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9780071345064

Derivatives : A Manager's Guide to the World's Most Powerful Financial Instruments

by
  • ISBN13:

    9780071345064

  • ISBN10:

    007134506X

  • Edition: 1st
  • Format: Hardcover
  • Copyright: 1999-04-01
  • Publisher: McGraw-Hill
  • Purchase Benefits
List Price: $34.95

Summary

Today's executives and managers need derivatives to safeguard their companies from undue financial risk--but too many don't understand the rules! Derivatives provides easy-to-understand explanations on how these essential tools operate, and how executives unfamiliar with their dangers can cost their companies millions or even billions of dollars. From simple agricultural futures to the latest credit derivatives and swaps, it provides a comprehensive understanding of derivative products wihtout confusing the reader with unnecessary mathematics.

Author Biography

Philip McBride Johnson (Washington, D.C.) is a partner at the law firm of Skadden, Arps, Slate, Meagher, and Flom. An accomplished author, he was chairman of the CFTC and played a key role in drafting federal derivatives legislation.

Table of Contents

Why Bother with this Book? ix
Introduction xi
What Are Derivatives?
1(22)
Futures Contracts
3(3)
Options
6(4)
Swaps
10(6)
Hybrid Instruments
16(3)
Forward Contracts
19(1)
What Do You Mean ``Commodity''?
20(3)
Why Do They Exist?
23(8)
The Hedging Instinct
24(5)
Honoring the ``Speculator''
29(2)
Call in the Lawyers
31(12)
Exchange-Traded Derivatives
32(3)
Swap Agreements
35(2)
Hybrid Instruments
37(2)
Over-the-Counter Options
39(1)
Forward Contracts
39(2)
Playing the ``Institutional'' Card
41(2)
Where the Risks Are
43(19)
Valuation Risk
43(1)
Timing Risk
44(2)
Credit Risk
46(1)
Legal Risk
47(1)
Operational Risk
48(2)
Accounting Risk
50(2)
Boundary Risk
52(2)
Pollyanna Risk
54(1)
``Forrest Gump'' Risk
54(1)
Pretty-Face Risk
55(1)
Overharvesting Risk
56(1)
Side-of-the-Angels Risk
57(1)
Legal Double-Talk Risk
58(1)
Ratings Risk
59(2)
Career Risk
61(1)
A Case Study in Catastrophe---Sumitomo and the Copper Market
62(36)
Background
62(1)
Paying the Piper: The Massive CFTC Settlement
63(35)
The International Dimension
98(7)
The Globalization Phenomenon
98(2)
Cultural and Political Wild Cards
100(3)
Coordinating Regulatory Policy
103(2)
Doing It Right
105(8)
Living the Nightmare
105(1)
Constructing a Good Plan
106(7)
Rule 1: Get Up to Speed
107(1)
Rule 2: The Selection Process
108(1)
Rule 3: Everyone Is a Company Player
109(1)
Rule 4: Information Is Power
110(1)
Rule 5: The Guillotine Effect
111(2)
What the Pros Recommend
113(8)
Credit Risk
114(3)
Liquidity Risk
117(1)
Market Risk
118(1)
Earnings Risk
119(2)
Preparing for the Future
121(11)
The Rumored Demise of Open Outcry Trading
122(1)
Deconstructing the Traditional Exchange
123(7)
Step 1: Privatizing Exchange Ownership
125(1)
Step 2: Institutionalizing the Screen Dealing Mechanism
126(1)
Step 3: Operating the Self-Regulatory Program
126(1)
Step 4: The Clearing System
127(1)
Step 5: Liquidating Physical Assets
127(1)
Step 6: Forming the Trading Firm
128(1)
Step 7: The R&D Subsidiary
128(2)
Preparing for Regulatory Chaos
130(2)
The Political Dimension
132(8)
The Agency Players
133(2)
Congress
135(2)
The States
137(2)
The Media
139(1)
Conclusion 140(1)
Appendix A Report of the Board of Banking Supervision [Bank of England] Inquiry in the Circumstances of the Collapse of Barings 141(30)
Appendix B Excerpts from the United States General Accounting Office Report on Derivatives Losses Where Sales Abuses Were Alleged 171(6)
Appendix C Annex 1 through 6 to Supervisory Information Framework for Derivatives and Trading Activities-(Joint Report by the Basle Committee on Banking Supervision and the Technical Committee of the ``IOSCO'') 177(28)
Index 205

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