Foreign Exchange (eBook)
336 Seiten
John Wiley & Sons (Verlag)
978-1-118-04621-0 (ISBN)
"Tim Weithers starts by telling the reader that foreign exchange is
not difficult, just confusing, but Foreign Exchange: A Practical
Guide to the FX Markets proves that money is much more exciting
than anything it buys. This useful book is a whirlwind tour of the
world's largest market, and the tour guide is an expert
storyteller, inserting numerous fascinating insights and quirky
facts throughout the book."
-John R. Taylor, Chairman, CEO and CIO, FX Concepts
"The book reflects the author's doctorate from the University of
Chicago, several years' experience as an economics professor, and,
most recently, a very successful decade as an executive at a huge
international bank. These fundamental ingredients are seasoned with
bits of wisdom and experience. What results is a very tasty
intellectual stew."
-Professor Jack Clark Francis, PhD, Professor of Economics and
Finance, Bernard Baruch College
"In this book, Tim Weithers clearly explains a very complicated
subject. Foreign Exchange is full of jargon and conventions that
make it very hard for non-professionals to gain a good
understanding. Weither's book is a must for any student or
professional who wants to learn the secrets of FX."
-Niels O. Nygaard, Director of Financial Mathematics, The
University of Chicago
"An excellent text for students and practitioners who want to
become acquainted with the arcane world of the foreign exchange
market."
-David DeRosa, PhD, founder, DeRosa Research and Trading, Inc., and
Adjunct Professor of Finance, Yale School of Management
"Tim Weithers provides a superb introduction to the arcana of
foreign exchange markets. While primarily intended for
practitioners, the book would be a valuable introduction for
students with some knowledge of economics. The text is
exceptionally clear with numeric examples and exercises that
reinforce concepts. Frequent references are made to the economic
theory behind the trading practices."
-John F. O'Connell, Professor of Economics, College of the Holy
Cross
TIM WEITHERS, PhD, was one of the members of the Education Department of the O'Connor Partnership, a legendary proprietary option trading firm, which is now part of UBS. As a Managing Director of Financial Markets Education for UBS, he teaches thousands of clients and employees every year through seminars and internal classes, and serves as a faculty member of the Graduate Program on Financial Mathematics at The University of Chicago.
Preface.
Acknowledgments.
CHAPTER 1: Trading Money.
Introduction.
Trading Money.
The Roles Money Plays.
The Major Currencies.
Some Interesting Questions.
Appendix: Countries, Currencies, and ISO Codes.
CHAPTER 2: Markets, Prices, and Marketmaking.
What Is a "Market"?
What Is a "Price"?
Buyers and Sellers.
Marketmaking.
Summary.
CHAPTER 3: Interest Rates.
What Are "Interest Rates"?
Inflation.
Day Count or Day Basis.
Compounding.
Discounting.
Types of Interest Rates.
Interest Rates in the Real World.
CHAPTER 4: Brief History of Foreign Exchange.
Historical Background.
The FX Markets Today.
The Regulatory Environment and Central Bank Intervention.
Summary.
CHAPTER 5: The Foreign Exchange Spot Market.
The Spot Market.
Spot FX Quoting Conventions.
Economic Interpretation.
Purchasing Power Parity.
Cross Rates and Triangular Arbitrage in the Spot Market.
The Bid-Ask Spread in Foreign Exchange.
Timing.
Settlement.
Market Jargon.
"The Best Arbitrage Around!"
CHAPTER 6: Foreign Exchange Forwards.
Introduction to Forwards and Forward Pricing.
Foreign Exchange Forwards and Forward Pricing.
Interest Rate Parity (Covered Interest Arbitrage).
FX Spot-Forward Arbitrage.
FX Forward Price Quotes and Forward Points.
Timing.
Off-Market Forwards.
Foreign Exchange Forwards in the Real World.
CHAPTER 7: Foreign Exchange Futures.
Background.
Futures versus Forwards.
Foreign Exchange Futures Contract Specifications.
Margin.
Why Use Futures?
Options on FX Futures.
Summary.
CHAPTER 8: Foreign Exchange Swaps or Cross-Currency Swaps or Cross-Currency Interest Rate Swaps or . . . .
Introduction.
FX Spot-Forward Swaps.
Cross-Currency Swaps or FX Cross-Currency Interest Rate Swaps or FX Bond Swaps.
Summary.
CHAPTER 9: Foreign Exchange Options.
Option Basics.
Equity Options.
Put-Call Parity with Equity Options.
In-the-Money, At-the-Money, and Out-of-the-Money.
Theoretical Option Value and Option Risk Measures ("The Greeks").
Foreign Exchange Options.
Put-Call Parity in Foreign Exchange.
Perspective Matters.
FX Option Premium.
Volatility.
Uses and Strategies.
Appendix: Theoretical Option Valuation.
The Binomial Model.
The Black-Scholes/Garman-Kohlhagen Model.
The Garman-Kohlhagen Option Risk Measures or "Greeks".
CHAPTER 10: Exotic Options and Structured Products.
What Is an Exotic Option?
Nonstandard Options.
Digital or Binary Options.
Barrier Options.
Other Exotic Options.
FX-Linked Notes.
CHAPTER 11: The Economics of Exchange Rates and International Trade.
Money versus Currency.
Types of FX Exposures.
Fixed versus Floating Exchange Rates.
Implications of Monetary Policy.
Trade Deficits: A Curse or a Blessing.
Politics and Economics.
CHAPTER 12: Currency Crises.
The End of Bretton Woods.
Bankhaus Herstatt.
The ERM Crisis of 1992.
The Asian Crisis of 1997.
The Russian Crisis of 1998.
The Turkish Lira Crisis of 2001.
The Argentinean Peso Crisis of 2002.
Summary.
CHAPTER 13: Technical Analysis.
Introduction.
What Is Technical Analysis?
Methods of Technical Analysis.
Technical Analysis in Foreign Exchange.
Technical Analysis Today.
Summary.
CHAPTER 14: Where Do We Go From Here?
CHAPTER 15: Conclusion.
APPENDIX.
Precious Metals.
Answers to the Chapter Exercises.
Notes.
References.
About the Author.
Index.
| Erscheint lt. Verlag | 10.3.2011 |
|---|---|
| Reihe/Serie | Wiley Finance Editions | Wiley Finance Editions |
| Sprache | englisch |
| Themenwelt | Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung |
| Wirtschaft ► Volkswirtschaftslehre ► Finanzwissenschaft | |
| Schlagworte | Devisenmarkt • Finance & Investments • Finance & Investments Special Topics • Finanz- u. Anlagewesen • Spezialthemen Finanz- u. Anlagewesen |
| ISBN-10 | 1-118-04621-8 / 1118046218 |
| ISBN-13 | 978-1-118-04621-0 / 9781118046210 |
| Haben Sie eine Frage zum Produkt? |
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