PDF Download The Repo Handbook (Securities Institute Global Capital Markets)
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The Repo Handbook (Securities Institute Global Capital Markets)
PDF Download The Repo Handbook (Securities Institute Global Capital Markets)
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Review
"The most authoritative source on the repo market. Other texts I have seen totally lack Professor Choudhry's clarity of exposure and really important taste for technical detail." --Matteo Regesta, Interest Rate Strategist, BNP Paribas, London
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From the Back Cover
The Repo Handbook, Second Edition presents an overview of repo vehicles and markets with sufficient depth for those seeking detailed explanations. In three parts it demonstrates how these secured loans fit into global capital markets and why they account for up to 50% of daily settlement activity in non-US government bonds worldwide. This new edition replaces old examples and introduces new developments, such as structured finance repo and associated topics such as Basel II regulatory rules. In addition, 12 of 18 chapters feature new sections and 4 have been substantially rewritten. The UK gilt and US Treasury repo markets are explored through worked examples, and there are new sections on funding arbitrage trades, risk exposures, and regulatory capital. It also places repo in context within bank asset-liability management and trading techniques, illustrating repo use across a wide range of applications in the global money markets. Rarely mentioned in the financial press because of the simple, straightforward nature of the instrument, repo was often the only funding source available to banks during the last quarter of 2008 and the first in 2009. This book, written by a trader, will draw new attention to this valuable and efficient funding and investment product.
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Product details
Series: Securities Institute Global Capital Markets
Hardcover: 576 pages
Publisher: Butterworth-Heinemann; 2 edition (July 5, 2010)
Language: English
ISBN-10: 0750681594
ISBN-13: 978-0750681599
Product Dimensions:
6.1 x 1.2 x 9.2 inches
Shipping Weight: 2.3 pounds
Average Customer Review:
4.9 out of 5 stars
8 customer reviews
Amazon Best Sellers Rank:
#1,511,104 in Books (See Top 100 in Books)
outstanding-moorad knows his stuff and gives an excellent explanation of in depth banking-repos-interest rates-how the modern monetary system works. this book is not easy to understand or for beginners-a strong foundation in the current monetary structure-both domestic and global-will help a lot. moorad does outstanding in giving and explaining his first account knowledge of our current global banking system with its investments and finance
as expected
During the GFC every bank was using repo to raise liquidity, but this was more with their central bank. At the same time, central banks were increasing the range of assets that could be repoed. This highlighted the importance of the repo market to me, but at the same time I don't believe there are many true repo traders around.How can one profitably trade from repo, i.e. know what assets will trade 'special'? After all, repo existed well before the GFC but to understand how to make real money from this market does not come down to simply working with your central bank. For this reason I needed to know more, and it is always best to ask someone who has worked in this market.I have read Moorad Choudhry's "Bond and Money Markets" and "Bank Asset Liability Management" books (both of which I highly recommend), so knowing his experience and clear explanations, with real market examples (i.e. there are a lot of bloomberg screen dumps in all his books) made it an easy choice to purchase this repo book over others.The "Repo Handbook" starts with a market background of bonds and money markets and evolves into the functions of repo, covering trading, hedging and it's involvement with ALM. I personally prefer the trading examples as I feel one can understand Repo's uses as a market, rather than just reading a few formulas.Once again Choudhry has written a very practical and essential book for today's market.
Clear, concise explanation of both the theory and the mechanics of repurchase agreements. The book shows both sides of the trade, i.e. lending the security or investing cash, and makes distinctions between repos and a securities lending desk.
The great thing about Moorad Choudhry's The Repo Handbook is that it is designed to fully maximise the role and impact of the repo trader within the institution. Sure, the book clearly explains what a repo is and how it trades, and covers in depth the full sphere of practical issues - calculations, settlement, legal, tax, accounting. Repo is technical and the practitioner is lost without a mastery of these. But Choudhry goes further in recognising that repo is at the heart of all products in the global market, and that financing, settlement, hedging, and overall efficiency are impossible without it. In this context, he explains the wide range of instruments, businesses, derivatives and structures that benefit from repo. A repo trader that understands these interrelationships will go furthest in building communication, teamwork, and in the end overall profitability across the firm. Wisely, Choudhry devotes a section to risks in repo that must be respected. The book is easy to navigate, and a solid ongoing reference as the glossary, appendices, and formulas are very handy.
I like this book. Fundamental knowledge of money market and repo instruments are explained in great details. And it is beyond just a 'handbook'. It covers practical topics such as trading and hedging strategies for repo, and institutional implications in repo trading. Strongly recommend this book for all the people interested in repo market, whether you are a beginner, or experienced practitioner.
This is a well written book covering not just 'repo' but also introducing TRS and ALM (total return swaps and asset liability management). It does a good job of showing how the repo desk interacts with other trading/sales functions. For those of you in the industry , the examples are all 'bloomy' screenshots.
Very well written and very accessible, a must read for anyone in the business.The fixed income subject is notorious for not having any good text books. This one proves that theory wrong.The author goes through the basics of bond mathematics and pricing to the background and internal workings of the repo and sec lending markets.He explains everything in detail but he keeps the language simple and easily understandable for newbies and amateurs.There are some fascinating anecdotes and historical background that keep things interesting, and this doesn't let the math make the book too dry.
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