The Equity Derivatives Handbook

Fülszöveg

The growth of equity derivatives has been astonishing yet many potential users fear the complexity of this new area of finance.
One reason for the growth in the new instruments has been the rapid increase in cross border investments of all kinds. While investors are attracted by opportimities in new foreign markets, the problems associated with a frequent lack of detailed information, scanty disclosure requirements, and settlement procedures in foreign markets make physical investment risky and problematic. Derivatives have been the solution for many.
As well as investors and hedgers using derivatives to satisfy risk/reward criteria and optimise asset allocation, borrowers in the capital markets have found it very useful to embed equity options into bond issues to lower their overall cost of funds.
This book addresses the concerns of the whole range of users and potential users of equity derivatives. It is also essential reading for the investment bankers who structure the... Tovább

Fülszöveg

The growth of equity derivatives has been astonishing yet many potential users fear the complexity of this new area of finance.
One reason for the growth in the new instruments has been the rapid increase in cross border investments of all kinds. While investors are attracted by opportimities in new foreign markets, the problems associated with a frequent lack of detailed information, scanty disclosure requirements, and settlement procedures in foreign markets make physical investment risky and problematic. Derivatives have been the solution for many.
As well as investors and hedgers using derivatives to satisfy risk/reward criteria and optimise asset allocation, borrowers in the capital markets have found it very useful to embed equity options into bond issues to lower their overall cost of funds.
This book addresses the concerns of the whole range of users and potential users of equity derivatives. It is also essential reading for the investment bankers who structure the deals, the traders who ensure liquidity, and the lawyers and accountants whose clients increasingly need advice on the fiscal and accounting implications of using these products.
John Watson worked for Daiwa Europe after training as an accountant. He subsequently joined Bankers Trust International (BTI) where he was heavily involved in originating many of the firm's innovative derivatives transactions. In 1989 he left BTI with three colleagues to foimd Westminster Equity Ltd, a financial boutique specialising in the design and management of equity derivatives portfolios and proprietory trading strategies.
The cover illustration shows Titian's painting An Allegory of Prudence. The inscription reads: EX PRETERITO PR^SENS PRVNDENTER AGIT NIFVTVR - ACTIONÉ DETVRPET [FYom the past the man of the present acts prudently so as not to imperil the future). Reproduced by kind permission of the National Gallery, London. Vissza