An introduction to foreign exchange & money markets

목차 (Table of Contents)

• CONTENTS
• Part 1 - Money Markets and Foreign Exchange
• Section 1 Why are there Money Markets and Foreign Exchange?
• Introduction = 15
• The Cash Markets = 16
• Money Markets = 17
• Where are the Money Markets? = 18
• Foreign Exchange = 18
• Why does FX Exist? = 19
• Where are the FX Markets? = 19
• How Did It all Start? = 20
• Factors Influencing FX Rates = 21
• What Drives FX Markets? = 21
• Summary = 25
• Quick Quiz Questions = 26
• Overview = 27
• Quick Quiz Answers = 28
• Further Resources = 28
• Section 2 How do the Money Markets and Foreign Exchange Work?
• Introduction = 31
• Money Markets = 32
• Central Banks = 32
• Discount Markets = 33
• Interbank Markets = 37
• Interbank Offered Rates = 40
• Interest Rates - Their Global Market Effects = 41
• The Money Markets at Work = 45
• Who Uses the Money Markets? = 46
• Foreign Exchange = 48
• The FX Deal = 49
• Forward FX and the Money Markets = 52
• The FX Markets at Work = 53
• Who Uses FX Markets? = 58
• Risk and Credit = 59
• Market Risk = 59
• Settlement Risk = 60
• Credit Risk = 60
• The Credit Review Process = 60
• Credit Rating = 63
• Regulation = 64
• Summary = 65
• Quick Quiz Questions = 66
• Overview = 67
• Quick Quiz Answers = 69
• Further Resources = 69
• Section 3 What Instruments are Used in the Markets?
• Introduction = 73
• Money Market Instruments = 74
• Negotiable Instruments = 75
• Coupon Bearing Instruments = 76
• Repos = 78
• Discount lnstruments = 79
• Derivatives = 82
• Foreign Exchange Instruments = 85
• FX Transactions = 86
• FX Swaps = 91
• Derivatives = 92
• Summary = 96
• Quick Quiz Questions = 97
• Overview = 98
• Quick Quiz Answers = 100
• Further Resources = 100
• Section 4 Trading in the Money Markets and Foreign Exchange
• Introduction = 105
• Factors Influencing Trading = 107
• Interest and Deposit Rates = 107
• Position Control = 108
• Arbitrage = 109
• The Importance of News = 109
• FX Dealers = 110
• How Do They Operate? = 110
• Where Do They Work? = 110
• FX Dealing Tasks = 111
• OTC Conversations and Traders' Days = 113
• A Spot FX Deal = 114
• A 3 Month FX Swap Deal = 116
• 24 hours in the Life of an FX Dealer = 117
• 24 hours in the Life of a Forward Dealer = 121
• 24 hours in the Life of a Voice Broker = 125
• Electronic Trading Systems = 127
• An Overnight FX Swap Deal - D2000-1 = 128
• Trading on an Exchange = 129
• Hand Signals = 131
• Summary = 133
• Quick Quiz Questions = 134
• Overview = 135
• Quick Quiz Answers = 136
• Further Resources = 136
• Part 2 - Money Market Instruments
• Section 1 Coupon Bearing Instruments
• Coupon Bearing Instruments = 141
• Money Market Deposits = 141
• Interbank Deposits = 141
• Certificates of Deposit(CDs) = 147
• CDs in the Market Place = 147
• Repurchase Agreements(Repos) = 151
• Summary = 152
• Quick Quiz Questions = 153
• Overview = 155
• Quick Quiz Answers = 156
• Further Resources = 157
• Section 2 Discount Instruments
• Discount lnstruments = 161
• Treasury Bills = 161
• Valuing Treasury Bills = 161
• Bills of Exchange／Banker's Acceptance = 165
• Who Uses BAs = 165
• Eligible BAs = 166
• Valuing Bills of Exchange = 166
• Commercial Paper(CP) = 169
• Euro Commercial Paper(EURO CP, ECP) = 169
• Valuing Commercial Paper = 169
• Summary = 174
• Quick Quiz Questions = 175
• Overview = 176
• Quick Quiz Answers = 177
• Further Resources = 178
• Section 3 Money Market Derivatives
• Derivative Instruments = 181
• Hedging = 181
• Forward Rate Agreements(FRAs) = 182
• Terms and Specifications : Forward Rate Agreements(FRAs) = 182
• Terms Used = 183
• Valuing Forward Rate Agreements = 183
• Comparing FRAs with Interest Rate Futures Contracts = 184
• FRAs in the Market Place = 185
• Interest Rate Futures = 191
• Exchange Contracts = 191
• Typical Contract Specifications = 192
• Profit and Loss on a Futures Contract = 195
• Hedging Revisited = 195
• Speculation = 197
• Relationship with OTC Forward Contracts = 198
• Trading Strategies for Interest Rate Futures = 198
• Interest Rate Swaps(IRS) = 202
• Terms and Specifications = 203
• Market Activity in IRSs = 203
• Hedging with Interest Rate Swaps = 204
• Interest Rate Swaps - Market Makers = 205
• Valuing Interest Rate Swaps = 206
• Swap Curves = 206
• Options on Interest Rate Futures = 211
• Exchange Traded Interest Rate Options = 212
• Typical Contract Specifications = 213
• Options on Interest Rate Futures in the Market Place = 214
• Trading Strategies for Options = 215
• Options on FRAs(Caps and Floors) = 217
• Caps = 218
• Floors = 219
• Collars = 219
• IRGs in the Market Place = 221
• Swaptions = 223
• What is a Swaption? = 223
• Who Uses Swaptions? = 223
• Swaptions in the Market Place = 224
• Summary = 226
• Quick Quiz Questions = 227
• Overview = 231
• Quick Quiz Answers = 232
• Further Resources = 234
• Part 3 - Foreign Exchange Instruments
• Section 1 Transaction Instruments
• Spot Transactions = 241
• Currencies versus USD = 241
• Terms and Specifications : Foreign Exchange = 242
• Brokers = 244
• Working Out a Net Position = 245
• Average Rates = 245
• Market-making : Using the Spread = 245
• Calculating Profit and Loss = 246
• Cross Rate Transactions = 248
• Calculating Cross Rates = 249
• Forward Outright Transactions = 251
• Forward Points = 252
• Discount or Premium? = 255
• Around Par = 254
• Forward Outright Transactions in the Market Place = 255
• FX Swaps = 258
• Forward Value Dates = 259
• Swap Market Conventions and Terminology = 261
• The FX Swap Deal Ticket = 262
• Who Uses FX Swaps? = 263
• Valuing FX Swaps = 266
• Summary = 270
• Quick Quiz Questions = 271
• Overview = 276
• Quick Quiz Answers = 277
• Further Resources = 279
• Section 2 FX Derivatives
• Synthetic Agreements for Foreign Exchange(SAFEs) = 283
• Uses of SAFEs = 283
• SAFEs in the Market Place = 284
• Currency Futures = 285
• Exchange Contracts = 286
• Currency Futures in the Market Place = 287
• Currency Swaps = 291
• Comparing FX Swaps and Currency Swaps = 292
• Uses of Currency Swaps = 292
• Currency Swaps in the Market Place = 296
• Currency Options-on Cash and on Futures = 303
• Currency Options Trading = 304
• Who Uses Currency Options? = 308
• Currency Options in the Market Place = 309
• Summary = 317
• Quick Quiz Questions = 318
• Overview = 320
• Quick Quiz Answers = 321
• Further Resources = 323