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Derivatives Demystified: A Step-by-Step Guide to Forwards, Futures, Swaps and Options (The Wiley Finance Series) Hardcover – 16 Jul 2010
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About the Author
Andrew Chisholm, (London, UK) is an independent consultant providing derivatives and capital markets training services to the investment banking industry. He has taught finance for major investment banks and portfolio management firms around the world since 1986 and was formerly head of training for JP Morgan in Europe. He was co–founder of Chisholm Roth and Company Ltd., a specialist in computer simulation–based training for traders, investors and risk managers in the capital markets industry. Andrew was educated at Edinburgh and Oxford Universities and Dartmouth College in the US and also has an MBA from the Warwick University Business School.
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Top Customer Reviews
This is a comprehensive guide that will answer most readers' queries without having to refer elsewhere.
Each chapter refers to a particular aspect of the market and an example scenario is given which is worked through the chapter. This helps the reader understand why a particular product may be traded but is general enough to be relevant for any reader. In terms of detail, enough is provided but this is not as strong a reference as Hull's book I mentioned earlier. For example, Black-Scholes method for options pricing is described in good detail but not as much as other references.
For me this is an excellent book to broaden your knowledge and increase your understanding. I would recommend reading it alongside the Hull book as it means you can combine both books to get the greater knowledge but perhaps use this one as a starting point.
The only negative I would say about this book is that it is a little US-centric with its descriptions, although given the main derivatives exchange is American this isn't that much of a criticism.
Most Helpful Customer Reviews on Amazon.com (beta)
Derivatives Demystified: A Step-by-Step Guide to Forwards, Futures, Swaps and Options (The Wiley Finance Series)
I'm reading the first edition of this book. I got this from a friend of mine who had heard I was looking at whetting my appetite in the stock market. At first, I didn't think much of it since it seemed to fall into what I had dubbed at the time, "complex trading." (A phrase of mine.)
During more research with regards to the market, I came across covered call writing, which is one way of hedging with options. Look Alan Ellman on this. He's got great tutorials online and a slew of books on the subject.
I knew this book had a section on options and boy, does it have a section on options. Granted, it provides a nice overview in theory. Heck, all of these books are in theory until they're history books about how people misapplied those theories. But, the author does so with a clear prose that's accessible and does not leave you feeling stupid. Also, the book is guided to that in the options section, he does not bring up futures or swaps. Each aspect of derivatives gets its own set of chapters so you can dive in on the topic you'd like to learn/refresh.
It's not dumbed-down, mind you. For me, it takes several readings of some paragraphs to let this sink in. But, anyone with the wherewithal to learn this can do so. For those in the finance industry, it will add as a nice reference book to help gather thoughts that a busy life sends into disarray--a refresher, as it were.
What helped me out and what I loved was the appendix with the mathematical calculations. I'm sure I could have found that on the net, but, who knows, it could be wrong info with even worse instructions. This way, I'm good, and I get a nice explanation and examples.
Good investment to have in your arsenal.