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An Arbitrage Guide to Financial Markets (The Wiley Finance Series)
 
 
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An Arbitrage Guide to Financial Markets (The Wiley Finance Series) [Hardcover]

Robert Dubil (Author)
5.0 out of 5 stars  See all reviews (3 customer reviews)

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Book Description

0470853328 978-0470853320 November 1, 2004 1
An Arbitrage Guide to Financial Markets is the first book to explicitly show the linkages of markets for equities, currencies, fixed income and commodities. Using a unique structural approach, it dissects all markets the same way: into spot, forward and contingent dimensions, bringing out the simplicity and the commonalities of all markets. The book shuns stochastic calculus in favor of cash flow details of arbitrage trades. All math is simple, but there is lots of it. The book reflects the relative value mentality of an institutional trader seeking profit from misalignments of various market segments.

The book is aimed at entrants into investment banking and dealing businesses, existing personnel in non-trading jobs, and people outside of the financial services industry trying to gain a view into what drives dealers in today’s highly integrated marketplace. A committed reader is guaranteed to leave with a deep understanding of all current issues.

"This is an excellent introduction to the financial markets by an author with a strong academic approach and practical insights from trading experience. At a time when the proliferation of financial instruments and the increased use of sophisticated mathematics in their analysis, makes an introduction to financial markets intimidating to most, this book is very useful. It provides an insight into the core concepts across markets and uses mathematics at an accessible level. It equips readers to understand the fundamentals of markets, valuation and trading. I would highly recommend it to anyone looking to understand the essentials of successfully trading, structuring or using the entire range of financial instruments available today."
—Varun Gosain, Principal, Constellation Capital Management, New York

"Robert Dubil, drawing from his extensive prior trading experience, has made a significant contribution by writing an easy to understand book about the complex world of today’s financial markets, using basic mathematical concepts.  The book is filled with insights and real life examples about how traders approach the market and is required reading for anyone with an interest in understanding markets or a career in trading."
—George Handjinicolaou, Partner, Etolian Capital, New York

"This book provides an excellent guide to the current state of the financial markets. It combines academic rigour with the author’s practical experience of the financial sector, giving both students and practitioners an insight into the arbitrage pricing mechanism."
—Zenji Nakamura, Managing Director, Europe Fixed Income Division, Nomura International plc, London


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Editorial Reviews

From the Inside Flap

"This is an excellent introduction to the financial markets by an author with a strong academic approach and practical insights from trading expereince.  At a time when the proliferation of financial instruments and the increased use of sophisticated mathematics in their analysis, makes an introduction to financial market intimidating to most, this book is very useful.  It provides an insight into the core concepts across markets and uses mathematics at an accessible level.  It equips readers to understand the fundamentals of markets, valuation and trading.  I would lighly recommend it to anyone looking to understand the essentials of successfully trading, structuring or using the entire range of financial instruments available today." Varun Gosain, Principal, Constellation Capital Management, New York.

From the Back Cover

An Arbitrage Guide to Financial Markets is the first book to explicitly show the linkages of markets for equities, currencies, fixed income and commodities. Using a unique structural approach, it dissects all markets the same way: into spot, forward and contingent dimensions, bringing out the simplicity and the commonalities of all markets. The book shuns stochastic calculus in favor of cash flow details of arbitrage trades. All math is simple, but there is lots of it. The book reflects the relative value mentality of an institutional trader seeking profit from misalignments of various market segments.

The book is aimed at entrants into investment banking and dealing businesses, existing personnel in non-trading jobs, and people outside of the financial services industry trying to gain a view into what drives dealers in today’s highly integrated marketplace. A committed reader is guaranteed to leave with a deep understanding of all current issues.

"This is an excellent introduction to the financial markets by an author with a strong academic approach and practical insights from trading experience. At a time when the proliferation of financial instruments and the increased use of sophisticated mathematics in their analysis, makes an introduction to financial markets intimidating to most, this book is very useful. It provides an insight into the core concepts across markets and uses mathematics at an accessible level. It equips readers to understand the fundamentals of markets, valuation and trading. I would highly recommend it to anyone looking to understand the essentials of successfully trading, structuring or using the entire range of financial instruments available today."
—Varun Gosain, Principal, Constellation Capital Management, New York

"Robert Dubil, drawing from his extensive prior trading experience, has made a significant contribution by writing an easy to understand book about the complex world of today’s financial markets, using basic mathematical concepts.  The book is filled with insights and real life examples about how traders approach the market and is required reading for anyone with an interest in understanding markets or a career in trading."
—George Handjinicolaou, Partner, Etolian Capital, New York

"This book provides an excellent guide to the current state of the financial markets. It combines academic rigour with the author’s practical experience of the financial sector, giving both students and practitioners an insight into the arbitrage pricing mechanism."
—Zenji Nakamura, Managing Director, Europe Fixed Income Division, Nomura International plc, London


Product Details

  • Hardcover: 344 pages
  • Publisher: Wiley; 1 edition (November 1, 2004)
  • Language: English
  • ISBN-10: 0470853328
  • ISBN-13: 978-0470853320
  • Product Dimensions: 9.9 x 6.7 x 0.9 inches
  • Shipping Weight: 1.6 pounds (View shipping rates and policies)
  • Average Customer Review: 5.0 out of 5 stars  See all reviews (3 customer reviews)
  • Amazon Best Sellers Rank: #374,847 in Books (See Top 100 in Books)

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Average Customer Review
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Most Helpful Customer Reviews

15 of 17 people found the following review helpful:
5.0 out of 5 stars Excellent undertaking!, December 27, 2004
This review is from: An Arbitrage Guide to Financial Markets (The Wiley Finance Series) (Hardcover)
Probably the single best introduction to financial markets' mechanics. The complex workings of the financial world are decomposed into simple building blocks, that have their foundation upon the principle of risk-sharing. Maybe of all books about hedge fund strategies, this is one of the clearest and most useful expositions of the principles upon which absolute return strategies are based - even though it has no magic 'hedge fund' words in its title to capture the reader's attention. Amid a flood of useless marketing stuff about hedge funds (including some of the works of Dr. Nicholas) and extremely boring expositions of minute details about the institutional and regulatory details of various markets this is a very good achievement indeed. Although truly sophisticated readers would probably want to look elsewhere, this book gives you something essential, which painfully misses from many fields of modern knowledge - a broad picture, without which we risk not to see the wood for the trees.
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3 of 5 people found the following review helpful:
5.0 out of 5 stars Comprehensive Intro with Excellent style, August 27, 2008
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Mobigital (New York, NY) - See all my reviews
This review is from: An Arbitrage Guide to Financial Markets (The Wiley Finance Series) (Hardcover)
A very clear way of presenting the complex material. This is my favorite book with advanced coverage. Author uses a lot of examples with actual numbers so that it's easier to understand what the numbers are and what they mean.
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3 of 14 people found the following review helpful:
5.0 out of 5 stars An excellent book by a well known professional, April 14, 2005
By 
This review is from: An Arbitrage Guide to Financial Markets (The Wiley Finance Series) (Hardcover)
From someone who not only read the book but also worked for the author in the risk management field, I highly recommend this book, specifically for the clarity of style and good explanations.
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Inside This Book (learn more)
First Sentence:
Financial markets play a major role in allocating wealth and excess savings to productive ventures in the global economy. Read the first page
Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
net variation margin, term zero rates, interest accrual period, one period from today, fair value equation, asset transformers, futures expiry date, relative arbitrage, relative value trades, relative value arbitrage, call swaption, k , cash flow exchange, rate , corporate bond trading, coupon stream, floating rate bond, coupon formula, rollover strategy, reporting dealers, yield curve movements, triangular arbitrage, stock index arbitrage, covered interest rate parity, pay side
Key Phrases - Capitalized Phrases (CAPs): (learn more)
Financial Math, New York, Quarterly Review, Wall Street Journal, Spot Relative Value Trades, Bond Duration, Option Arbitrage, Bond Face, Duration Convex, John Dealer, Profit Move, Global Credit Research, Fed Funds, Hong Kong, Investors Service, Journal of Financial Economics, Deutsche Bank, European Repo Market Survey, Ganesh Rajendra, Global Markets Research, Managing Director, Maturity Zero Coupon, Sdn Sup, Start End, The Use of Securitization
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