REPO Handbook (Securities Institute Global Capital Markets) [Hardcover]

Moorad Choudhry (Author)

Book Description

ISBN-10: 0750651628 | ISBN-13: 978-0750651622 | Publication Date: June 19, 2002 | Edition: 1st

The book features an introduction to the structure and mechanics of repo, institutional practices and real-world examples. In addition the content includes necessary supplementary material such as bank asset and liability management, trading techniques, and a range of other applications of value in the global money markets.

Repo markets play a pivotal role in the world's economy. The Repo Handbook is the definitive, comprehensive guide to this most important element of the global debt capital markets. It describes the use, motivations and mechanics of the repo instrument, and features invaluable coverage of specific country markets and institutions. The reader is taken through classic repo, sell/buy backs and structured repo, as well as additional products such as the total return swap and securities lending. As important is the treatment of related areas, such as money markets, banking asset & liability management and the implied repo rate, vital to a full understanding of repo.

This book is the ultimate guide for bankers, repo traders and salespersons, money market participants, corporate treasurers, debt finance professionals and is organized into three parts:

Part I covers the repo instrument, and examines repo mechanics and use of repo. There is also a look at selected country repo markets around the world.

Part II of the book considers the institutional treatment of repo, with chapters on risk, netting, accounting, and legal issues. There is also a chapter on equity repo.

Part III looks at basis trading and the implied repo rate. This includes results of original research on the gilt bond basis, presented in accessible style.

* A complete guide to repo, including introductions to money markets and bonds
* Contains the author's personal anecdotes from trading
* Covers every aspect of repo for all participants including legal, tax, accounting and back office

Editorial Reviews

Review

"A clear, thorough and accurate account of the basics and instruments of
the repo market."

David Franklin, Senior Repo Dealer, HBOS plc.

"This book will be an excellent source for students and practitioners who want to learn more about this important market."

Professor Elias Dinenis , Associate Dean, Professor of Investment and Risk Management, City University Business School.

"The ultimate guide to the repo markets, covers the entire subject range from classic repo to total return swaps. The complete reference for traders, salespersons and treasurers. A brilliant achievement, and thoroughly recommended".

Remi Bola, Vice President, JPMorgan Chase Bank.

From the Publisher

What is a REPO? A REPO is essentially a secured loan, where collateral is sold with a price and date fixed for its re-purchase. Although in classic REPO full legal title to the collateral is transferred to the buyer, economic benefit of the collateral is retained by the seller. Thus REPO trades as a money market instrument. Repurchase agreements originated in arrangements between the US Federal Reserve Bank and the Money Market, but are now around the world. REPOs range in maturity from overnight to one year or even longer, and are an essential part of the debt capital markets. The UK government allowed gilts to be traded on the REPO market in 1996.

See all Editorial Reviews

Product Details

• Hardcover: 479 pages
• Publisher: Butterworth-Heinemann; 1st edition (June 19, 2002)
• Language: English
• ISBN-10: 0750651628
• ISBN-13: 978-0750651622
• Product Dimensions: 9.2 x 6.7 x 1.5 inches
• Shipping Weight: 2.3 pounds
• Average Customer Review: 4.1 out of 5 stars  See all reviews (14 customer reviews)
• Amazon Best Sellers Rank: #2,669,754 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews

16 of 16 people found the following review helpful:

1.0 out of 5 stars Timeless Principles, October 17, 2003

By A Customer

This review is from: REPO Handbook (Securities Institute Global Capital Markets) (Hardcover)

The review below and the nasty one-star review placed on Marcia Stigum's book recommending Mr. Choudrhy's work at the expense of Ms. Stigum's seem to suggest that she wrote the review favorably comparing her book to Mr. Choudrhy's book. Since she recently passed away, that is hardly possible, even though her book outsells this one even after her death.

It seems more appropriate to recognize that the principles of the money markets and repo and the mathematics of these markets are universal and timeless as is Marcia Stigum's work.

14 of 16 people found the following review helpful:

1.0 out of 5 stars Identity Crisis, January 22, 2004

By A Customer

This review is from: REPO Handbook (Securities Institute Global Capital Markets) (Hardcover)

It is interesting that most, if not all, of the 5-star reviews below appear to be written by the author's? aliases. For instance, the Oct. 7, Oct, 20, both Oct 22 reviews, and the Nov. 4 review all currently originate from X Moore from "John Rasheed", although in the past they've all shown London or Cape Town origin as "John Rasheed" sought to cover his tracks.

"Mr. Gagan Singh" writes several negative reviews of other books, but positive reviews of Mr. Choudhry's books. "Mr. Gagan Singh" wrote negative reviews of Ms. Stigum's "The Money Market" and alternately hails from NY, the USA, Capetown or from wherever next this chameleon chooses to hail as the reviews change.

"Matthew Bartlett" is another alias used on two book reviews of Fabozzi's "Collateralized Debt Obligations" book. One of the "Matthew Bartlett" reviews is signed "Moorad Choudhry" and praises the book with 5-stars, but the other review is unsigned and gives the book a one-star review. This is a serious identity crisis.

14 of 18 people found the following review helpful:

1.0 out of 5 stars Adequate but doesn't sell like Stigum, October 20, 2003

By A Customer

This review is from: REPO Handbook (Securities Institute Global Capital Markets) (Hardcover)

A one-star Amazon review of Ms. Stigum's book denigrates her work, but recommends another of Mr. Choudrhy's books, and coincidentally appeared after the negative review below, that could not possibly have come from Ms. Stigum. It seems merely retaliatory.

Ms. Stigum's work on the U.S. markets allows one to allows one to deduce the dynamics - and equips one to solve the mathematics - of the global money markets deserves high honors.

The unsportsmanlike behavior doesn't end there, since it seems that commercially successful books with titles that most closely match Mr. Choudrhy's upcoming releases have multiple one-star and two-star reviews from apparently the same reviewer and from seeming pseudonyms and free internet accounts.