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Securities Operations: A Guide to Trade and Position Management (The Wiley Finance Series)

Securities Operations: A Guide to Trade and Position Management (The Wiley Finance Series) [Kindle Edition]

Michael Simmons
4.7 out of 5 stars  See all reviews (7 customer reviews)

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Product Description


"…Securities Operations provides an accessible and thorough review of the world of securities processing…its language is clear and its structure is excellent…Importantly, the author compliments this overview with useful worked examples and diagrammatic representations that add greatly to the readers understanding…" (GSCS Benchmarks, Vol.10, No.5)

Product Description

The only comprehensive account of operational risk in securities settlements
Securities Operations focuses on the settlement aspects of a securities transaction. As financial analysts make a greater effort toward quantifying and managing operational risk, they are paying more attention to securities transactions in general and to the settlement phase in particular. While describing the practical issues, this book enumerates the different "back office" related risks potentially encountered throughout the settlement. Simmons also covers more advanced topics such as derivatives, trade compensation, internal allocation of funding costs, and operational performance measurement.
Michael Simmons (London, UK) is currently Head of Business Consultancy at Wilco International, a major software systems provider to the financial markets.
Over the years, financial professionals around the world have looked to the Wiley Finance series and its wide array of bestselling books for the knowledge, insights, and techniques that are essential to success in financial markets. As the pace of change in financial markets and instruments quickens, Wiley Finance continues to respond. With critically acclaimed books by leading thinkers on value investing, risk management, asset allocation, and many other critical subjects, the Wiley Finance series provides the financial community with information they want. Written to provide professionals and individuals with the most current thinking from the best minds in the industry, it is no wonder that the Wiley Finance series is the first and last stop for financial professionals looking to increase their financial expertise.

Product details

  • Format: Kindle Edition
  • File Size: 6536 KB
  • Print Length: 486 pages
  • Publisher: Wiley; 1 edition (13 May 2002)
  • Sold by: Amazon Media EU S. r.l.
  • Language: English
  • Text-to-Speech: Enabled
  • X-Ray:
  • Average Customer Review: 4.7 out of 5 stars  See all reviews (7 customer reviews)
  • Amazon Bestsellers Rank: #151,079 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Customer Reviews

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Most Helpful Customer Reviews
9 of 9 people found the following review helpful
5.0 out of 5 stars Required Reading 20 May 2005
By A Customer
For anyone in and around the investment bank industry this is required reading. It covers the entire gamut of the operations unit, from Trade Validation and Agreement, through Settlement Instruction Status management, to Position Keeping & Funding.
It is easy to read and very much "what does happen in the real world" rather than theory. I've read many books of this ilk and this is best of breed.
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7 of 7 people found the following review helpful
Format:Hardcover|Verified Purchase
Michael Simmons' Securities Operations: A Guide to Trade and Position Management is IMHOP the best Financial Securities Operations text {Back, Front, Middle office; tilts more towards the Back}, for a new or even seasoned developer, app support, bus/sys analyst or investment banker. I work with traders, back & middle office and IT staff implemeting & supporting financial software at a top global investment bank, and though I have a fairly good financial background this book does a lot for me. It is very much what happens on the ground and reflects the others rich experience! For those developing, using, training or supporting financial s/w [Equities, Futures, FX, Options, Risk, Operations, etc.] it is easily the best.

In 450 pages it clearly and succintly covers the full gamut of the operations cycle and instrument types with sufficient details of data strucures and workflows, to design and develop a reasonably complete productline of client prototypes and services kernel of investment banking software, even covering relatively obscure areas like primary market, lending & colllateral operations. You only need to flesh them out with product, algorithmic or customer-specific requirements. No other book on the market comes close; indeed it covers STP better than the dedicated STP books. Some reviewers - who may not have really read the book - say it is euro-centric, outdated, etc. and rate it poorly; I beg to differ! It is as error-free as any book can get and includes tables and diagrams that make it enjoyable reading. It does not adequately hit areas such as details of derivative products, pricing algorithms, etc.
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1 of 1 people found the following review helpful
This was a good read and not dry and impenetrable as many books written for this industry are. It would be good to see some analysis of the major players in the industry (particularly given the growth in ECNs and ATSs in Europe) and perhaps expand on settlement in the area of derivatives, particularly exotics. Fodder for the next edition perhaps?
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Format:Kindle Edition
I bought this book to get an overview of the trade life cycle within an investment bank. I would recommend this for anyone needing a similar overview. The focus is largely on the activities that are required within operations (mainly the settlement process) but there is the right level of information to give an understanding of what is required for trade processing throughout the organization. It does not go into any details about derivatives or complex instruments but does give an overview of product types that gives enough of a foundation to allow readers to build on should they need to subsequently go to more specialist material. A section on the accounting entries is an excellent walk-through some trade entries that gives a good understanding of the basic accounting entries. The book ends with a consideration of some of the issues and initiatives that have historically been considered important within trading organisations. There may be a few more added since the book was written. However, the issues covered are not obsolote. In my opinion, the whole book has the right level of detail . This book should be required reading for anyone supporting or working in a securities trading organization.
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Popular Highlights

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Free of Payment (FoP) basis, whereby one (or both) parties to the trade will need to arrange delivery of securities or payment of cash prior to taking possession of the other asset. &quote;
Highlighted by 10 Kindle users
The generic name given to those who advise issuers, distribute the securities to investors and ensure that the issuer receives the necessary cash at the agreed time is lead manager. &quote;
Highlighted by 9 Kindle users
The most efficient and risk-free method of settlement is known as Delivery versus Payment (DvP), whereby simultaneous exchange of securities and cash is effected between buyer and seller (through their custodians), the seller not being required to deliver securities until the buyer pays the cash and the buyer not being required to pay cash until the seller delivers the securities, thereby ensuring that both parties are protected. &quote;
Highlighted by 7 Kindle users

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