Derivatives CFA Institute Investment Series 1st Edition by Wendy Pirie, Mark Kritzman ISBN 1119381819 9781119381815

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Product details:
ISBN 10: 1119381819
ISBN 13: 9781119381815
Author: Wendy Pirie, Mark Kritzman

The complete guide to derivatives, from the experts at the CFA

Derivatives is the definitive guide to derivatives, derivative markets, and the use of options in risk management. Written by the experts at the CFA Institute, this book provides authoritative reference for students and investment professionals seeking a deeper understanding for more comprehensive portfolio management. General discussion of the types of derivatives and their characteristics gives way to detailed examination of each market and its contracts, including forwards, futures, options, and swaps, followed by a look at credit derivatives markets and their instruments. Included lecture slides help bring this book directly into the classroom, while the companion workbook (sold separately) provides problems and solutions that align with the text and allows students to test their understanding while facilitating deeper internalization of the material.

Derivatives have become essential to effective financial risk management, and create synthetic exposure to asset classes. This book builds a conceptual framework for understanding derivative fundamentals, with systematic coverage and detailed explanations.

• Understand the different types of derivatives and their characteristics
• Delve into the various markets and their associated contracts
• Examine the use of derivatives in portfolio management
• Learn why derivatives are increasingly fundamental to risk management

The CFA Institute is the world’s premier association for investment professionals, and the governing body for the CFA, CIPM, and Investment Foundations Programs. Those seeking a deeper understanding of the markets, mechanisms, and use of derivatives will value the level of expertise CFA lends to the discussion, providing a clear, comprehensive resource for students and professionals alike. Whether used alone or in conjunction with the companion workbook, Derivatives offers a complete course in derivatives and their markets.

Derivatives CFA Institute Investment Series 1st Edition Table of contents:

Part I: Introduction to Derivatives

1. Introduction to Derivatives

   • What are derivatives? An overview of financial instruments
   • The role of derivatives in financial markets
   • Types of derivatives: forwards, futures, options, and swaps
   • Key concepts in derivative pricing and markets

2. Basic Concepts in Derivative Contracts

   • The mechanics of forwards and futures contracts
   • Understanding option contracts: calls and puts
   • Swaps: definitions and types (e.g., interest rate swaps, currency swaps)
   • The concept of leverage in derivatives

Part II: Pricing of Derivatives

3. Time Value of Money and Discounting

   • Basic principles of the time value of money
   • Discounting cash flows and present value calculations
   • Role of interest rates in derivative pricing

4. Valuing Forwards and Futures

   • How forwards and futures are priced
   • Cost-of-carry model for futures pricing
   • Arbitrage opportunities in the futures market

5. Valuing Options

   • The Black-Scholes model: assumptions, inputs, and formula
   • Binomial option pricing model
   • Option Greeks: delta, gamma, theta, vega, and rho
   • Volatility and its impact on option prices

6. Valuing Swaps

   • The mechanics of swap pricing
   • Valuation of interest rate swaps
   • Currency swaps and their pricing

Part III: Derivative Markets and Trading

7. Derivative Markets: Structure and Participants

   • Overview of organized exchanges vs. over-the-counter (OTC) markets
   • The role of clearinghouses in derivatives markets
   • Market participants: speculators, hedgers, arbitrageurs, and market makers

8. Trading Strategies Using Derivatives

   • Hedging with derivatives: reducing risk exposure
   • Speculating with derivatives: leveraging opportunities
   • Arbitrage strategies: risk-free profit opportunities in derivatives markets

Part IV: Advanced Topics in Derivatives

9. Options Strategies

   • Basic option strategies: buying calls and puts
   • Advanced option strategies: spreads, straddles, and strangles
   • Risk management using options

10. Exotic Options and Structured Products

    • What are exotic options? Definitions and examples
    • Pricing and trading exotic options
    • Structured products: using derivatives to create customized financial products

11. Credit Derivatives

    • The role of credit derivatives in financial markets
    • Credit default swaps (CDS) and their pricing
    • Other types of credit derivatives: collateralized debt obligations (CDOs), total return swaps

12. Risk Management and Derivatives

    • Using derivatives for risk management: interest rate risk, currency risk, and commodity price risk
    • Portfolio insurance and the use of options
    • Managing credit and market risks through derivatives

Part V: The Role of Derivatives in Financial Crises

13. Derivatives and Financial Crises
    • The role of derivatives in the 2008 financial crisis
    • Regulatory responses to derivative trading (e.g., Dodd-Frank, Basel III)
    • The future of derivatives and systemic risk

Appendices

• A. Mathematical Preliminaries for Derivatives

  • Basic calculus and probability concepts required for understanding derivatives
  • Introduction to stochastic processes and random walks

• B. Glossary of Terms

  • Key terminology and definitions for derivatives and financial instruments

• C. Further Reading

  • Recommended books, articles, and papers for in-depth study

• D. Index

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