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Informationen zum Autor Dr 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. Klappentext "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 TradingThe 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 AgreementTopics 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. Zusammenfassung The Repo markets have grown dramatically in the past few years because of the need to hedge short positions in the capital and derivatives markets. Virtually all major currency markets in the world now have an established repo market, the facility is also increasingly being used in developing currency markets as well. Inhaltsverzeichnis Foreword xv Preface xvii Preface to First Edition xix About the author xxi 1 Introduction to Repo 1 Importance of repo 3 Market participants 4 The repo instrument 5 Characteristics of repo 5 Classic repo 6 Summary 11 The sell/buy-back 11 Stock lending 13 Other repo products 14 Tri-party repo 15 Hold in custody repo 16 Safe-keeping repo 17 Borrow/Loan versus cash 17 Bonds borrowed/collateral pledged 17 Cross-currency repo 18 Exotic repo structures 19 Selected references 20 2 Market Background 21 Discounting and present value 22 Compounding 22 Discounting 23 Compounding more than once a year 23 Internal rate of return 24 Money market instruments 24 Securities quoted on a yield basis 25 Securities quoted on a discount basis 26 Money market formulae 27 Overview of bond market instruments 29 Definition of a bond 30 Fair pricing of bonds and bond yield 31 The yield curve 33 Theories of the yield curve 34 Bond price/yield relationship 34 Accrued interest 35 Accrual conventions 35 Selected references 36 3 The Mechanics of Repo 37 Uses and economic functions 38 Funding positions 38 Covering short positions 39 Yield enhancement 41 Margin 41 Initial margin 41 Variation margin 43 Other repo mechanics 44 Repo dealing risks 45 Interdependent risks 45 Financial market risks 46 Dealing with risk 49 Selected...
