The Global Money Markets

Overview

The money markets are the vital conduit through which governmentand corporate finances are raised and invested. Global capitalflows-essential to the continuing development of the world'seconomy-hinge on the smooth functioning of the money markets. TheGlobal Money Markets is the first concise, detailed account of thismost essential element of the capital markets. The principalobjective of this book is to give you a clear picture of how themoney markets operate and how they function to provide the liquid,instant ...

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Overview

The money markets are the vital conduit through which governmentand corporate finances are raised and invested. Global capitalflows-essential to the continuing development of the world'seconomy-hinge on the smooth functioning of the money markets. TheGlobal Money Markets is the first concise, detailed account of thismost essential element of the capital markets. The principalobjective of this book is to give you a clear picture of how themoney markets operate and how they function to provide the liquid,instant market that is required in today's electronic age.

Comprehensive content takes you from introductory-level issues tothe most intricate details of advanced topics. This book covers allaspects of today's markets and the range of instruments used aroundthe world. It includes vanilla products such as bills andcommercial paper as well as securitized products such asasset-backed commercial paper. Further developments, includingshort-term asset-backed securities, are also covered, as is thefull range of money market derivatives. Rounding out the discussionof money market products, practices, and mechanics, The GlobalMoney Markets also covers such topics as repo, banking ALM, andregulatory capital in extensive detail.

The Global Money Markets is the ultimate guide to the world's moneymarkets: essential reading for practitioners and students alike.

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Editorial Reviews

From the Publisher
Fabozzi, Mann and Choudhry have written an excellent introductionto the money market. Stigum's (2002) Money Market haslong been the standard text for this market, so let's compare. Formany readers, Fabozzi, Mann and Choudhry will be the preferredtext.

At one quarter the length (328 pages vs. 1250), we might callthe new book "Stigum Light." This is not a bad thing. Many peopledon't have time to read the entire Stigum but can get through theshorter book in a few sittings. If someone has a job interview in acouple days and needs to learn about the money market fast,they are going to read Fabozzi, Mann and Choudhry.

The book achieves its relative brevity with only a modestsacrificing in depth of detail. Where it compromises is breadth.While Stigum devotes 400 pages to discussing the major playersbefore proceeding to discuss the instruments that are traded,Fabozzi, Mann and Choudhry focus primarily on the instruments.

Coverage is broad, including Treasuries, agencies, corporatedebt, financial institutions' debt, floaters, repos, short-term MBSand ABS, futures, FRA's, swaps, caps and floors. They also havenice chapters on asset-liability management and on bank capitalrequirements.

Whereas Stigum has very few formulas, Fabozzi, Mann and Choudhryis modestly more technical, detailing important pricing and yieldcalculations. These discussions are accompanied by Bloomberg screenshots that show the reader where the information is coming from. Asyou are reading, you can check the screen to see if an instrumentuses an actual/actual or actual/360 basis. You can grab the currentswap curve or check when a coupon is next paid. The screen shotsput the examples in context and give the reader a sense of beingthere on a trading floor.

So how should you choose between the two books? Do you want abook you can read in a week or a book you can read in a month? Doyou want a definitive text complete with historical insights andwonderful anecdotes, or do you want a practical shortcut? Do youwant a book that is mostly non-technical, or do you want one thatcovers essential formulas accompanied with Bloomberg screen shots? Do you want a book that covers all aspects of the money markets, ordo you want one that focuses primarily on the instruments? Both areavailable. What are you looking for?   —Riskbook.com

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Product Details

  • ISBN-13: 9780471220930
  • Publisher: Wiley
  • Publication date: 8/5/2002
  • Series: Frank J. Fabozzi Series, #4
  • Edition number: 1
  • Pages: 336
  • Product dimensions: 9.00 (w) x 6.00 (h) x 0.81 (d)

Meet the Author

FRANK J. FABOZZI, PhD, CFA, is Editor of the Journal of PortfolioManagement and an Adjunct Professor of Finance at Yale University'sSchool of Management. Dr. Fabozzi is on the board of directors ofthe Guardian Life family of funds and the BlackRock complex offunds. He earned a doctorate in economics from the City Universityof New York in 1972 and, in 1994, received an honorary doctorate ofhumane letters from Nova Southeastern University. Dr. Fabozzi is aFellow of the International Center for Finance at YaleUniversity.
STEVEN V. MANN is Professor of Finance at the Moore School ofBusiness, University of South Carolina. He has coauthored twoprevious books and numerous articles in the area of investments,primarily fixed-income securities and derivatives. Professor Mannis an accomplished teacher, winning seventeen awards for excellencein teaching. He also works as a consultant to investment/commercialbanks and has conducted training programs for financialinstitutions throughout the United States.
MOORAD CHOUDHRY is a Vice President in structured finance serviceswith JPMorgan Chase Bank in London. He traded sterling moneymarkets at ABN Amro Hoare Govett Limited and at Hambros BankLimited. Moorad is a Fellow of the Centre for Mathematical Tradingand Finance, City University Business School, and is Editor of theJournal of Bond Trading and Management. He has written severalbooks in the area of fixed-income securities.

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Table of Contents

About the Authors.

Acknowledgements.

Introduction.

Money Market Calculations.

U.S. Treasury Bills.

Agency Instruments.

Corporate Obligations:Commercial Paper and Medium-Term Notes.

Debt Obligations of Financial Institutions.

Floating-Rate Securities.

Repurchase and Reverse Repurchase Agreements.

Short-Term Mortgage-Backed Securities.

Short-Term Asset-Backed Securities.

Futures and Forward Rate Agreements.

Swaps and Caps/Floors.

Asset and Liability Management.

Bank Regulatory Capital.

Index.

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