The investor community is constantly looking for new sources of investment opportunity in the form of current income and capital gains. Much of the focus by fund managers, institutional investors and retail investors is currently on the global emerging markets of Asia where over USD1 trillion of infrastructure and development projects will have to be funded over the next decade. In recent months, more institutions have been focusing on the fixed income markets, where returns have been impressive. The text from credit risk authority Erik Banks provides a detailed review of the emerging Asian fixed income markets and their primary instruments, along with a discussion of market participants, market mechanics and associated hedging and financing instruments.

Securities exchanges play a significant role in macroeconomics. They engage in the allocation process, which assures that savings are allocated to the most profitable investment opportunities. But what are the forces driving the supply side, namely, the services offered by exchanges? It is not just a matter of market microstructure and the rules governing the price discovery. Rather, it embraces a much wider perspective involving the balance of interests of multiple stakeholders, the competitive strategies of exchanges and other platform operators and the impact of regulation.
This book provides an economic analysis of the stock exchange industry. It draws on theories from micro- and industrial economics to provide a detailed analysis of the industry structure, the strategic behaviour of key participants and a methodological framework for assessing the performance of stock exchanges. It provides an overview of the factors driving the consolidation of the industry, and examines the implications of ongoing changes in the regulatory environment. It investigates the functioning of securities exchanges and other trading platforms as firms, assuming an industrial organization perspective and focusing on the competitive behaviour of exchanges, regulation and governance arrangements and their impact on the structure of the industry.

Develop a Winning Investment Strategy -- with Expert Advice from "The Nation's #1 Money Manager"

Peter Lynch's "invest in what you know" strategy has made him a household name with investors both big and small.

An important key to investing, Lynch says, is to remember that stocks are not lottery tickets. There's a company behind every stock and a reason companies -- and their stocks -- perform the way they do. In this book, newly revised and updated for the paperback edition, Peter Lynch shows you how you can become an expert in a company and how you can build a profitable investment portfolio, based on your own experience and insights and on straightforward do-it-yourself research. There's no reason the individual investor can't match wits with the experts, and this book will show you how.

In Beating the Street, Lynch for the first time:

* Explains how to devise a mutual fund strategy
* Shows how he goes about picking stocks, step-by-step
* Describes how the individual investor can improve his or her investment performance to rival that of the experts of the investment clubs.

Efficient Methods for Valuing Interest Rate Derivatives provides an overview of the models that can be used for valuing and managing interest rate derivatives. Split into two parts, the first discusses and compares the traditional models, such as spot- and forward-rate models, while the second concentrates on the more recently developed Market models. Unlike most of his competitors, the author's focus is not only on the mathematics: Antoon Pelsser draws on his experience in industry to explore the practical issues, such as the implementation of models, and model selection.Aimed at people with a solid quantitative background, this book will be of particular interest to risk managers, interest rate derivative traders, quantitative researchers, portfolio and fund managers, and students of mathematics and economics, but it will also prove invaluable to anyone looking for a good overview of interest rate derivative modelling.

This book presents China's wealth management market to the public, institutions and research groups. As the money base of Renminbi (RMB or Chinese Yuan) from the central bank increases exponentially in recent years, the overall leverage ratio rises in an alarming rate and the shadow banking issues stick out. Where this massive amount goes has raised huge interest all over the world. This book answers this question in three aspects: What is the money made up? Who is managing the money and how are they doing? The author studied six types of financial institutions that are responsible for channeling the money to industries and individuals. Banks although still the main vehicle for money flows, other financial organizations have taken more and more important roles in the money management market. Insurance, trust, security and mutual funds are the main non-banking business participants. New money management products are innovated, as are the regulations. The money management business in China has experience from starting chaos to a regulated market and the evolution is still going on. Professionals and researchers around the world are watching China's money market closely, studying the mechanisms, looking for business opportunities and trying to theorizing economic rules. This book is a well presented and professionally structured for the above purposes.

This book analyses the impact that stabilization clauses have on the development of human rights and gender laws in resource rich nations. Given the fact that stabilization clauses freeze the law for as long as the contract subsists there has been debate on the negative impact stabilization clauses have on the progressive development of human rights in the host State. Firstly, the book examines the mechanisms investors utilise in protecting themselves from host State prerogatives. It then explores the theoretical basis on which stabilization clauses are applied and upheld by arbitral tribunals, and assesses how they can be drafted in a way that protects human rights, particularly in relation to gender discrimination, without forcing the resource rich nations to lose momentum in attracting foreign direct investment. Using Zambia and the Gender Equity and Equality Act of 2015 as a case study, the book explores the compatibility of the legislation with the stabilization clauses contained in the country's Development Agreements. The book will be of interest to practitioners, scholars and students of international investment law, human rights law and contract law.

The conventional portfolio is prone to frequent and potentially devastating losses because it is NOT balanced to different economic outcomes. In contrast, a truly balanced portfolio can help investors reduce risk and more reliably achieve their objectives. This simple fact would surprise most investors, from beginners to professionals. Investment consultant Alex Shahidi puts his 15 years of experience advising the most sophisticated investors in the world and managing multi-billion dollar portfolios to work in this important resource for investors. You will better understand why nearly every portfolio is poorly balanced and how to view the crucial asset allocation decision from a deeper, more thoughtful perspective. The concepts presented are simple, intuitive and easy to implement for every investor. Author Alex Shahidi will walk you through the logic behind the balanced portfolio framework and provide step-by-step instructions on how to build a truly balanced portfolio. No book has ever been written that discusses asset allocation in this light. * Provides insights from a top-ranked investment consultant using strategies from the industry s brightest minds * Proposes a balanced asset allocation that can achieve stable returns through various economic climates * Introduces sophisticated concepts in very simple terms For those who want to better manage their investment portfolio and seek a more advanced approach to building a balanced portfolio, Balanced Asset Allocation: How to Profit in Any Economic Climate provides an in-depth treatment of the topic that can be put to use immediately.

The Efficient Markets Hypothesis is one of the most controversial and hotly contested ideas in all the social sciences. It is disarmingly simple to state, has far-reaching consequences for academic pursuits and business practice, and yet is surprisingly resilient to empirical proof of refutation. Even after three decades of research and literally thousands of journal articles, economists have not yet reached a consensus about whether markets - particularly financial markets - are efficient or not. These two volumes bring together the most influential articles surrounding the Efficient Markets Hypothesis debate, from Paul Samuelson's pathbreaking proof that properly anticipated prices fluctuate randomly to Fischer Black's study of noise traders, from Eugene Fama's empirical implementation of the Efficient Markets Hypothesis to Robert Merton's analysis of stock price volatility.

Proof of the "Fundamental Theorem of Asset Pricing" in its general form by Delbaen and Schachermayer was a milestone in the history of modern mathematical finance and now forms the cornerstone of this book.

Puts into book format a series of major results due mostly to the authors of this book.

Embeds highest-level research results into a treatment amenable to graduate students, with introductory, explanatory background.

Awaited in the quantitative finance community.

Published by the International Swaps and Derivatives Association, the 1992 and 2002 ISDA(R) Master Agreements are the main contracts used in the over the counter global derivatives market. "Mastering the ISDA Master Agreements" provides a practical, clear and useful guide to help understand and negotiate these Master Agreements.

This revised and updated edition is an essential handbook for anyone involved in negotiating agreements, from financial institutions through to fund managers, law firms, credit officers, regulators and business students. The new edition includes:

• Increased focus on the 2002 ISDA Master Agreement Schedule
• Expanded sections on hedge fund and loan-linked Schedules
• The introduction of covered bonds
• The effect of the credit crunch, the role of derivatives and how this has affected the market

The ISDA Mater Agreements are complex documents and it can take up to two years to become proficient in negotiating and understanding their key elements. "Mastering the ISDA Master Agreements" provides a detailed overview of the legal, credit and operational issues inherent in the ISDA Master Agreements.

The book includes:

• The evolution of ISDA documentation including general and product definitions and confirmations
• A clear and detailed commentary on the individual sections and provisions of the 1992 and 2002 ISDA Master Agreements
• The main legal issues surrounding the Agreement and OTC derivatives from UK and US legal perspectives
• Special Schedule terms including those for building societies, insurance companies, hedge funds and sovereign entities
• Provisions seen in US Schedules which often face non-US negotiators
• The background to the credit crunch, the effect on the OTC derivatives market and some suggestions about possible changes to the market
• Annexes including reproductions of the ISDA Master Agreements and useful information
• Simplified glossaries of terms used in the Agreements

This comprehensive examination of high frequency trading looks beyond mathematical models, which are the subject of most HFT books, to the mechanics of the marketplace. In 25 chapters, researchers probe the intricate nature of high frequency market dynamics, market structure, back-office processes, and regulation. They look deeply into computing infrastructure, describing data sources, formats, and required processing rates as well as software architecture and current technologies. They also create contexts, explaining the historical rise of automated trading systems, corresponding technological advances in hardware and software, and the evolution of the trading landscape. Developed for students and professionals who want more than discussions on the econometrics of the modelling process, The Handbook of High Frequency Trading explains the entirety of this controversial trading strategy.

The market's bestselling and most comprehensive reference on chart patterns, backed by statistics and decades of experience When the smart money trades the securities markets, they leave behind financial footprints. Combine enough footprints together and you have a trail to follow. That trail becomes what's called a chart pattern. Encyclopedia of Chart Patterns, Third Edition expands upon Bulkowski's immensely popular Second Edition with fully revised and updated material on chart patterns. Whether you're new to the stock market or an experienced professional trader, use this book as a reference guide to give you an edge. Within the pages of this book, you'll learn how to identify chart patterns, supported by easy-to-understand performance statistics describing how well a pattern works, what the failure rate is, and what special quirks suggest better future performance. You'll discover how often a stop loss order will trigger at various locations within a chart pattern, how the chart pattern's performance has evolved over the past three decades, and how to profit from failure by trading busted patterns. This broadened and revised Third Edition offers investors the most comprehensive, up-to-date guide to this popular method of market analysis. Written by a leading expert on chart patterns, Tom Bulkowski, this edition includes revised statistics on 75 chart patterns including 23 new ones, with pictures and performance statistics, packaged within easy-to-read text. Gain essential knowledge of chart patterns and how they are used to predict price movements in bull and bear markets New tables include how often stops are hit, busted pattern performance, performance over the decades, and special pattern features Joining Tour, Identification Guidelines, Focus on Failures, Statistics, Trading Tactics and Sample Trade is Experience. It puts you in the passenger's seat so you can share lessons learned from Bulkowski's trades This edition reports on statistics from nearly four times the number of samples used in the Second Edition and ten times the number in the First Edition The Encyclopedia of Chart Patterns, Third Edition further solidifies the reputation of this book as the leading reference on chart patterns, setting it far above the competition.

China has developed a piecemeal pattern of regulating foreign investment since the end of 1970s. The latest law is the Foreign Investment Law (FIL), which became effective on 1 January 2020. The groundbreaking new FIL is well acknowledged for its promises and affirmations pledged to investors, signalling China's eagerness to improve its investment environment and regain momentum for investment growth. This book provides an updated and holistic understanding of the key features of the regulatory regime on foreign investment in China with critical analysis of laws and their implementation. It also examines sensitive and complex legal issues relevant to foreign investment beyond the 2020 FIL and new developments on foreign-related dispute settlement. The book uses cases of success and failure to illustrate the nuances and differences between law and practice regarding foreign investment. Considering China's magnitude in the global economy and the weighty role of the regulatory system on foreign investment in China, this book is of great interest to a wide range of audience including academics in the field of investment law, legal practitioners, policymakers, and master's students in law and in management.

Become a savvy trader with a "mindful" edge...TraderMind is an essential resource for understanding and applying mindfulness-based approaches that help to enhance an individual trader's overall performance. Based upon extensive research and practical application in the real world of the trading floor, TraderMind includes methods, tactics and techniques to build and enhance awareness and insight, which help manage thoughts and emotions and maximize trading performance. The author demonstrates how to overcome habitual or impulsive trading behaviours, manage energy levels, become more attuned to and responsive to the market, more situationally aware and build patterns of effective trading behaviour. By developing these skills and good behaviours, traders can overcome inherent biases and, ultimately, improve their trading decisions. The techniques outlined in TraderMind can be utilized as core competencies of trading psychology or can be used to complement other behavioural methods and strategies. The TraderMind tool-set does not replace the need for basic trading skills, knowledge, strategy, or key performance enablers such as preparation and performance analysis. Rather, TraderMind is designed to act as a facilitator or multiplier to enhance trader decision-making and improve overall performance. "A thoughtful read with 'bang-for-the buck' practical strategies for time pressed traders." Linda Raschke, President at LBRGroup, Inc., CTA Also includes the TraderMind 8 Week Training Program.

A typical market for a commodity, a service or a financial instrument can be divided into the cash market and the futures market. Futures markets are currencies by the standardization of the futures contracts and their trading in highly organized exchanges. Futures Markets contains in three volumes the most influential articles in this field covering a broad range of topics including market characteristics, speculation, pricing, efficiency, interest rates and insurance and foreign characteristics. Important contributors to the volume include among others: Ronald J. Anderson, Eugene F. Fama, Stephen Figlewski, Paul A. Samuelson, Hans R. Stoll and Holbrook Working. As well as providing an authoritative introduction to accompany the piece, the editor has also written three extensive review articles which survey the field of futures markets. This significant collection presents a compact guide to the subject of Futures Markets and will be an essential companion for students, researchers and practitioners.

Conquer the markets and become a successful day trader

Day trading is a fast-paced, sometimes risky form of investment. Day Trading For Dummies gives you the information you need to get started with this quick-action form of trading for income and maintain your assets. Learn how the market works, how to read and predict price movements, and how to minimize your loss potential, so you can manage your money strategically and create your day trading plan. Expert author Ann Logue will set you on the path to success, showing you the techniques successful day traders use to profit. This new edition covers crypto, AI, meme stocks, new trading options, and the latest strategies. By following market indicators and doing the essential research, you can avoid making critical mistakes and instead make smart trades that earn money.

Principles of Financial Engineering, Third Edition, is a highly acclaimed text on the fast-paced and complex subject of financial engineering. This updated edition describes the "engineering" elements of financial engineering instead of the mathematics underlying it. It shows how to use financial tools to accomplish a goal rather than describing the tools themselves. It lays emphasis on the engineering aspects of derivatives (how to create them) rather than their pricing (how they act) in relation to other instruments, the financial markets, and financial market practices. This volume explains ways to create financial tools and how the tools work together to achieve specific goals. Applications are illustrated using real-world examples. It presents three new chapters on financial engineering in topics ranging from commodity markets to financial engineering applications in hedge fund strategies, correlation swaps, structural models of default, capital structure arbitrage, contingent convertibles, and how to incorporate counterparty risk into derivatives pricing. Poised midway between intuition, actual events, and financial mathematics, this book can be used to solve problems in risk management, taxation, regulation, and above all, pricing. A solutions manual enhances the text by presenting additional cases and solutions to exercises. This latest edition of Principles of Financial Engineering is ideal for financial engineers, quantitative analysts in banks and investment houses, and other financial industry professionals. It is also highly recommended to graduate students in financial engineering and financial mathematics programs.

Humans invented money from nothing, so why can't we live without it? And why does no one understand what it really is? In this lively tour through the centuries, Jacob Goldstein charts the story of this paradoxical commodity, exploring where money came from, why it matters and whether bitcoin will still exist in twenty years. Full of interesting stories and quirky facts - from the islanders who used huge stones as a means of exchange to the merits of universal basic income - this is an indispensable handbook for anyone curious about how money came to make the world go round.

This survey of portfolio theory, from its modern origins through more sophisticated, "postmodern" incarnations, evaluates portfolio risk according to the first four moments of any statistical distribution: mean, variance, skewness, and excess kurtosis. In pursuit of financial models that more accurately describe abnormal markets and investor psychology, this book bifurcates beta on either side of mean returns. It then evaluates this traditional risk measure according to its relative volatility and correlation components. After specifying a four-moment capital asset pricing model, this book devotes special attention to measures of market risk in global banking regulation. Despite the deficiencies of modern portfolio theory, contemporary finance continues to rest on mean-variance optimization and the two-moment capital asset pricing model. The term postmodern portfolio theory captures many of the advances in financial learning since the original articulation of modern portfolio theory. A comprehensive approach to financial risk management must address all aspects of portfolio theory, from the beautiful symmetries of modern portfolio theory to the disturbing behavioral insights and the vastly expanded mathematical arsenal of the postmodern critique. Mastery of postmodern portfolio theory's quantitative tools and behavioral insights holds the key to the efficient frontier of risk management.

This book provides an extensive and critical assessment of the current regulatory and supervisory framework of investment services in the European Union (EU) and proposes alternative institutional structures. Recent trends in financial services at EU level as well as regulatory and institutional developments at a national level make the focus of this book very timely. The book contributes to the debate by making specific suggestions with regard to the institutional structure and the operational sphere of a central pan-European regulator.

'This story literally has what it takes: the anecdotes, the insights and, most of all, the values to guide the next generation of entrepreneurs.' Mark Carney 'The real story of what it takes from a man who could turn dreams into realities.' Ray Dalio 'Candid, funny and real, Steve offers wisdom and the gift of much-needed common sense chapter by chapter and experience by experience. A great read!' John Kerry From Blackstone chairman, CEO and co-founder Stephen A. Schwarzman, a long-awaited book that uses impactful episodes from Schwarzman's life to show readers how to build, transform and lead thriving organisations. Whether you are a student, entrepreneur, philanthropist, executive or simply someone looking for ways to maximise your potential, the same lessons apply. People know who Stephen Schwarzman is - at least they think they do. He's the man who took $400,000 and co-founded Blackstone, the investment firm that manages over $500 billion (as of January 2019). He's the CEO whose views are sought by heads of state. But behind these achievements is a man who has spent his life learning and reflecting on what it takes to achieve excellence, make an impact, and live a life of consequence. Folding handkerchiefs in his father's linen shop, Schwarzman dreamed of a larger life, filled with purpose and adventure. After starting his career in finance with a short stint at a financial firm called DLJ, Schwarzman began working at Lehman Brothers where he ascended to run the mergers and acquisitions practice. He eventually partnered with his mentor and friend Pete Peterson to found Blackstone, vowing to create a new and different kind of financial institution. Building Blackstone into the leading global financial institution it is today didn't come easy. Schwarzman's simple mantra 'don't lose money' has helped Blackstone become a leading private equity and real estate investor, and manager of alternative assets for institutional investors globally. From deal-making to investing, leadership to entrepreneurship, philanthropy to diplomacy, Schwarzman has lessons for how to think about ambition and scale, risk and opportunities, and how to achieve success through the relentless pursuit of excellence. Schwarzman not only offers readers a thoughtful reflection on all his own experiences, but in doing so provides a practical blueprint for success.

Investment Banks, Hedge Funds, and Private Equity, Fourth Edition provides a real-world view of this fast-evolving field, reviewing and analyzing recent innovations and developments. This reference captures the actual work of bankers and professional investors, providing readers with templates for real transactions and insight on how investment banks, hedge funds, and private equity firms provide services to each other while creating opportunities for corporations and investors to raise capital, invest, hedge, finance, acquire, divest, and risk manage. For each type of institution, the business model, organizational structure, products, challenges, regulatory issues, and profit-making opportunities are explained. In addition, specific transactions are analyzed to make clear how advisory services, financings, investments, and trades produce profits or losses, and which types of risks are most commonly taken by each type of institution. Importantly, the linkage of investment banks, hedge funds, and private equity to corporations, governments, and individuals is described, enabling the reader to more clearly understand how these organizations impact them and how their products and services can be best utilized.

"The Universal Principles of Successful Trading" clearly and unambiguously articulates trading principles that distinguish the winners from the losers. Though trading can be performed in different markets, across different timeframes, and with different instruments based upon different techniques, there is one common thread that ties all winning traders together: the "universal principles of successful trading." All consistently profitable traders adhere to them regardless of the markets, timeframes, and techniques.

In this ground-breaking book from top trader, Brent Penfold, the reader will: Learn how to develop a trading planLearn how to identify and create an effective methodologyDiscover successful money management strategiesUnderstand trader psychologyAnd many more exciting trading and strategies secrets.

Supporting the universal principles are rare interviews from a diverse group of successful traders. Some are the new young guns of trading and others are market legends who are trading just as actively today as they were over 50 years ago. They represent a diverse group of traders from the United Kingdom, America, Singapore, Hong Kong, Italy, and Australia. All of them have generously agreed to offer the reader one singularly powerful piece of advice to help them towards their trading goals. Each piece of advice emphasizes an essential element of the universal principles.

This timely and exciting book from Brent Penfold has already garnered many accolades and looks set to become a modern-day classic.