THE commercial banking business has changed dramatically over the past 30 years, due in
large part to technological change. 1 Advances in telecommunications, information …

Synthetic collateralized debt obligations, or synthetic CDOs, are popular vehicles for trading
the credit risk of a portfolio of assets. Following a brief summary of the development of the …

Unlike banking textbooks that emphasise institutional arrangements in the banking world,
the primary purpose of this book is to propose a sound valuation model for banks …

Arbitrage—the trading practice that involves buying assets in one market at a cheap price
and immediately selling them in another market for a profit—is fundamental to the practice of …

We provide detailed descriptions, including over 550 mathematical formulas, for over 150
trading strategies across a host of asset classes (and trading styles). This includes stocks …

There has been an increasing interest in financial markets across sociology, history,
anthropology, cultural studies, and related disciplines over the past decades, with particular …

Discusses the technological change and financial innovation that commercial banking has
experienced during the past 25 years. Describes the role of the financial system in …

Arbitrage—the financial trading strategy in which securities are bought at a high price and
sold at a lower price to profit from differences in price across markets or time—is central to …

Over the second half of the 1990s, the surfacing of credit derivatives and collateralized debt
obligations (CDOs) enlarged the range of more traditional instruments for transferring credit …

We review the limited available literature relating to markets for credit risk transfer. These
markets help to complete incomplete financial markets for credit risk by facilitating the …