The Global Money Markets (Hardcover)

by Frank J. Fabozzi (Author), Steven V. Mann (Author), Moorad Choudhry (Author) "The money market is traditionally defined as the market for financial assets that have original maturities of one year or less..." (more)
Key Phrases: Bloomberg Financial Markets, Federal Reserve, Fannie Mae (more...)

Editorial Reviews

Review
"Fabozzi, Mann and Choudhry have written an excellent introduction to the money market." -- Riskbook.com

Fabozzi, Mann and Choudhry have written an excellent introduction to the money market. Stigum's (2002) Money Market has long been the standard text for this market, so let's compare. For many readers, Fabozzi, Mann and Choudhry will be the preferred text.

At one quarter the length (328 pages vs. 1250), we might call the new book "Stigum Light." This is not a bad thing. Many people don't have time to read the entire Stigum but can get through the shorter book in a few sittings. If someone has a job interview in a couple days and needs to learn about the money market fast, they are going to read Fabozzi, Mann and Choudhry.

The book achieves its relative brevity with only a modest sacrificing in depth of detail. Where it compromises is breadth. While Stigum devotes 400 pages to discussing the major players before proceeding to discuss the instruments that are traded, Fabozzi, Mann and Choudhry focus primarily on the instruments.

Coverage is broad, including Treasuries, agencies, corporate debt, financial institutions' debt, floaters, repos, short-term MBS and ABS, futures, FRA's, swaps, caps and floors. They also have nice chapters on asset-liability management and on bank capital requirements.

Whereas Stigum has very few formulas, Fabozzi, Mann and Choudhry is modestly more technical, detailing important pricing and yield calculations. These discussions are accompanied by Bloomberg screen shots that show the reader where the information is coming from. As you are reading, you can check the screen to see if an instrument uses an actual/actual or actual/360 basis. You can grab the current swap curve or check when a coupon is next paid. The screen shots put the examples in context and give the reader a sense of being there on a trading floor.

So how should you choose between the two books? Do you want a book you can read in a week or a book you can read in a month? Do you want a definitive text complete with historical insights and wonderful anecdotes, or do you want a practical shortcut? Do you want a book that is mostly non-technical, or do you want one that covers essential formulas accompanied with Bloomberg screen shots? Do you want a book that covers all aspects of the money markets, or do you want one that focuses primarily on the instruments? Both are available. What are you looking for?   --Riskbook.com

Product Description
The Global Money Markets is the ultimate and most comprehensive guide to the world’s money markets and the products that make up this vital element of the global economy. Written in a clear, accessible style, and including the most up-to-date information, this book is a great resource for all finance professionals, including market traders, salespeople, and corporate treasurers.

For the first time, this book brings together the complete range of products used in markets around the world. Through extensive use of real-world examples, case studies, and Bloomberg screens, every aspect of the market is described and analyzed in detail.

The instruments covered include:

• Traditional debt instruments such as bills, CDs, and bankers acceptances
• Corporate debt products, including commercial paper and medium-term notes
• The new range of securitized products, including short-term asset-backed securities and mortgage-backed securities
• Asset-backed CP conduits
• Floating-rate notes
• Derivative instruments, including short-term interest rate futures and swaps
• Repurchase and reverse repurchase agreements

This book is the complete reference work on the global money markets, written by the leading names in the business. The Global Money Markets is vital reading for anyone with an interest in money market products, practices, and mechanics.

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Product Details

• Hardcover: 328 pages
• Publisher: Wiley; 1st edition (July 15, 2002)
• Language: English
• ISBN-10: 0471220930
• ISBN-13: 978-0471220930
• Product Dimensions: 9.3 x 6.1 x 1.1 inches
• Shipping Weight: 1.3 pounds (View shipping rates and policies)
• Average Customer Review: 3.0 out of 5 stars See all reviews (2 customer reviews)
• Amazon.com Sales Rank: #999,037 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

20 of 25 people found the following review helpful:

1.0 out of 5 stars Stigum (or Success) versus Choudhry, October 19, 2003

By A Customer

A one-star Amazon review of the late Marcia Stigum's book: "The Money Market" denigrates her work, but recommends this book. Coincidentally it seems to have appeared just after a reviewer recommended her book over "The Repo Handbook" authored by Choudhry, one of the authors of this book.

It hardly seems sporting to denigrate the excellent work of Ms. Stigum when she is no longer able to set the record straight. Her classic work on the U.S. markets that 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 books with titles that compete with Mr. Choudrhy's upcoming releases have multiple one-star reviews from obvious pseudonyms and free internet accounts. The books that get the most attention from this stalker are the most commercially successful in the competing areas. Perhaps it is a fan gone mad, or perhaps there is a more obvious explanation.

I would have given this book three stars, but I deducted for bad sportsmanship.

3 of 8 people found the following review helpful:

5.0 out of 5 stars Good overall book on money markets, October 22, 2003

By A Customer

This is a timely book that covers in great detail virtually all apsects of the markets. Well written and well worth getting.