Securities Finance: Securities Lending and Repurchase Agreements (Frank J. Fabozzi Series) [Hardcover]

Frank J. Fabozzi CFA (Author), Steven V. Mann (Author)

Book Description

ISBN-10: 0471678910 | ISBN-13: 978-0471678915 | Publication Date: August 8, 2005 | Edition: 1

In Securities Finance, editors Frank Fabozzi and Steven Mann assemble a group of prominent practitioners in the securities finance industry to provide readers with an enhanced understanding of the various arrangements in the securities finance market. Divided into three comprehensive parts—Securities Lending, Bond Financing via the Repo Market, and Equity Financing Alternatives to Securities Lending—this book covers a wide range of securities finance issues, including alternative routes to the securities lending market, evaluating risks in securities lending transactions, U.S. and European repo markets, dollar rolls and their impact on MBS valuation and strategies, derivatives for financing equity positions and equity repos, and more. Filled with in-depth insight and expert advice, Securities Finance contains the information readers need to succeed in this rapidly expanding market.

Editorial Reviews

From the Back Cover

Securities finance involves borrowing and lending transactions that are motivated for various reasons such as obtaining securities for settlement, financing inventory positions, and generating incremental income.

In Securities Finance, editors Frank Fabozzi and Steven Mann assemble a group of prominent practitioners in the securities finance industry to provide you with an enhanced understanding of the various arrangements in the securities finance market.

Divided into three comprehensive parts—Securities Lending, Bond Financing via the Repo Market, and Equity Financing Alternatives to Securities Lending—this book covers a wide range of securities finance issues, including:

• Alternative routes to the securities lending market, including auctions
• Tax, legal, regulatory, and accounting for securities lending transactions
• Evaluating risks in securities lending transactions
• U.S. and European repo markets
• Dollar rolls and their impact on MBS valuation and strategies
• Derivatives for financing equity positions and equity repos

Filled with in-depth insight and expert advice, Securities Finance contains the information you need to succeed in this rapidly expanding market.

About the Author

FRANK J. FABOZZI, PhD, CFA, CPA, is the Frederick Frank Adjunct Professor of Finance at Yale University's School of Management. He is also a Fellow of the International Center for Finance at Yale University. Prior to joining the Yale faculty, Fabozzi was a visiting professor of finance in the Sloan School of Management at MIT. Fabozzi has authored and edited many acclaimed books in finance and is also the Editor of the Journal of Portfolio Management.

STEVEN V. MANN, PhD, is Professor of Finance at the Moore School of Business, University of South Carolina. He has coauthored four previous books and numerous articles in the area of investments, primarily fixed-income securities and derivatives. Mann also works as a consultant to investment/commercial banks and has conducted training programs for financial institutions throughout the United States.

Product Details

• Hardcover: 368 pages
• Publisher: Wiley; 1 edition (August 8, 2005)
• Language: English
• ISBN-10: 0471678910
• ISBN-13: 978-0471678915
• Product Dimensions: 9.4 x 6.1 x 1.2 inches
• Shipping Weight: 1.2 pounds (View shipping rates and policies)
• Average Customer Review: 4.7 out of 5 stars  See all reviews (3 customer reviews)
• Amazon Best Sellers Rank: #327,363 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews

4 of 4 people found the following review helpful:

4.0 out of 5 stars an education about repos, May 29, 2006

By 

W Boudville (Terra, Sol 3) - See all my reviews
(VINE VOICE)    (TOP 1000 REVIEWER)    (HALL OF FAME REVIEWER)    (REAL NAME)   

This review is from: Securities Finance: Securities Lending and Repurchase Agreements (Frank J. Fabozzi Series) (Hardcover)

The chapters are written by various people, often active in companies involved in creating or trading these securities or repos. Thus, an author from Countrywide Securities, and another from Ernst and Young. Also, the book is very recent.

Hence, you get a good education in current understanding and practices involving the lending of securities. There is a natural progression in logic, from the base securities to options and repos that are derivatives of this base. Plus, several chapters address the key issue of what are the various types of risks involved, and how to quantify these.

1 of 1 people found the following review helpful:

5.0 out of 5 stars Orion's Opinion, June 2, 2008

By 

Orion Karl Daley "Orion" (Nation wide) - See all my reviews

This review is from: Securities Finance: Securities Lending and Repurchase Agreements (Frank J. Fabozzi Series) (Hardcover)

I found the book to be excellent and informative. Being that Sec Lending and Repo for me personally have been learned in a second hand manner when rolling out Global One at UBS NA in 98, and setting up Martini Repo's Back End for Fortis, understanding these business models without such a book as Frank Fabozzi's had been challenging.

I have given it one read, and will reread, as any book I view should be read at least twice if not more. In particular, I enjoyed seeing the evolution of Securities Lending. I had expected to see more on Settlement and Clearing and plan to look for books on this too.

Two of the questions provoked in the first read was 'How much is the Industry Actually Leveraged'. In other words, in terms of the possible shorting on the loan itself from the Lender; and if the Lender is also a Borrower from another Lender; and what operation controls should be in place in order to not make duplicate loans of the same security?

In particular , I liked the detailed description of evaluating collateral ( both on book, and off book )

1 of 1 people found the following review helpful:

5.0 out of 5 stars Excellent, December 24, 2006

By 

David "daveyboy" (Near Royston, United Kingdom) - See all my reviews
(REAL NAME)   

Amazon Verified Purchase

This review is from: Securities Finance: Securities Lending and Repurchase Agreements (Frank J. Fabozzi Series) (Hardcover)

Very few books cover this subject are so comprehensively for the non-practitioner. I really felt I had a grip on Securities Lending and Finance by the time I finished this book.

Recommended highly