtually all market participants, as a funding and liquidity tool. The third edition of Professor Moorad Choudhry's benchmark reference text An Introduction to Repo Markets brings readers up to date with the latest developments. It offers a detailed yet accessible and reader-friendly look at the instrument itself and its variants, and is aimed specifically at newcomers to the market or those unfamiliar with modern fixed income products. The author capitalises on his wealth of experience in the money markets to present this concise yet in-depth coverage of repo, set in the context of the financial markets as a whole.
Topics covered include:
* Repo mechanics
* Uses and applications
* Basket repo
* Synthetic repo and the total return swap
* The money market yield curve
* The Global Master Repurchase Agreement
Topics are well illustrated with Bloomberg screens, worked examples, exercises and case studies. Related issues such as financial market arithmetic are also introduced as necessary background for students and practitioners. This is essential reading for all those who require an introduction to the money markets and repo.
Preface to First Edition.
About the author.
1. INTRODUCTION TO REPO.
2. MARKET BACKGROUND.
3. THE MECHANICS OF REPO.
4. BASKET REPO, SYNTHETIC REPO AND STRUCTURED FINANCE REPO.
5. THE UK GILT REPO MARKET.
6. OVERVIEW OF REPO TRADING AND THE FUTURES CONTRACT IMPLIED REPO RATE.
7. REPO AND THE YIELD CURVE.
8. THE GLOBAL MASTER REPURCHASE AGREEMENT.
9. ACCOUNTING, TAX AND REGULATORY CAPITAL ISSUES IN REPO.
Answers to exercises.
Case study: ABC Bank plc.
Appendix A: Duration.
Appendix B: Basis Trading and the CTD Bond.
Appendix C: Volatility.
PortraitDr Moorad Choudhry is Head of Treasury at KBC Financial Products in London. He is a Visiting Professor at the Department of Economics, London Metropolitan University, a Visiting Research Fellow at the ICMA Centre, University of Reading, a Senior Fellow at the Centre for Mathematical Trading and Finance, Cass Business School, and a Fellow of the Securities and Investment Institute.
Untertitel: 'Securities Institute'. 3 Rev ed. Illustrations. Sprache: Englisch.
Verlag: John Wiley and Sons Ltd
Erscheinungsdatum: April 2006
Seitenanzahl: 224 Seiten