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Traders Guns and Money is a wickedly comic expose of the culture, games and pure deceptions played out every day in trading rooms around the world. And played out with other people's money. A sensational insider's view of the business of trading and marketing derivatives, this revised edition explains the frighteningly central role that derivatives and financial products played in the global financial crisis. This worldwide bestseller reveals the truth about derivatives: those financial tools memorably described by Warren Buffett as 'financial weapons of mass destruction'. Traders, Guns and Money will introduce you to the players and the practices and reveals how the real money is made and lost. The global financial crisis took almost everyone by surprise and even now new problems keep appearing and solutions continue to be elusive. In the original version of Traders, Guns and Money, Satyajit Das provided a highly prescient insight into the structure and risk of the world financial system exposing the problems that are becoming readily apparent. In a 2006 speech - The Coming Credit Crash - Das argued that: an informed analysis ... shows that risk is not better spread but more leveraged and (arguably) more concentrated.... This does not improve the overall stability and security of the financial system but exposes it to increased risk of a crash .
Over 50 recipes covering all you need to know about AWS networkingAbout This BookMaster AWS networking concepts with AWS Networking Cookbook.Design and implement highly available connectivity and multi-regioned AWS solutionsA recipe-based guide that will eliminate the complications of AWS networking.A guide to automate networking services and featuresWho This Book Is ForThis book targets administrators, network engineers, and solution architects who are looking at optimizing their cloud platform's connectivity. Some basic understanding of AWS would be beneficial.What You Will LearnCreate basic network in AWSCreate production grade network in AWSCreate global scale network in AWSSecurity and Compliance with AWS NetworkTroubleshooting, best practices and limitations of AWS networkPricing model of AWS network componentsRoute 53 and Cloudfront concepts and routing policiesVPC Automation using Ansible and CloudFormationIn DetailThis book starts with practical recipes on the fundamentals of cloud networking and gradually moves on to configuring networks and implementing infrastructure automation. This book then supplies in-depth recipes on networking components like Network Interface, Internet Gateways, DNS, Elastic IP addresses, and VPN CloudHub. Later, this book also delves into designing, implementing, and optimizing static and dynamic routing architectures, multi-region solutions, and highly available connectivity for your enterprise.Finally, this book will teach you to troubleshoot your VPC's network, increasing your VPC's efficiency. By the end of this book, you will have advanced knowledge of AWS networking concepts and technologies and will have mastered implementing infrastructure automation and optimizing your VPC.Style and approachA set of exciting recipes on using AWS Networking services more effectively.
Over 50 recipes covering all you need to know about AWS networking About This Book * Master AWS networking concepts with AWS Networking Cookbook. * Design and implement highly available connectivity and multi-regioned AWS solutions * A recipe-based guide that will eliminate the complications of AWS networking. * A guide to automate networking services and features Who This Book Is For This book targets administrators, network engineers, and solution architects who are looking at optimizing their cloud platform's connectivity. Some basic understanding of AWS would be beneficial. What You Will Learn * Create basic network in AWS * Create production grade network in AWS * Create global scale network in AWS * Security and Compliance with AWS Network * Troubleshooting, best practices and limitations of AWS network * Pricing model of AWS network components * Route 53 and Cloudfront concepts and routing policies * VPC Automation using Ansible and CloudFormation In Detail This book starts with practical recipes on the fundamentals of cloud networking and gradually moves on to configuring networks and implementing infrastructure automation. This book then supplies in-depth recipes on networking components like Network Interface, Internet Gateways, DNS, Elastic IP addresses, and VPN CloudHub. Later, this book also delves into designing, implementing, and optimizing static and dynamic routing architectures, multi-region solutions, and highly available connectivity for your enterprise. Finally, this book will teach you to troubleshoot your VPC's network, increasing your VPC's efficiency. By the end of this book, you will have advanced knowledge of AWS networking concepts and technologies and will have mastered implementing infrastructure automation and optimizing your VPC. Style and approach A set of exciting recipes on using AWS Networking services more effectively.
The global economy is entering an era of protracted stagnation, similar to what Japan has experienced for over a decade.That is the message of this brilliant and controversial summary of our current economic predicament from an internationally respected consultant and commentator on financial markets, who predicted the Global Financial Crisis of 2008. The author challenges the assumption that growth can be perpetual and questions the ability of political leaders to enact the tough structural changes needed. He is particularly critical of the easy money approach to dealing with the great recession of 2008, citing the dangers of excessive debt and deep-seated fundamental imbalances. The fallout of these poor policies, he argues, will affect not only the business sector, but also the lifestyles and prosperity of average citizens and future generations. The author concludes with a thought experiment illustrating the large-scale changes that will be necessary to restore economic, financial, and social sustainability. This experiment has already been tried in Iceland, which went bankrupt in the wake of the 2008 crisis, and now, after a painful adjustment, is on the road to recovery. Written for the lay reader and peppered with witty anecdotes, this immensely readable book clearly explains the missteps that created the current dilemma, why a recovery has proved elusive, and the difficult remedies that must eventually be applied to ensure a stable future.
A Banquet of Consequences is a lively exploration by financial expert Satyajit Das on why, following the global credit crunch, the world is entering a period of prolonged economic stagnation, and what that means for all of us.The factors that caused the Global Financial Crisis of 2008 have not been addressed, notes Satyajit Das in this brilliantly clear-eyed account of the state of the world economy. Global debt today is higher than it was before the crisis. The big banks, bailed out by taxpayers at the height of the GFC, are now bigger than ever, by an astonishing 40 per cent. The problem of unfunded and unsustainable welfare entitlements remains unresolved. In most developed countries, economic growth, employment, income and investment are still struggling to return to pre-crisis levels. Meanwhile the developing countries have not become the new drivers of global prosperity they were expected to be.The crux of the issue, argues Das, is that economic growth cannot continue indefinitely. The reasons for this include demographic changes, lower rates of innovation, slower improvements in productivity, the increasing scarcity of natural resources, the impact of global warming, the reversal of globalisation, and the rising inequality within and between nations. The strategies deployed by governments to promote growth have failed. What's really needed is unpopular structural change, which will result in a reduction in wealth and living standards. World leaders know what to do, they just don 't know how to get re-elected after they 've done it. People don 't want to hear that their time of plenty has reached the end.Starting with the long period of expansion that followed the end of World War II, A Banquet of Consequences traces the cycle of booms and busts that culminated in the GFC, working through to the present day and outlining a future without growth. It looks at the ill-advised policies implemented by governments that have left jobs, investment and living standards stagnant while driving prices of shares, property and financial investment ever higher, creating the conditions for a financial crash on a scale even larger than the last crisis.The end of growth has vast consequences for us all, among them the increasing difficulty of finding a secure job with an adequate wage, buying a house and saving for retirement, a loss of trust in banks and political processes, and, perhaps most importantly, the impact on future generations, who will be forced to bear the cost of the problems.Satyajit Das is well known as a commentator and author, having anticipated the 2008 crisis and much of what has happened subsequently. He has penned both reference works and two international bestsellers, Traders, Guns & Money and Extreme Money. Written for the lay reader,A Banquet of Consequences is peppered with witty anecdotes and cultural references both traditional and popular. Satyajit Das is perhaps the only finance writer who can simultaneously make you outraged and chuckle as you read, and the experience is a delight. 'Fascinating reading . . . explaining not only the high-minded theory behind the business and its various products but the sometimes sordid reality of the industry.' Financial Times, London, on Traders, Guns & Money
The human race created money and finance. But our inventions re-create us. Mankind mistook money a lubricant of society and human well-being for an end in itself. Finance, the monetary shadow of real things, came to dominate human reality. Extreme Money tells the story of how this happened and, in so doing, it tells the story of the modern world. Bestselling author Satyajit Das draws on 33 years of personal experience at the heart of modern global finance to narrate this story. Das reveals the spectacular, dangerous money games that have generated increasingly massive bubbles of fake growth, Ponzi prosperity, sophistication, and wealth while endangering the jobs, possessions, and futures of virtually everyone outside the financial industry. Das shows how extreme money has become ever more unreal; how voodoo banking continues to generate massive phony profits even now; and how a new generation of Masters of the Universe has come to dominate the world. Extreme Money is about: The new financial fundamentalism: false gods, false prophets - Faith in money, faith in risk, faith in shadows The cult of risk and the growth engine that isn't - How financial engineering replaced real engineering and illusions replaced reality Financial alchemy and the Doomsday Debt Machine - The rise of the global financial machine we cannot escape The new global oligarchy and the nihilistic games they play - Too smart, too fast, too greedy, too self-absorbed and far too dangerous
Structured Products Volume 1 consists of 4 Parts and 20 Chapters covering applications of derivatives, the creation of synthetic assets using derivatives (such as asset swaps, structured notes and repackaged assets), exotic options, non-generic derivative structures used in interest rates and currency markets (including non-generic swaps, basis (floating-to-floating) swaps, swaptions (options on interest rate swaps), callable bonds, CMT products, IAR products, interest rate and currency structured products.
Structured Products, Volume 2 consists of 5 Parts and 21 Chapters covering equity derivatives (including equity swaps/options, convertible securities and equity linked notes), commodity derivatives (including energy, metal and agricultural derivatives), credit derivatives (including credit linked notes/collateralised debt obligations ( CDOs )), new derivative markets (including inflation linked derivatives and notes, insurance derivatives, weather derivatives, property, bandwidth/telephone minutes, macro-economic index and emission/environmental derivatives ) and tax based applications of derivatives. It also covers the structure and evolution of derivative markets including electronic trading markets and the origins, evolution and prospects for derivative markets. This title includes: Equity Linked Structures: Equity Derivatives - Equity Futures; Equity Options/Warrants & Equity Swaps; Convertible Securities; Structured Convertible Securities; Equity Linked Notes; Equity Derivatives - Investor Applications; Equity Capital Management - Corporate Finance Applications of Equity Derivatives. Commodity Linked Structures: Commodity Derivatives - Commodity Futures/Options, Commodity Swaps and Commodity Linked Notes; Commodity Derivatives - Energy (Oil, Natural Gas and Electricity) Markets; Commodity Derivatives - Metal Markets; and, Commodity Derivatives - Agricultural and Other Markets. Credit Derivatives: Credit Derivative Products; Credit Linked Notes/Collateralised Debt Obligations; Credit Derivatives/Default Risk - Pricing and Modelling; and, Credit Derivatives - Applications/Markets. New Markets: Inflation Indexed Notes and Derivatives; Alternative Risk Transfer/Insurance Derivatives; Weather Derivatives; New Markets - Property; Bandwidth; Macro-Economic and Environmental Derivatives; and, Tax and Structured Derivatives Transactions. Evolution Of Derivatives Markets: Electronic Markets and Derivatives Trading; and, Financial Derivatives - Evolution and Prospects.
Risk Management consists of 8 Parts and 18 Chapters covering risk management, market risk methodologies (including VAR and stress testing), credit risk in derivative transactions, other derivatives trading risks (liquidity risk, model risk and operational risk), organizational aspects of risk management and operational aspects of derivative trading. The volume also covers documentation/legal aspects of derivative transactions (including ISDA documentary framework), accounting treatment (including FASB 133 and IAS 39 issues), taxation aspects and regulatory aspects of derivative trading affecting banks and securities dealers (including the Basel framework for capital to be held against credit and market risk).
Derivative Products & Pricing consists of 4 Parts divided into 16 chapters covering the role and function of derivatives, basic derivative instruments (exchange traded products (futures and options on future contracts) and over-the-counter products (forwards, options and swaps)), the pricing and valuation of derivatives instruments, derivative trading and portfolio management.
The Third Edition of Credit Derivatives is a complete reference work offering comprehensive information on credit derivative products, applications, pricing/valuation approaches, documentation issues and accounting/taxation aspects of such transactions. Previous editions have consisted of a number of chapters written by the author and a collection of papers from leading market practitioners. This edition departs from the previous format -- all chapters have been written by the author, Satyajit Das. Key areas of new and enhanced coverage include: * Inclusion of latest developments in documentation (the 2003 Credit Derivative Definitions and market developments such as Master Confirmations).* Description of developments in structured credit products, including portfolio products, up-front credit default swaps, quanto credit default swaps, credit swaptions, zero recovery credit default swaps, first-to-default swaps/ Nth to-default swaps, and many more.* Increased coverage of credit linked notes including repackaging structures.* Detailed discussion of the collateralized debt obligations ( CDO ) market, including CDO structures, pricing and valuation, rating methodology, CDO variations, single tranche CDOs, hedging of CDO tranches, behavior of CDO tranche (equity, mezzanine, senior and super senior) investments.* Increased coverage of pricing of credit default swaps (including models and valuation approaches) and discussion of cash-synthetic basis and its causes and behavior.* Coverage of E2C (equity to credit) hedging.* Detailed examples of applications of credit derivatives by different market participants.* Discussion of trading in credit derivatives including more complex trading strategies such as basis trading and capital structure arbitrage trades.* Updated coverage of regulatory framework for credit derivatives.* Updated discussion of market structures, developments and prospects. Order your copy of this comprehensive work today.
Modern financial management entails an appreciation of a number of key mathematical concepts. This is particularly relevant to risk and risk management products, such as derivatives. The central role played by these products in capital markets is forcing an ever broader range of personnel to be aware of and utilise these concepts either from a supervisory perspective or in their day-to-day activities. This book explains the mathematical basis of risk and derivatives in a non-technical manner to allow non (maths) specialists to gain an appreciation of the concepts that are utilised. Each chapter is written by a leading market practitioner. The book looks at the basic mathematics underlying risk and risk management products and the applications of these techniques to a number of common settings. This should allow understanding to be gained about concepts actually used.