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Full Description
This book is an applications-first, practice-grounded guide to derivatives. Its aim is to show how contracts are used by asset managers, corporations, pensions, and banks to solve real financial problems—without turning the reader into a pricing specialist. It emphasizes application over abstraction while still covering valuation frameworks in their practical context. The text is modular. Part 1 interrogates why organizations adopt derivatives and lays conceptual foundations. Part 2 surveys instruments and market structures (forwards, futures, swaps, options, structured and credit products). Part 3 turns to strategies—speculative and hedging uses, portfolio integration, and backtesting—reframing earlier concepts in implementable terms. Part 4 examines institutional practice across corporate treasury, commercial banking, and investment banking, showing how identical instruments take on different roles across balance sheets and client settings. Part 5 provides the analytical backbone: no-arbitrage valuation for forwards/futures, the probabilistic foundations of option pricing, discrete-time lattice methods, and the Black-Scholes-Merton framework, followed by swap valuation—always with attention to assumptions, limits, and market realities.Pedagogically, the book builds intuition before formalism. Market-structure essentials—such as clearing, daily mark-to-market, and margining for exchange-traded derivatives—are explained to connect theory with trading mechanics. Across the whole, the objective is to demystify derivatives—not as villains or saviors, but as tools whose impact depends on how they are used.
