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Books > Business & Economics > Economics > International economics > International finance
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Global Derivative Debacles: From Theory To Malpractice (Hardcover, Second Edition)
Loot Price: R3,186
Discovery Miles 31 860
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Global Derivative Debacles: From Theory To Malpractice (Hardcover, Second Edition)
Expected to ship within 10 - 17 working days
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This book analyzes in depth all major derivatives debacles of the
last half century including the multi-billion losses and/or
bankruptcy of Metallgesellschaft (1994), Barings Bank (1995), Long
Term Capital Management (1998), Amaranth (2006), Societe Generale
(2008) , AIG (2008) and JP Morgan-Chase (2012). It unlocks the
secrets of derivatives by telling the stories of institutions which
played in the derivative market and lost big. For some of these
unfortunate organizations it was daring but flawed financial
engineering which brought them havoc. For others it was unbridled
speculation perpetrated by rogue traders whose unchecked fraud
brought their house down.Should derivatives be feared 'as financial
weapons of mass destruction' or hailed as financial innovations
which through efficient risk transfer are truly adding to the
Wealth of Nations? By presenting a factual analysis of how the
malpractice of derivatives played havoc with derivative end-user
and dealer institutions, a case is made for vigilance not only to
market and counter-party risk but also operational risk in their
use for risk management and proprietary trading. Clear and
recurring lessons across the different stories in this volume call
not only for a tighter but also 'smarter' control system of
derivatives trading and should be of immediate interest to
financial managers, bankers, traders, auditors and regulators who
are directly or indirectly exposed to financial derivatives.The
book groups cases by derivative category, starting with the
simplest and building up to the most complex - namely, Forwards,
Futures, Options and Swaps in that order, with applications in
commodities, foreign exchange, stock indices and interest rates.
Each chapter deals with one derivative debacle, providing a
rigorous and comprehensive but non-technical elucidation of what
happened.What is new in the second edition? A new chapter on JP
Morgan-Chase's London Whale, an in-depth discussion of
credit-default swaps, and an update of the revamped regulatory
framework with Basel 2.5 and Basel III against the backdrop of the
Euro crisis, along with a revised and expanded discussion of the
AIG debacle.
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