Foreign Exchange Operations: Master Trading Agreements, Settlement, and Collateral

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9780470932919: Foreign Exchange Operations: Master Trading Agreements, Settlement, and Collateral

The ultimate nuts-and-bolts guide to foreign exchange operations

The foreign exchange landscape is particularly risky since so much of the world is unregulated and takes place over the counter (off exchange). Brilliant traders and money managers who are profitable may find themselves underperforming, or worse, losing, simply because they failed to establish strong operations. In this book, David DeRosa provides industry players with everything they need for strong operational functions from all the types of trades to execution, master trading agreements, documentation, settlement, margin and collateral, and prime brokerage services.

  • Contains vital work flow solutions for trading in the volatile foreign exchange marketplace
  • Offers information for mastering the operational aspect of foreign exchange trading to help determine best partners such as prime brokers and others
  • Written by David DeRosa a leading foreign exchange expert who has consulted to hundreds of financial institutions

Foreign Exchange Operations helps traders mitigate risks and offers a guide to all aspects of trading operations from mastering trading agreements to margin documentation.

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From the Inside Flap:

The volumes traded on the international foreign exchange market are huge, exceeding $4 trillion daily, far surpassing those of all other portions of the international capital market. Yet there is surprisingly little written to help professionals who want to learn about foreign exchange and to gain proficiency in the mechanics of trading in this important market. Even less has been written to explain the mechanics of foreign exchange operations, how money flows, and how the settlement process works.

Traders, operations personnel, hedge fund managers, investment bankers, financial managers, attorneys, and financial regulators will all find this volume indispensable for understanding what happens behind the scenes between the execution of a trade and its settlement.

David DeRosa, a veteran of financial markets, explains how the foreign exchange market conducts trading and operations. He addresses the practical considerations of how market participants contract with one another to do trading and operations, conduct margin and credit, and undertake foreign exchange prime brokerage services.

DeRosa's work is immensely practical. Understanding the operations process helps control costs, minimize errors, and to some extent preclude fraud. DeRosa's explanation of operational conventions and their development also reveals the story of how the foreign exchange market grew and developed over the last four decades: a largely ignored but important corner of financial history.

Foreign Exchange Operations walks the reader through all practical aspects of foreign exchange operations, from trade execution to documentation to trade confirmation. It focuses on the processes by which foreign exchange trades are settled using real time gross settlement systems. The later chapters focus on the legal and financial superstructure of the market, including master agreements, margin and collateral practices, and foreign exchange prime brokerage. DeRosa provides concrete examples to illustrate market practice, including more than 100 exhibits that contain real-world examples of trades, confirmations, settlement instructions, and other key documents.

Some of the main topics include:

  • The structure of the foreign exchange market
  • Quotation and trading conventions
  • Currencies, exchange rates, and exchange rate controls
  • Foreign exchange deals, including spot, forward, and non-deliverable forwards
  • Foreign currency options, both vanilla and exotic options
  • How foreign exchange trades are executed and confirmed
  • Trade settlements, including payment systems, DTNS, RTGS, and CLS Bank
  • Master agreements—the primary contracts that bind counterparties
  • Uses of credit, margin, and collateral in foreign exchange trading
  • Foreign exchange prime brokerage

From the Back Cover:

The ultimate nuts-and-bolts guide to foreign exchange operations

David DeRosa, a leading foreign exchange expert, devotes this book to the much neglected topic of foreign exchange operations. With the help of more than 100 sample documents, screenshots, and examples of trading transactions, confirmations, statements, agreements, contracts, and reports, Dr. DeRosa covers topics such as:

  • The development of the foreign exchange market
  • The varieties of foreign exchange trades
  • Vanilla and exotic currency options
  • Trade execution
  • Electronic trading platforms
  • Trade confirmations
  • Examples of costly trade and operations errors
  • Herstatt risk
  • Real time gross settlement systems
  • CLS Bank
  • Master trading agreements (ISDA, FEOMA, and IFXCO)
  • Margin and collateral functions
  • Prime brokerage services

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Derosa, David F.
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ISBN 10: 0470932910 ISBN 13: 9780470932919
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Descripción John Wiley and#38; Sons, 2013. HRD. Estado de conservación: New. New Book. Shipped from UK in 4 to 14 days. Established seller since 2000. Nº de ref. de la librería FW-9780470932919

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Descripción John Wiley and Sons Ltd, United Kingdom, 2013. Hardback. Estado de conservación: New. 1. Auflage. Language: English . Brand New Book. The ultimate nuts-and-bolts guide to foreign exchange operations The foreign exchange landscape is particularly risky since so much of the world is unregulated and takes place over the counter (off exchange). Brilliant traders and money managers who are profitable may find themselves underperforming, or worse, losing, simply because they failed to establish strong operations. In this book, David DeRosa provides industry players with everything they need for strong operational functions from all the types of trades to execution, master trading agreements, documentation, settlement, margin and collateral, and prime brokerage services. * Contains vital work flow solutions for trading in the volatile foreign exchange marketplace * Offers information for mastering the operational aspect of foreign exchange trading to help determine best partners such as prime brokers and others * Written by David DeRosa a leading foreign exchange expert who has consulted to hundreds of financial institutions Foreign Exchange Operations helps traders mitigate risks and offers a guide to all aspects of trading operations from mastering trading agreements to margin documentation. Nº de ref. de la librería AAH9780470932919

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Descripción John Wiley and Sons Ltd, United Kingdom, 2013. Hardback. Estado de conservación: New. 1. Auflage. Language: English . Brand New Book. The ultimate nuts-and-bolts guide to foreign exchange operations The foreign exchange landscape is particularly risky since so much of the world is unregulated and takes place over the counter (off exchange). Brilliant traders and money managers who are profitable may find themselves underperforming, or worse, losing, simply because they failed to establish strong operations. In this book, David DeRosa provides industry players with everything they need for strong operational functions from all the types of trades to execution, master trading agreements, documentation, settlement, margin and collateral, and prime brokerage services. * Contains vital work flow solutions for trading in the volatile foreign exchange marketplace * Offers information for mastering the operational aspect of foreign exchange trading to help determine best partners such as prime brokers and others * Written by David DeRosa a leading foreign exchange expert who has consulted to hundreds of financial institutions Foreign Exchange Operations helps traders mitigate risks and offers a guide to all aspects of trading operations from mastering trading agreements to margin documentation. Nº de ref. de la librería AAH9780470932919

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Descripción John Wiley and Sons Ltd, United Kingdom, 2013. Hardback. Estado de conservación: New. 1. Auflage. Language: English . This book usually ship within 10-15 business days and we will endeavor to dispatch orders quicker than this where possible. Brand New Book. The ultimate nuts-and-bolts guide to foreign exchange operations The foreign exchange landscape is particularly risky since so much of the world is unregulated and takes place over the counter (off exchange). Brilliant traders and money managers who are profitable may find themselves underperforming, or worse, losing, simply because they failed to establish strong operations. In this book, David DeRosa provides industry players with everything they need for strong operational functions from all the types of trades to execution, master trading agreements, documentation, settlement, margin and collateral, and prime brokerage services. * Contains vital work flow solutions for trading in the volatile foreign exchange marketplace * Offers information for mastering the operational aspect of foreign exchange trading to help determine best partners such as prime brokers and others * Written by David DeRosa a leading foreign exchange expert who has consulted to hundreds of financial institutions Foreign Exchange Operations helps traders mitigate risks and offers a guide to all aspects of trading operations from mastering trading agreements to margin documentation. Nº de ref. de la librería BZV9780470932919

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Descripción John Wiley & Sons Inc, 2013. Hardcover. Estado de conservación: Brand New. 1st edition. 416 pages. 9.25x6.25x1.25 inches. In Stock. Nº de ref. de la librería __0470932910

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