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Comment: UK stocked, available immediately. Hardcover, published by John Wiley & Sons in 2004. Reprint. Light rubbing to the edges, the text is bright and clean. The unclipped dustjacket is in good condition, with a little edge wear only.
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Securities Operations: A Guide to Trade and Position Management (The Wiley Finance Series) Hardcover – 22 Mar 2002

4.6 out of 5 stars 8 customer reviews

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Product details

  • Hardcover: 464 pages
  • Publisher: John Wiley & Sons; 1 edition (22 Mar. 2002)
  • Language: English
  • ISBN-10: 0471497584
  • ISBN-13: 978-0471497585
  • Product Dimensions: 17.6 x 3.1 x 25.1 cm
  • Average Customer Review: 4.6 out of 5 stars  See all reviews (8 customer reviews)
  • Amazon Bestsellers Rank: 413,535 in Books (See Top 100 in Books)
  • See Complete Table of Contents

Product Description

Review

" 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)

From the Inside Flap

As the securities industry becomes increasingly automated, understanding of the start–to–end operational processes and the underlying reasons as to why the tasks are performed is likely to diminish. Yet, knowledge of the ′bigger picture′ is essential for implementing efficiencies and benefits. In this book, Michael Simmons clarifies the operational process from start to finish, highlighting appropriate risk management strategies.

The book:
∗ Introduces the reasons for the existence of securities and describes the roles of the various participants within the industry
∗ Develops the reader′s knowledge of the trade lifecycle and other operational activities in a logical sequence
∗ Describes real–life events to illustrate topics
∗ Conveys both the risks inherent in the various activities and the necessary controls to minimise such risks
∗ Provides descriptions of typical automation in today′s operational processing environment
∗ Describes securities industry objectives and the initiatives being developed to achieve them.

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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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By A Customer on 20 May 2005
Format: Hardcover
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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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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Format: Hardcover
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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