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Global Derivative Debacles: From Theory to Malpractice (Second Edition)
Download PDF Global Derivative Debacles: From Theory to Malpractice (Second Edition)
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From the Inside Flap
This book analyzes in depth all major derivatives debacles of the last half century including the multi-billion losses and/or bankruptcy of Metallgesellschaft (1994), Barings Bank (1995), Long Term Capital Management (1998), Amaranth (2006), Socit Gnrale (2008), AIG (2008) and JP Morgan-Chase (2012). It unlocks the secrets of derivatives by telling the stories of institutions which played in the derivative market and lost big. For some of these unfortunate organizations it was daring but flawed financial engineering which brought them havoc. For others it was unbridled speculation perpetrated by rogue traders whose unchecked fraud brought their house down. Should derivatives be feared "as financial weapons of mass destruction" or hailed as financial innovations which through efficient risk transfer are truly adding to the Wealth of Nations? By presenting a factual analysis of how the malpractice of derivatives played havoc with derivative end-user and dealer institutions, a case is made for vigilance not only to market and counter-party risk but also operational risk in their use for risk management and proprietary trading. Clear and recurring lessons across the different stories in this volume call not only for a tighter but also "smarter" control system of derivatives trading and should be of immediate interest to financial managers, bankers, traders, auditors and regulators who are directly or indirectly exposed to financial derivatives. The book groups cases by derivative category, starting with the simplest and building up to the most complex namely, Forwards, Futures, Options and Swaps in that order, with applications in commodities, foreign exchange, stock indices and interest rates. Each chapter deals with one derivative debacle, providing a rigorous and comprehensive but non-technical elucidation of what happened.
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Product details
Paperback: 368 pages
Publisher: World Scientific Pub Co Inc; 2 edition (July 10, 2015)
Language: English
ISBN-10: 9814699896
ISBN-13: 978-9814699891
Product Dimensions:
6 x 0.8 x 8.9 inches
Shipping Weight: 14.4 ounces (View shipping rates and policies)
Average Customer Review:
4.0 out of 5 stars
2 customer reviews
Amazon Best Sellers Rank:
#1,338,673 in Books (See Top 100 in Books)
Case studies of financial institutions that blew themselves up using derivatives. Majority of cases involved going all in on a single trade (or series of trades based on one theory), outright fraud, breaking of US securities laws, and traders bypassing internal corporate trading rules.The derivatives themselves didn't fail. It was the application of it filled with stupidity. For example LTMC which leveraged up 30x - if your position falls just 3.3% you've lost 99% of your capital! Hellooooo! The two Noble Prize winners at LTMC somehow overlooked that!In nearly every case covered, the position size was so large that if the trade didn't work out (ever think of that?), the loss would be a significant fraction (if not more) of the entire capitalization of the financial institution.The book also covered rogue traders and how they got away with what they did. If you are a risk manager managing traders, this should be required reading. If you are a day trader, the info in this book isn't that useful outside of just better understanding how financial institutions operate behind the scenes.note to author: there is a typo on nearly every page, often times distracting. The dates and years for some of the events are wrong, sometimes by a decade.
Surprisingly revealing, in depth review.
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