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Finance Rights Guide Autumn/Winter 2012 For more information on any of these titles please contact Julie Attrill jattrill@wiley.com


Finance Rights Guide: Autumn/Winter 2012 Accounting & Auditing ........................................................ 4 IFRS Essentials/Christian .................................................................................................................... 4 Audit and Assurance Essentials: For Professional Accountancy Exams, + Website/Bagshaw ... 4 Cyber Security: A Guide to Fraud Prevention and Building a Secure Framework/Aleem ............ 5 Countering Fraud for Competitive Advantage: The Professional Approach to Reducing the Last Great Hidden Cost/Button ........................................................................................................... 5 Measurement Madness: Avoiding Performance Management Pitfalls/Gray .................................. 6 Forensic Accounting and Fraud Examination: Theory and Practice/Barnes ................................. 6 Frequently Asked Questions on IFRS/Collings ................................................................................. 7 Anti-Bribery and Financial Crime Handbook/Bond .......................................................................... 7

Financial Engineering ......................................................... 8 Credit Securitisations and Derivatives: Challenges for the Global Markets/Rรถsch ...................... 8 Upstream Petroleum Fiscal Cashflow Modelling with Excel and Crystal Ball/Kasriel ................... 8 A Workout in Computational Finance with Mathematica, (with Website)/Binder ........................... 9 Financial Instrument Pricing Using C++, 2e/Duffy ............................................................................ 9 FX Options and Structured Products, 2e/Wystup ........................................................................... 10 Interoperability Software Tools and Applications in Finance with Excel, C# and C++/Duffy...... 10 Measuring and Managing Liquidity Risk/Castagna ........................................................................ 11 Handbook of Multi-Commodity Markets and Products: Structuring, trading and risk management/Roncoroni .................................................................................................................... 11 Model Calibration for Financial Derivatives: From Hedging to Pricing/Abergel .......................... 12 Counterparty Credit Risk and Hybrid Models: Interest Rates, Commodities, Equity and FX/Brigo .............................................................................................................................................. 12 Hedge Fund Analysis and Modelling using C++ and Website/Darbyshire .................................... 13 C# for Financial Markets with CD ROM/Duffy.................................................................................. 13

Finance & Investments...................................................... 14 CFA Level 1 Exam Companion: The 7city/Wiley study guide to getting the most out of the CFA Institute Curriculum/7city.................................................................................................................. 14 Applied Bank Risk Management - Practical Approaches for Market, Credit, and Operational Risk/Flavell ......................................................................................................................................... 14 Risk Management and Shareholders Value in Banking - From Risk Measurement Models to Capital Allocation Policies, 2e/Sironi ............................................................................................... 15 Collateral Management: A Guide to Mitigating Counterparty Risk/Simmons ............................... 15 The Trader's Guide to European Economic Indicators/Powell ...................................................... 16 Corporate Governance in Islamic Banking and Finance/Khorshid ................................................ 16 An Introduction to Value-at-Risk, 5e/Choudhry ............................................................................... 17

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Institutional & Corporate Finance .................................... 17 Merger Arbitrage: A Fundamental Approach to Event-Driven Investing/Melka ........................... 17 Practical Risk-Adjusted Performance Measurement/Bacon .......................................................... 18 Liquidity Risk in the Financial Crisis/Soprano ................................................................................ 18 Creating Value with Corporate Finance: An Integrated Approach for the Practitioner/Bartram. 19

Investments & Securities .................................................. 19 Tail Risk and Asset Correlation: Wealth Management in Today's Macro Risk On / Risk Off Financial Environment/Corcoran ...................................................................................................... 19 Infrastructure Assets: A Case Study Guide to Getting it Right First Time/Weber ....................... 20 Risk Management for Illiquid Assets: Overcoming the New Regulatory Challenge/Meyer ........ 20 Fixed Income Relative Value Analysis: A Practitioners Guide to the Theory, Tools, and Trades/ ............................................................................................................................................................ 21

Trading ................................................................................ 21 Breakout: Achieving Trading Confidence, Discipline and Results/Ward ..................................... 21 Following the Trend: Diversified Managed Futures Trading/Clenow ............................................ 22 Electricity Markets/Bhattacharya ...................................................................................................... 22 Trading Secrets 3e: Killer trading strategies to beat the markets and finally achieve the success you deserve/Bedford .......................................................................................................... 23 The Mining Valuation Handbook 4e: Mining and Energy Valuation for Investors and Management/Rudenno ...................................................................................................................... 23

Personal Finance ............................................................... 24 Get Rich Slow: The Real Way to Build Wealth/Riegelhuth ............................................................. 24 Business of Share Trading: From Starting Out to Cashing in with Trading 2e/Wilson ............... 24

Spring/Summer 2012 ......................................................... 25 The Successful Frauditor's Casebook/Tickner ............................................................................... 25 Market Microstructure – Confronting Many Viewpoints/Abergel ................................................... 25 Red Capitalism: The Fragile Financial Foundation of China's Extraordinary Rise, (rev.)/Walter ............................................................................................................................................................ 26 Counterparty Credit Risk and Credit Value Adjustment: A Continuing Challenge for Global Financial Markets/Gregory ................................................................................................................ 26 How the Trading Floor Really Works/Duhon ................................................................................... 27 Sustainable Investing for Institutional Investors: Risk, Regulations and Strategies/Staub-Bisang .................................................................................................................... 27 Sustainable and Responsible Investment in Asia/Williams ........................................................... 28 The New Depression: The Breakdown of the Paper Money Economy/Duncan............................ 28 Betting on China: Chinese Stocks, American Stock Markets, and the Wagers on a New Dynamic in Global Capitalism/Koepp .............................................................................................. 29 The Economics of Sovereign Wealth Funds/Castelli ...................................................................... 29 World Class Private Banking: Building a Culture of Excellence/Collardi ..................................... 30

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Surviving Sovereign Debt: Investment Survival During the Coming Sovereign Default Crises/Wong....................................................................................................................................... 30 The Global Biofuels Market: Trading and Operations/James ........................................................ 31

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Audit and Assurance Essentials: For Professional Accountancy Exams, + Website

Accounting & Auditing IFRS Essentials Dieter Christian, Norbert Lüdenbach 978-1-118-49471-4 / 1-118-49471-7 400 pp. Pub: 23/11/12 Accounting Special Topics

Katharine Bagshaw 978-1-119-96879-5 / 1-119-96879-8 160 pp. Pub: 21/12/12 Auditing / External

Practical workbook balances explanation of IFRS rules with their implementation by means of detailed examples. Over 60 percent of the book is example driven which means that the book gives real world illustrations and detailed solutions to aid learning. •

This book gives a strong grounding in the key, basic features, definitions and requirements of audit and assurance to provide a firm foundation for further study.

60% of the content of the book is example-based with fully worked solutions. This helps to facilitate an understanding and application of the rules.

The book has been constructed with the needs of young professionals in mind using explanations which are short, simple and easy to understand obscure language and incomplete illustrations are avoided.

The strong author team has both practical experience at BDO and experience of teaching principles.

Audit and assurance is a basic and vital aspect of the financial world and a key element of all professional accountancy programs. Whereas professional training on the topic frequently immerses students in too much detail while glossing the basics, this book begins with the fundamentals and expands to cover the details in a more measured way. With practical examples and end-of-chapter examples, External Audit and Assurance Essentials breaks down a difficult and challenging field of professional accounting. • Audit and assurance are included in all professional accountancy syllabuses.

The primary market for the book will be professionals in the early years of their accountancy careers. It should have a broad geographical appeal not only in Europe but in other jurisdictions that have adopted IFRS in Asia and emerging markets in Latin America.

• Contains practical examples and questions at the end of each chapter to enable the reader to test their knowledge. A bank of additional questions and answers will be available on a companion website.

Employees in the area of accounting and auditing, especially young professionals and students.

Professional accountancy students, (for example ACCA and ICAEW). University/private college undergraduates. Other professional accounting bodies and colleges across the world where national standards are based on ISAs.

Dr. Dieter Christian is a lecturer at the Vienna University of Economics and Business, several other Austrian universities and various private seminar companies. He is an author in the area of IFRS and Austrian GAAP. He was formerly a Senior Manager and head of the department for IFRS and Austrian GAAP at BDO Austria and also worked in the IFRS department for PricewaterhouseCoopers in Austria. He has a Doctorate in Business Administration and an MBA from Vienna University of Economics and Business. He is a Member of the IFRS working group of the Austrian Financial Reporting and Auditing Committee (AFRAC). Dr. Norbert Lüdenbach is a tax advisor and chartered accountant, and is Head of the IFRS Department of BDO Germany. He is an author of commentaries on IFRS and German GAAP as well as being a lecturer at the University of Freiburg (Germany). He is also the publisher of a practice-oriented German IFRS journal which is published on a monthly basis.

Katharine Bagshaw has 20 years of experience as a technical specialist in ISAs and wrote some of the first training materials on these in the mid-1990s. She has worked for firms that are now Ernst & Young, KPMG and PwC and taught auditing to ICAEW, ACCA, CIMA and CIPFA students for over 15 years in the UK, Eastern Europe, Africa and the Far East, serving as ACCA's auditing examiner for three years. Since 2000, Katharine has worked for ICAEW's Audit and Assurance Faculty with responsibility for ICAEW's ISA Implementation programme. She is currently Secretary to its ISA Implementation group and to ICAEW's PCAOB Panel. She has written numerous articles for the professional press. She is the author of several specialist auditing publications on ISAs.

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Cyber Security: A Guide to Fraud Prevention and Building a Secure Framework

Countering Fraud for Competitive Advantage: The Professional Approach to Reducing the Last Great Hidden Cost

Azeem Aleem

Mark Button, Jim Gee

978-1-119-96189-5 / 1-119-96189-0 192 pp. Pub: 29/03/13 Auditing / Internal

978-1-119-99474-9 / 1-119-99474-8 192 pp. Pub: 23/11/12 Auditing / Internal

An up-to-date examination of cyber fraud, including an anti-fraud framework based on real-world practice and extensive research.

As the title suggests, Countering Fraud for Competitive Advantage presents a compelling business case for investing in anti-fraud measures to counter financial crime. It looks at the ways of reaping a new competitive advantage by substantially reducing the hidden cost of fraud. Aimed at a wide business community and based on solid research, it is the only book to put forward an evidence-based model for combating corporate fraud and financial crime.

Written from the perspective of organisations facing cyber threats, this book presents a fraud risk management model applicable to most companies with online operations. Offering a practical strategy for countering Internet fraud, it covers virtually all forms of fraud, reveals the value of IT audit in fraud detection, and presents a converged fraud management framework. This practical and applicable resource also covers issues relating to cloud computing, social networks, phishing scams, computer viruses, botnets and malware, and much more.

Despite its increase and capture of the news headlines, corporate fraud is largely ignored by most organisations. Fraud is responsible for losses of up to nine percent of revenues—sometimes more. Yet, most organisations don't believe they have a problem and don't always measure fraud losses. This highlights an area for capturing a competitive advantage—with the right counter-fraud strategy, massive losses due to the cost of fraud can be reduced for a fraction of the return.

• The first book to cover cyber fraud for the accountant covering cloud computing and the security issues attendant to it. To understand the context of cyber risk and fraud, professional jobs are increasingly overlapping between the two domain of fraud and IT security. • Includes an effective preventative model based on empirical evidence, along with numerous case studies and real-world examples.

• Advocates a new model for tackling fraud and illustrates theories with best practice examples from around the world.

Azeem Aleem is Director of the Security Institute and Principle Lecturer in Internet Security, Portsmouth University. Before joining the University, he worked as a Security Consultant at IBM and Transcend Technologies. He has been actively involved in training the Police Force in the area of Internet crime with the majority of his time focused on assessing and securing cyberspace and platforms. He writes actively on the issue of Internet Security and sits on various boards concerned with the training of security managers.

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Jim Gee is the Director of Counter Fraud Services, MacIntyre Hudson LLP. He has a background as a counter fraud specialist leading counter fraud work in some of the most challenging areas in the public and private sectors. He is Chair of the Centre for Counter Fraud Studies which is devoted to developing the very latest techniques in this area. Internationally, he led the European Healthcare Fraud and Corruption Network as its first Director-General and since 2006 he has been delivering counter fraud services to companies and organisations from across the economy. He became the founding Chief Executive of the NHS Counter Fraud Service, and, as a senior civil servant (and subsequently), advised the UK Attorney-General on the Government's Fraud Review. Mark Button is the Director of the Centre for Counter Fraud Studies, University of Portsmouth, and the author of numerous books covering fraud and security.

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Measurement Madness: Avoiding Performance Management Pitfalls

Forensic Accounting and Fraud Examination: Theory and Practice

Dina Gray, Veronica Martinez, Pietro Micheli, Andrey Pavlov, Monica Franco

Paul Barnes 978-0-470-97648-7 / 0-470-97648-9 160 pp. Pub: 19/04/13 Financial Accounting

978-1-119-97070-5 / 1-119-97070-9 192 pp. Pub: 22/02/13 Corporate/Managerial Accounting

Fraud continues to represent a major problem for businesses worldwide. In a PwC Global Economic Crime survey in 2009, nearly a third of organisations polled were victims of economic crime over the past 12 months, with 43 percent of these reporting an increase in incidences of fraud. Clearly, organisations need to know the types of fraud and risks they are exposed to, and need to decide how to defend themselves from fraud and to manage their risk. Concerned with fraud and theft in a financial and business context, fraud examiners investigate frauds and design counter-fraud measures. Forensic accountants provide an accounting analysis suitable to the court which will form the basis for discussion, debate and ultimately dispute resolution.

The ultimate guide to performance management and how to avoid the often bizarre unintended consequences of KPIs. The results of well-intended performance measurement are sometimes bizarre and bewildering. World leaders in business performance, the authors of Measurement Madness have amassed a wealth of real-life business stories, producing this timely how-to guide for avoiding the unintended consequences that come from measuring people, processes and organisations. It offers a lively and informative take on this topical subject. Peppered with anecdotal evidence, it uses case studies to reveal some of the more outrageous and unexpected outcomes of KPIs, sharing what performance management success looks like. Management theories are used to underline types of behavior and, most importantly, how they can be anticipated.

Forensic Accounting offers a uniquely theoretical yet practice-based approach to the nature of fraud and theft, its regulation, prevention, investigation and prosecution. It begins with an examination of the economic context in which fraud and theft exist, the motivations of fraudsters and their decision-making, and goes on to examine the motivations and decision-making of the victims, whether individuals or organisations. The book is wide in scope and international in approach, with sections covering external and internal frauds, frauds conducted through organisations (money laundering, securities etc), frauds conducted by the organisation (tax fraud, bribery and corruption etc), and regulation. With practical guidance and direction embedded within a rigorous theoretical framework, the book combines the law, practice, theory, and case studies.

This book gives you guiding principles for avoiding common pitfalls, such as setting the wrong performance targets and measuring what is easy rather than what is useful. It provides reliable, practical advice demonstrating how to create meaningful performance measurement. • Case studies include global examples of performance management from real business stories. Centre for Business Performance, Cranfield University is a world-leading organisation specialising in the design, implementation, use and ongoing maintenance of performance measurement and management systems. Dina Gray is Programme Manager for the Cranfield MSc in Managing Organisational Performance, and holds non-Executive posts for a variety of companies. Formerly a commercial trainer for SCO, a consultant for Cap Gemini and Director of Intellectual Capital for AIT Group plc, her interests are now focused on how a company can best develop and use its staff to help the business become more effective. Veronica Martinez, Pietro Micheli, Andrey Pavlov, Monica Franco - Cranfield University.

• Has a truly international focus, and embeds practical guidance within a firm and robust theoretical framework. Paul Barnes is Professor of Fraud Risk Management and Director of the International Fraud Prevention Research Centre at Nottingham Trent University. He is an academic member of the Association of Certified Fraud Examiners and is the author of their UK edition of the Fraud Examiners Manual. He is also a member of the Fraud Advisory Panel and an editorial board member of the Journal of Forensic Accounting.

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Frequently Asked Questions on IFRS

Anti-Bribery and Financial Crime Handbook

Steven Collings

Monica Bond

978-1-119-99897-6 / 1-119-99897-2 288 pp. Pub: 01/03/13 International Accounting

978-1-119-97066-8 / 1-119-97066-0 416 pp. Pub: 30/11/12 General Finance & Investments

IFRS became mandatory in European Union in 2005, and many other countries have already followed the European example. Major countries like Brazil, India, Canada, Mexico and Japan will follow in coming years.

The comprehensive handbook on fighting bribery and financial crime, and ensuring compliance with anti-bribery regulation. Senior company executives now have a responsibility to ensure company compliance with the latest anti-bribery law. This comprehensive handbook provides the practical, jargon-free guidance needed on anti-corruption and anti-bribery policies. It includes a manual of practical steps and strategies to help combat financial crime and bribery in organisations. Backed up by numerous case studies, the handbook sets out the issues for compliance with current anti-corruption legislation and shows how to apply that.

IFRS are quite different from other sets of accounting standards, and especially different from US-GAAP. They are principals based, and not based on detailed rules. Under IFRS, users must understand the economic substance of operations, and they must be able to make assumptions, hypothesizes, and estimations leading them to an accounting treatment consistent with the general objective of financial statements under IFRS.

The Anti-bribery and Financial Crime Handbook includes a helpful toolkit of supporting materials—templates, checklists, audit programs, and a bribery risk matrix—to allow benchmarking of legal compliance work, provide evidence of compliance, and to conduct a Financial Crime Risk Audit. It offers authoritative guidance on how to put in place the key controls, systems, procedures and documentation to ensure full legal compliance with the latest regulations relevant to operations.

In a handy, easy-to-navigate format, this book provides the answers to some of the most commonly asked questions on International Financial Reporting Standards. Covering the often complicated areas of accounting for financial instruments, tangible and intangible assets, provisions and revenue recognition, the book also contains a useful overview of the standards, a glossary of commonly used terms and a ‘test your knowledge’ section. With a full section on the new IFRS for SMEs, and containing real-world examples from financial reports, this book provides a simple way of getting up to speed on these often confusing, principles-based standards.

• Written by a foremost expert in the field—Monica Bond, has a background in both law and forensic accounting and auditing and is active in training and consultancy for Central Law Training, the Integrity Commission, and international governmental bodies.

Steve Collings, Audit & Technical Manager at Leavitt Walmsley Associates, writes extensively on technical matters on Accountingweb.co.uk, and is a partner in the student website, studentaccountant.co.uk. Steve also is freelance lecturer to student accountants and to qualified AAT members on financial reporting and auditing issues.

• Contents include prevention techniques and ways to maximise financial recovery. • Covers gifts and corporate hospitality, whistle-blowing policies and procedures. Monica Bond is a solicitor and Chartered Accountant as well as a Certified Fraud Examiner. She has become a leading expert on anti-money laundering policy and procedures and has lectured throughout the world, particularly in South America where she lectured on behalf of the US Treasury and more recently in the Middle East, The author has links through to numerous regulatory bodies internationally including the National Audit department of Malaysia, the Qatar Exchange and the Capital Market Authority in Saudi Arabia.

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Upstream Petroleum Fiscal Credit Securitisations and Cashflow Modelling with Derivatives: Challenges for Excel and Crystal Ball Ken Kasriel, David Wood the Global Markets Financial Engineering

978-0-470-68682-9 / 0-470-68682-0 224 pp. Pub: 09/11/12 Financial Engineering

Daniel Rösch, Harold Scheule 978-1-119-96396-7 / 1-119-96396-6 352 pp. Pub: 07/12/12 Financial Engineering

Investing in petroleum projects can be an extremely lucrative business. Similar in principle to more mainstream infrastructure projects, but much more technical and involved, it represents a global business worth trillions. Fortunately, understanding petroleum systems doesn’t require a technical degree. This is layman-friendly book requires only a basic grasp of Excel and net present value and thus is useful to an array of readers, from novices to experienced petroleum hands.

The global financial crisis led to an unprecedented and unexpected increase of impairment and loss rates for securitisations (also known as structured finance transactions). The disappointment of investors manifested in the criticism of models applied for measuring credit portfolio risk in relation to securitisations and derivatives. Examples for current risk models are VECTOR from Fitch rating agency, CDOROM from Moody's and CDO Evaluator from Standard & Poor's rating agency. This has led to widespread acknowledgement that credit risk management needs a major overhaul in order to meet the needs of the marketplace and the regulators.

The book, both step-by-step learning guide and professional users’ “get-in, get-out” reference, provides thorough coverage on analysis, economic modelling and valuation of petroleum projects and assets. When valuing petroleum ventures and contracts, post-tax cashflows are what matter most. Understanding petroleum fiscal systems is not easy, but the rewards can be huge and financial institutions need to fully understand the intricacies of this area to be able to make investment decisions and to hedge risks.

This book offers a one-stop resource presenting the very latest thinking and developments in the field of credit risk. Written by leading thinkers from academia, industry and the regulatory environment, it tackles areas such as business cycles; correlation modelling and interactions between financial markets, institutions and instruments in relation to securitisations and credit derivatives; credit portfolio risk; credit portfolio risk tranching; credit ratings for securitisations; counterparty credit risk and clearing of derivatives contracts and liquidity risk. As well as a thorough analysis of the existing models used in the industry, the book also draws on real life cases to illustrate model performance under different parameters and the impact that using the wrong risk measures can have.

If you are considering an investment in petroleum then this book is a must read. It provides clear explanations; practical, hands-on learning, in spreadsheets and solved exercises designed to prompt and answer “what-if” questions; plentiful step-by-step illustrations of modelling techniques (including video tutorials for best practice tips) and VBA methods to enhance model capability and ease analysis.; sections on probabilistic modelling using a 120-day version of Crystal Ball. It provides all of the details that you absolutely need and explains the potentially high cash flows that such investments offer and also the tremendous tax benefits that can be achieved.

Credit Securitisations and Derivatives will enable quantitative analysts to better improve their risk models, risk managers to better evaluate the performance of existing models and understand future model needs, and finally it will provide regulators with an overview of the risks inherent in securitisations and derivatives.

Ken Kasriel is a Senior Commercial Analyst at RPS Energy and has 14 years petroleum finance experience. He has built approximately 150 fiscal cashflow valuation models of upstream assets in the Former Soviet Union, West Africa, North Africa, the Persian Gulf, India, Southeast Asia, the UK and Ireland. Prior to working in petroleum, he worked as a journalist, serving, amongst other positions, as Business Editor of an Eastern Europe-focused publication of The Economist. Dr David A. Wood has 30 years of energy industry experience. He is widely published in many journals including Oil and Gas and World Oil.

Professor Daniel Rösch is Professor of Banking and Finance at the Institute of Banking and Finance, Leibniz Universität Hannover. His work covers a broad range in asset pricing and empirical finance, and has published numerous articles on risk management, credit risk, banking, and quantitative finance in leading international journals, and has organised numerous executive training courses on these topics. Dr. Harald Scheule teaches Banking and Finance at The University of Melbourne. 8

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A Workout in Computational Finance with Mathematica, (with Website)

Financial Instrument Pricing Using C++, 2e Daniel J. Duffy 978-0-470-97119-2 / 0-470-97119-3 160 pp. Pub: 02/11/12 Financial Engineering

Andreas Binder, Michael Aichinger 978-1-119-97191-7 / 1-119-97191-8 352 pp. Pub: 30/11/12 Financial Engineering

Introduces the next era in C++ computing using the most up to date code libraries and modelling techniques. C++ is one of the best languages for the development of financial engineering and instrument pricing applications. This book applies C++ to the design and implementation of classes, libraries and latest applications for option and derivative pricing models.

Quantitative skills are a prerequisite for anyone looking to work in the finance industry today, and any risk professional who wants to collaborate with or work in most front office departments needs a thorough grounding in numerical methods, and the ability to assess their quality, advantages and limitations.

The new edition is completely updated to reflect current practice and the numerous new developments that have taken place in computational finance over the past 5 years and is accompanied by a CD ROM which includes the most up to date source code so readers can implement all models immediately.

This book provides a comprehensive introduction to the different numerical methods used in computational finance today. As well as giving a thorough grounding to each method, it reveals the numerical ‘traps’, practitioners can fall into using each method, revealing their strengths and limitations. Each method is referenced with practical, real-world examples in the areas of valuation, risk analysis and calibration of specific financial instruments and models with a strong emphasis on robust schemes for the treatment of problems within computational finance.

• Fully revised and updated to coincide with launch of new C++ programming standard. Daniel J. Duffy is Founder of Datasim Education BV which is dedicated to the methods and techniques for solving problems in quantitative finance using advanced mathematical and numerical techniques. Daniel has been working with numerical methods in finance, industry and engineering since 1979. He has written four books on financial models and numerical methods and C++ for computational finance and has also developed a number of new schemes for this field including successful online courses held in various locations including London, New York and Frankfurt.

The numerical methods cover: Solution of PDE/PIDE using finite differences or finite elements including stabilisation techniques for convection dominated equations; fast and stable solvers for the solution of the resulting sparse grid systems; stabilisation and regularisation techniques for the inverse problems resulting from the calibration of financial models to market data; Monte Carlo and Quasi Monte Carlo techniques for the simulation of high dimensional systems; and local and global optimisation tools to solve the minimisation problem. Andreas Binder is CEO of MathConsult GmbH, a company specialised in numerical solutions for the finance industry and creators of UnRisk, a suite of applications for financial mathematics. He is also Managing Director of the Industrial Mathematics Competence Center in Linz. Andreas has authored a number of articles on computational finance and a regular columnist for Wilmott magazine and speaker at Wilmott's Finance Focus. Michael Aichinger is at the Johann Radon Institute for Computational and Applied Mathematics (RICAM) of the Austrian Academy of Sciences. He is the author of several publications in computational physics and in computational finance.

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FX Options and Structured Products, 2e

Interoperability Software Tools and Applications in Finance with Excel, C# and C++

Uwe Wystup 978-1-118-47106-7 / 1-118-47106-7 352 pp. Pub: 05/04/13 Financial Engineering

Daniel J. Duffy 978-0-470-97980-8 / 0-470-97980-1 288 pp. Pub: 01/03/13 Financial Engineering

A fully updated second edition explaining the most popular products and strategies, with practical applications and real life traded deals - giving the reader new insights into the FX Options markets post crisis.

The first book to show practitioners how to create applications that interface directly with the popular Excel programme.

This title provides new insights into the FX Options markets post crisis: FX smile construction using brokers' quotes, interpolation and extrapolation, robustness checks, arbitrage checks for the volatility surface. Numerous products are explained in a simple, case-study format: accumulators, kikos, target redemption forwards, auto-callables, structures FX swaps and cross-currency swaps.

Excel is an indispensable tool in many financial applications and much developer time is consumed integrating quant code and Excel. Traditionally, VBA was used because of its ease of use, interoperability with Excel and easy learning curve. But for more complex applications VBA does not scale well and the reader may wish to integrate Excel with code written in other languages such as C++, C# and Matlab.

The book explains the issues of spreads in the interest rate markets and how they affect the valuation of FX Options. Basis spreads, tenor spreads. Yield curve construction is a crucial ingredient to pricing. The vanna-volga approaches are explained in detail. New advances in software development in trading and structuring platforms are presented in the popular interview style. Additional sections deal with FX Options in litigation cases.

This book addresses the problem of writing applications in a multi-language environment in which interfacing with Excel plays a vital role. The goal is to show how to write code in C#, C++ and VBA that is easy to use in combination with Excel. Coverage includes: • Creating Automation and COM Add-ins in C# and C++.

Uwe Wystup is CEO of www.mathfinance.com, a global network of quants specialising in modeling and implementing Foreign Exchange Exotics. He has been working as Financial Engineer, Structurer and Consultant in FX Options Trading Teams of Citibank, UBS, Sal. Oppenheim and Commerzbank since 1992 and became an internationally known FX Options expert in both Academia and Practice. He holds a PhD in mathematical finance from Carnegie Mellon University, serves as an honorary professor of Quantitative Finance at Frankfurt School of Finance & Management and associate fellow at Warwick Business School. His first book Foreign Exchange Risk published in 2002, has become a market standard. He has also published articles in Finance and Stochastics, the Journal of Derivatives, Review of Derivatives Research, Quantitative Finance, the Annals of Finance, Wilmott Magazine and Derivatives Week.

• Calling Add-Ins from VBA. • RTD server in C#. • Multi-threaded components with Excel. • Applications: for example, interpolators, prices and simulators in Excel. • Integrating .NET with the non .NET world. • Interoperability with C++ STL, Boost and other libraries. • Replacement worksheet functions in C#. The book includes source code for all examples. You can then compile, use and extend these examples to enable you to become familiar with the solutions as soon as possible and to apply them in your own applications. Daniel J. Duffy has written four books on financial models and numerical methods and C++ for computational finance and has also developed a number of new schemes for this field including successful online courses held in various locations including London, New York and Frankfurt. Robert Demming is a software developer at Datasim.

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Measuring and Managing Liquidity Risk

Handbook of Multi-Commodity Markets and Products: Structuring, trading and risk management

Antonio Castagna, Francesco Fede 978-1-119-99024-6 / 1-119-99024-6 288 pp. Pub: 07/12/12 Financial Engineering

Andrea Roncoroni, Gianluca Fusai

The last two years have seen huge change in the way the global money markets operate, with practitioners still learning to work in the new environment. A major change in the industry has been the acknowledgement that banks and financial institutions need to better manage liquidity risk, and an entire range of new concepts, approaches and models now apply to measurement and management in this area, including the access to liquidity in a stressed market environment, the cost of liquidity and its transfer pricing amongst bank’s departments, the impact of counterparty risk mitigation agreements in the management of the liquidity, and of course, new regulation.

978-0-470-74524-3 / 0-470-74524-X 992 pp. Pub: 08/02/13 Financial Engineering The definitive desk top reference to multi-commodity markets. Non-technical, yet sophisticated The Handbook of Multi commodity Markets is a practical manual which covers everything the professional needs on in order to become acquainted with the structure, functioning, rules and practices across a wide spectrum of commodity markets and master a large set of different skills and bodies of knowledge.

This is a fully up-to-date, cutting edge guide to the measurement and management of liquidity risk. Written for front and middle office risk management and quantitative practitioners, it provides the ground-level knowledge, tools and techniques for effective liquidity risk management. Highly practical, though thoroughly grounded in theory, the book begins with the basics of liquidity risks and, using examples pulled from the recent financial crisis, how they manifest themselves in financial institutions. The book then goes on to look at tools which can be used to measure liquidity risk, discussing risk monitoring and the different models used, notably financial variables models, credit variables models and behavioural variables models, and then at managing these risks. As well as looking at the tools necessary for effective measurement and management, the book also looks at and discusses current regulation and the implication of new Basel regulations on management procedures and tools.

In particular, the book focuses on the convergence of topics such as arbitrage valuation, econometric modelling, market structure analysis, contract engineering, risk assessment and management. It shows how, in terms of profit-making or risk management, you can exploit pay-off profiles and trading strategies by betting on the evolution of a diversified set of commodity prices and how you should price energy products and other commodities belonging to markets segmented across specific structural features •

Traders, Structurers and Risk Managers wishing to broaden their knowledge of multi-commodity markets.

The book will be accompanied by web based tools including example spreadsheets to illustrate many of the more complex topics in the book.

Andrea Roncoroni, Singapore is Associate Professor of Finance at ESSEC Business School and regular Lecturer at Bocconi University (Milan). He is Director of the Master in Energy Finance and Commodity Trading (MEF) jointly organised by the Milan Engineering School (MIP-Politecnico di Milano) and the Italian Power Exchange (GME). Gianluca Fusai, is Professor in Financial Mathematics at the UniversitĂĄ degli Studi del Piemonte Orientale, Italy, and a Research Associate at the Financial Options Research Centre, University of Warwick. He has published on these topics in the Journal of Banking and Finance, Journal of Computational Finance, Finance and Stochastics, Risk, Annals of Applied Probability, and the International Journal of Theoretical and Applied Finance.

Antonio Castagna is Partner of Consulting Firm Iason ltd. F.F: Head of Structured Products at Banca Profilo, Milan, Italy. Prior to this, he was head of FX Volatility trading at Banca IMI and has also held positions as Interest Rate options trader, FX options Trader in Milan and Financial Risk Analyst at IMI Luxemburg. Francesco Fede is Head of Treasury at Banca IMI, Milan, Italy, one of the major European investment banks, and is also involved in redefining the liquidity policy for the IntesaSanPaolo Bank, the parent company of Banca IMI and the second largest Italian bank. F i n a n c e

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No other book combines a detailed overview of each market with a set of tools for analysing, pricing and risk managing deals

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Model Calibration for Financial Derivatives: From Hedging to Pricing

Counterparty Credit Risk and Hybrid Models: Interest Rates, Commodities, Equity and FX

Frédéric Abergel

Damiano Brigo, Massimo Morini, Andrea Pallavicini

978-1-119-95224-4 / 1-119-95224-7 384 pp. Pub: 25/01/13 Financial Engineering

978-0-470-74846-6 / 0-470-74846-X 256 pp. Pub: 02/11/12 Financial Engineering

The calibration of derivatives has evolved significantly, covering new ground like implied volatility surface static and dynamics, first and higher-generation exotics calibration, local and stochastic volatility models, interest rates or multi-asset correlation modeling, default time modeling, credit derivatives, and more.

The book’s content is focused on rigorous and advanced quantitative methods for the pricing and hedging of counterparty credit and funding risk. The new general theory required for this methodology is developed from scratch, leading to a consistent and comprehensive framework for counterparty credit and funding risk. The book however also looks at quite practical problems, linking particular models to particular ‘concrete’ financial situations across asset classes, including interest rates, FX, commodities, equity and credit itself.

This book introduces the fundamentals of model calibration by taking an intuitive approach to the Black, Scholes, and Merton and revisiting it in an incomplete markets setting, applying to a range of hedging strategies. This book is about model calibration strategies and techniques for derivatives products. Originating in the Black, Scholes and Merton (BSM) approach for hedging a contingent claim in a constant volatility world, the calibration of derivatives has evolved significantly, covering new ground such as implied volatility surface static and dynamics, first and higher-generation exotics calibration, local and stochastic volatility models, interest rates or multi-asset correlation modeling, default time modeling, credit derivatives and more. However, what is really at stake in the calibration procedure is often ‘lost in translation’, when shifting from the financial perspective of having a contract to deliver towards the more mathematical and numerical issues related to the black box aspects of derivative trading. In addition, market ‘incompleteness’, a crucial, overly relevant feature that was absent from the original BSM situation, has led the financial modelers to thrive in diversity and creativity, opening the door to uncertainty and non-uniqueness. As a consequence, the aim of model calibration for real-life derivatives trading is twofold: first, given a model, one needs to derive the set of model parameters that will minimise a particular measure of the risk of the corresponding dynamic hedging strategy. Second, within the vast world of available financial models, one hopes to choose the most adequate one according to such criteria as stability, robustness, observability...

It aims to help quantitative analysts, traders to frame and price counterparty credit and funding risk, to develop a ‘feel’ for applying sophisticated mathematics and stochastic calculus to solve practical problems. The main models are illustrated from theoretical formulation to final implementation with calibration to market data, always keeping in mind the concrete questions being dealt with. The authors stress that each model is suited to different situations and products, pointing out that there does not exist a single model which is uniformly better than all the others, although the problems originated by counterparty credit and funding risk point in the direction of global valuation. Finally, proposals for restructuring counterparty credit risk, ranging from contingent credit default swaps to margin lending, are considered. Damiano Brigo is Gilbart Professor of Financial Mathematics, King's College, London. Previously, he held positions as MD and Global Head of Quantitative Innovation, Fitch Solutions and Head of Credit Models, Banca IMI. He authored Interest Rate Models: Theory and Practice for Springer-Verlag. Damiano has been listed the most cited author in Risk Magazine in 2006 and is Managing Editor of the International Journal of Theoretical and Applied Finance. Massimo Morini is Head of Credit Models and Coordinator of Model Research at IMI Bank and is also Professor of Fixed Income, Bocconi. Andrea Pallavicini is Head of Financial Engineering at Banca Leonardo and has taught Master courses in finance at the University of Pavia and at the University of Milan.

Professor Frédéric Abergel is Director and BNP Chair in Quantitative Finance at Ēcole Centrale Paris, where he leads a group of academics and practitioners dedicated to the study of market microstructure in order driven markets. Dauphine.

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Hedge Fund Analysis and Modelling using C++ and Website

C# for Financial Markets with CD ROM

Paul Darbyshire

978-0-470-03008-0 / 0-470-03008-9 224 pp. Pub: 30/11/12 Financial Engineering

Daniel J. Duffy, Andrea Germani

978-1-119-96737-8 / 1-119-96737-6 320 pp. Pub: 29/03/13 Financial Engineering

This practice-oriented book shows how to design and program pricing and trading models using the C# programming language. It is a step-by-step account of how to develop software programs that can be used by traders in real life situations. The authors show how both novice and experienced traders can develop robust and accurate pricing models and use them in work environments.

The recent growth in algorithmic and quantitative trading strategies have emphasised the need for advanced technological requirements, and for hedge fund managers and analysts to fully understand the technical limitations and challenges faced with developing quantitative hedge fund models and systems in a globally accepted programming language like C++.

It brings C# to the quantitative finance community by applying it to the design and implementation of complete applications in quantitative finance, for example: Curve and surface modeling, fixed income products, hedging strategies, plain and exotic option modeling, interest rate options, structured bonds, unfunded structured products and many more. The authors create a number of models using several numerical techniques: Exact analytical solutions, Lattice models, Monte Carlo and Quasi-Monte Carlo and Finite difference methods.

This book is an intermediate to advanced guide to quantitative analysis and modelling of hedge funds using C++. It is practical and implementation-driven providing key technical methods, as well as guidance on implementation and application to real-world problems and tasks. It includes many analysis exercises and covers the many problems and pitfalls associated with analysis and modelling in C++. The material content in all chapters is supplemented with detailed C++ programming algorithms and procedures outlining how to implement the theory in practice and produce valuable and informative results whilst overcoming technical obstacles and implementation hurdles. Analysis and models can then be developed further into useable applications in the readers own working environment or studies.

Finally, they use the full programming power of the Microsoft .NET framework to develop flexible applications and code: Seamless integration with Windows Forms (GUI), Object-oriented and component-based development in C#, Seamless two-way interfacing with Excel, Lots of .NET libraries to help you become more productive. The unique inter-weaving of modern software technology and quantitative finance know-how makes the book both timely and practical.

Paul Darbyshire is a consultant, trainer and Associate Professor at EDHEC Business School in Nice where he teaches a range of financial modelling courses in Excel, VBA and C++. As a consultant, he delivers many private equity firms, hedge funds and asset management companies with consultancy in areas such as dynamic portfolio optimisation, trading platform design, software engineering and risk management. Over the past several years Paul has been responsible for the analysis and design of cutting-edge algorithms in the development of behavioural finance models at the University of Oxford. David Hampton is currently the Chief Investment Officer for Alis Capital Management in Paris - the hedge fund unit of Geneva based Forvest Trust which manages assets in excess of 1 billion Swiss Francs. David was previously an adjunct finance professor at Skema Business School in Sophia Antipolis and at the EDHEC Business School in Nice where he developed their range of MSc courses as Assistant Dean of the Financial Economics Track helping it become the best known Grande Ecole in France for finance. F i n a n c e

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Daniel Duffy is Founder of Datasim Education and Datasim Component Technology, two companies involved in training, consultancy and software development. He is also a numerical analyst who has been working in the IT business since 1979. As early as 1993 he was involved in C++ projects for risk management and options applications with a large Dutch bank. Andrea Germani is Head of Structured Products at Banca Popolare di Lodi. Prior to this he was the Head of the Derivatives unit at Banca Popolare di Lodi. He has the Certifucate in Quantitative Finance from 7City and a degree in economics (majoring in finance) from the Bocconi University, Milan.

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Applied Bank Risk Management - Practical Approaches for Market, Credit, and Operational Risk

Finance & Investments CFA Level 1 Exam Companion: The 7city/Wiley study guide to getting the most out of the CFA Institute Curriculum

Richard R. Flavell,Ina de Vry 978-0-470-66637-1 / 0-470-66637-4 224 pp. Pub: 05/04/13 General Finance & Investments

7city, Patricia Peterson Drake 978-1-118-36605-9 / 1-118-36605-0 336 pp. Pub: 31/08/12 Finance & Investments

A highly accessible practitioner handbook that no risk manager in a financial institution can afford to be without. For an increasing number of banks, risk management is not merely the measurement and reporting of risk in isolation. With the recognition that it is necessary to take some risks to ensure a return, the question that all banks must ask is: are we achieving sufficient return for all the risks that we are taking? There are two necessary corollaries to the answering of this question:

The CFA (Chartered Financial Analyst) is one of the most sought-after designations in the finance industry. This exam companion acts as a guide, assisting candidates to navigate the wealth of content and prioritise key areas of the official CFA texts (which have 6 volumes). Candidates receive the official CFA curriculum books with exam registration, this text is unique as it does not aim to replace the content of the curriculum, but instead act as a supplement. With a Foreword and Introductions to the 10 topics written by Pamela Drake, the self-study guide will be authored by 7City's experienced tutors.

• How does the bank ensure that all the risks have been identified? • How does the bank ensure that the potential impacts of the risks are quantified in a consistent and timely fashion?

Each chapter contains an introductory section with Learning Outcomes, which list the main points to be covered. Throughout each chapter, "breakout boxes" are used to define challenging terms or explain difficult concepts. Each chapter concludes with a conceptual overview and a problem set consisting of relevant multiple choice questions with answers and explanations.

This book is aimed at practitioners and covers all aspects of risk management. Richard Flavell has been working in derivatives and risk management for the past 20 years, as an academic, a practitioner, a consultant and as a trainer. He is currently teaching a broad based risk management course covering all aspects of banking risk in a number of places around the world including, UK, Singapore, Hong Kong, Australia, South Africa and the Americas. He is formerly MD of Lombard Risk Consultants, who specialise in risk consultancy and training activity to banks and other institutions world-wide. Prior to setting up Lombard Risk in 1994, he was a Reader and Head of Finance at the Management School, Imperial College, UK. Ina de Vry has a long and successful track record in financial risk consulting over the last 8 years and is currently the Director responsible for Financial Risk Services in PricewaterhouseCoopers, South Africa. Ina has wide Financial Services industry experience, particular within investment banking and risk management and has an existing extensive client network spanning in particular the big four South African Banks, and also globally.

7City is a financial training company based in centres in London, New York, Singapore and Dubai and have provided training for more than 325 companies, from global financial institutions to small boutique research companies. Almost 4 million email-a-day questions have been answered and 7City have run more than 2,800 courses for clients either as part of an in-house programme or through their public calendar of courses. 7City's growth has been recognised by the Sunday Times Virgin Atlantic Fast Track for four years in a row from 2005 - 2008, and they have won awards for their innovative approach to training. Pamela Peterson Drake, is the J. Gray Ferguson Professor of Finance and Department Head, Department of Finance and Business Law in the College of Business at James Madison University. She previously taught at Florida State University and Florida Atlantic University.

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Risk Management and Collateral Management: A Shareholders Value in Guide to Mitigating Banking: From Risk Counterparty Risk Measurement Models to Michael Simmons Capital Allocation Policies, 978-0-470-97350-9 / 0-470-97350-1 160 pp. Pub: 05/04/13 2e General Finance & Investments

Andrea Sironi

Collateral management is a global issue and one that firms need to manage in its entirety, from pricing and risk management solutions through to middle and back office processing and documentation. This is a practical guide to the topic for middle and back office practitioners.

978-1-119-94214-6 / 1-119-94214-4 864 pp. Pub: 07/12/12 General Finance & Investments

Collateral Management: A Guide to Mitigating Counterparty Risk is a practical guide to the hugely important topic of collateral management. In it, bestselling author Michael Simmons provides the ‘nuts and bolts’ of collateral management, making the very positive connection between the conceptual need to mitigate counterparty risk, and what must be done in practice in order to achieve it.

Risk Management and Shareholders Value in Banking provides an integrated framework for risk measurement, capital management and value creation in banks covering interest rate risk; market risk; credit risk; operational risk; capital regulation; capital management; and value creation. Updated to include coverage of the most recent developments in banking regulation, including comprehensive coverage of the new Basel III regulatory framework the book is structured in six parts.

The book will provide complete coverage of the topic, paying particular attention to issues such as what internal records must be maintained and in what types of systems to enable efficient collateral management, what day-to-day procedures must be used in making and receiving collateral calls (including pre-worked examples) and the settlement-related issues relating to effecting incoming and outgoing movements of cash and securities collateral. The combination of new players in and increased frequency of collateral management around the globe means that basic knowledge of the subject is in short supply and big demand. This is supported by an increase in interest in the authors own collateral management course, and in the many jobs advertised currently by financial services firms are in collateral management jobs.

By bringing together the core aspects of risk management in banking - models and algorithms, regulation, process engineering and management, and strategic planning – the book provides a unique and consistent framework showing how financial risks can be understood, measured, managed and covered with capital. The book is accompanied by a website which includes a series of excel files with detailed explanations of all the numerical examples shown in the book, as well as solutions to the end of chapter exercises Andrea Sironi is Professor of Banking and Finance at Bocconi University. He has held visiting positions at the Research and Statistics Department of the Federal Reserve Board of Governors, and at the Salomon Brothers Center (Stern School of Business, NYU). He has been a member of the Fitch Ratings Academic Advisory Board and has previously been a financial analyst at the Chase Manhattan Bank, London. Andrea Resti is Professor of Financial Markets and Institutions at Bocconi University, Milan. He is a member of the Banking Stakeholder Group at EBA; the pan-European bank supervisor and regulator. Andrea moved to academia after working for 7 years in the research and planning department of a major Italian bank.

Michael Simmons has spent the majority of his working life within the operational areas of international investment banks, most notably within the S.G. Warburg group in London. Having gained a detailed understanding of various back office tasks through many years of hands-on experience, he assumed managerial responsibility for a number of operational areas. In recent years, Michael has worked as head of business consultancy within a global computing services firm, and currently operates as an independent analyst/consultant, trainer and project manager. Michael's areas of expertise include all aspects of the trade lifecycle, straight through processing and operational risk, for both fixed income and equity products.

Previous edition - Licensed: Portuguese

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The Trader's Guide to European Economic Indicators

Corporate Governance in Islamic Banking and Finance

David Powell

Aly Khorshid

978-1-118-44005-6 / 1-118-44005-6 224 pp. Pub: 17/05/13 General Finance & Investments

978-1-119-96125-3 / 1-119-96125-4 240 pp. Pub: 01/03/13 General Finance & Investments

The sovereign debt crisis in Europe has demonstrated that every investor around the world needs to understand how the euro area functions, but in reality many don’t fully understand the intricacies of data watching and monetary policy in Europe. Similarly, many investors based in Europe don’t fully understand the difference between the way the Bank of England, the European Central Bank, the Federal Reserve, the Norges Bank, the Riksbank and the Swiss National Bank operate. These differences became increasingly important when those central banks went beyond the traditional monetary policy tool of decreasing and increasing interest rates.

Despite the rapid growth of the Islamic finance sector in the last ten years, and its increasing presence in global financial markets, the Islamic finance industry still lacks a cohesive corporate governance structure. In order to promote the sector’s continued expansion, corporate governance, aspects of which include internal controls; risk management; transparency; loan accounting and disclosure; Shari’ah clearance and audit; external audit and prudential regulation and supervision, must be improved. The IFSB has two draft white papers on corporate governance in Islamic finance, and the AAOIFI is developing a guide particularly for accounting disclosers, but both lack guidance on several important issues such as the rights of shareholders and stockholders, ownership functions, accountability and transparency and enforcement authorities. This book provides a detailed model and checklist for effective corporate governance in Islamic finance, addressing these essential issues.

The Trader’s Guide to European Economic Indicators is a user-friendly guide for investors and traders to economic indicators for the developed economies of Europe. It explains the essentials of each of the euro area’s economic indicators, including those for Germany, and how they compare with those in the UK, Switzerland, Norway, Sweden, and the US. It covers the differences between a budget deficit, a primary deficit, a structural deficit and a cyclically adjusted deficit, and explains key differences between the European and US approach, such as why Europe targets headline inflation instead of core inflation like the Federal Reserve, why Europe focuses on M3 money supply growth, while the Federal Reserve has stopped publishing the time series, why Europe uses a one-week refinancing rate for its key policy rate, while the Federal Reserve targets the Federal Funds rate, and why the ECB conducts MTROs and LTROs as part of their monetary policy.

It covers an introduction to corporate governance, discusses the legal and regulatory requirements for effective corporate governance practice, the difference between Islamic banks and conventional banks, Shari’ah requirements in Islamic finance, and also discusses the jurisdiction differences in corporate governance, supervisory and regulatory authorities in different jurisdictions, and disclosure and transparency. The book also includes a model, as well as a checklist, for effective corporate governance. Dr. Aly Khorshid is an Islamic finance consultant, Shari'ah Scholar, and Fellow at the ICMA Center, University of Reading. He began his career in international marketing and trade and held his first Shari'ah board membership with Al-Baraka-the first Islamic bank in the UK-where his roles include dealing with the UK Treasury and Bank of England departments in relation to the regulation of Islamic banking issues. Dr Khorshid is now a recognised expert on Shari'ah compliant finance, Islamic moamlat, and Islamic contracts. He is partner and CEO of Islamic finance with Elite Horizon economic consultancy, structuring, endorsing and advising on Shari'ah complaint products, with particular experience in capital and stock market products.

David Powell, Senior Economist at Bloomberg LP, writes the daily Bloomberg Brief on economic developments in Europe, as well as publishes a weekly Bloomberg Currency Chart Book with analysis of foreign-exchange market, forecast macroeconomic variables for the euro-area and G-10 exchange rates, present views on the European economy and currencies to Bloomberg clients around the globe, writing real-time analysis of European economic indicators for Bloomberg First Word, and discussing economic and financial market developments on Bloomberg TV.

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An Introduction to Value-at-Risk, 5e

Institutional & Corporate Finance

Moorad Choudhry

Merger Arbitrage: A Fundamental Approach to Event-Driven Investing

978-1-118-31672-6 / 1-118-31672-X 224 pp. Pub: 01/02/13 Introductory Finance Value-at-Risk (VaR) is a technique used to estimate the probability of portfolio losses based on the statistical analysis of historical price trends and volatilities. VaR is commonly used by banks, security firms and companies that are involved in trading energy and other commodities. VaR is able to measure risk while it happens and is an important consideration when firms make trading or hedging decisions. VaR came under critical review following the financial crisis, and as a result there have been significant changes in the methodology and process throughout the financial markets. To remain current for th students and practitioners the 4 edition of this popular book now needs to be updated to include the latest developments and also cover the use of VaR in regulatory capital calculation, stress testing and Basel III

Lionel Melka 978-1-118-44001-8 / 1-118-44001-3 240 pp. Pub: 23/11/12 Institutional & Corporate Finance Essential reading for professional investors interested in the opportunities and risk of merger arbitrage. Merger arbitrage is a common strategy within the hedge fund community and it consists in using mergers and acquisitions as investment opportunities. Depending on the type of the operation, the strategy takes different forms, which are discussed in detail. Specific types of operations are also studied, such as hostile offers and leverage buyouts, because they present their own unique challenges to professionals. In rich explanatory detail, the book gets quickly up to speed on basic risk arbitrage concepts, terminology, and equations. It walks, step-by-step, through all the elements of the risk arbitrage process, focusing on critical risks that need to be assessed and managed. Sharing numerous case studies and vignettes with readers, it describes a complete methodology for safely navigating through the world of risk arbitrage. From researching prospects and determining positions, to hedging and trading tactics, Melka and Shabi present the full complement of sophisticated risk arbitrage techniques and is a must read for finance and investment professionals who want to take advantage of the nearly limitless opportunities afforded by today's rapidly changing global business environment. What makes the book so unique is the diverse and unique set of professional experiences that the authors can share with readers.

An Introduction to Value–at–Risk, 5th Edition is an accessible and reader–friendly guide to VaR and its different estimation methods, aimed specifically at newcomers to the market or those unfamiliar with modern risk management practices. The author capitalizes on his experience in the financial markets to present this concise yet in–depth coverage of VaR, set in the context of risk management as a whole. Completely updated to take in to account all the latest developments, the book includes all new material on VaR performance in the recent financial crisis, stressed VaR, the use of VaR in bank incremental default risk charge (IDRC) calculation, and Basel III and use of VaR in regulatory capital analysis. Topics covered include: Defining Value–at–Risk; Variance–covariance methodology; Monte Carlo simulation; Portfolio VaR; and Credit risk and credit VaR. Moorad Choudhry is Head of Business Treasury, GBM Treasury at RBS Global Banking and Markets. He is also Visiting Professor at London Metropolitan Business School, Visiting Research Fellow at the ICMA Centre, University of Reading, Associate Research Fellow at the School of Information Systems, Computing and Mathematics, Brunel University, a Fellow of the Chartered Institute for Securities and Investment, and a Fellow of the ifs-School of Finance. An Introduction to Banking - Licensed: Arabic, Armenian, Simplified Chinese An Introduction to Bond Markets 3e - Licensed: Simplified Chinese An Introduction to Repo Markets 3e - Licensed: Simplified Chinese

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Lionel Melka is Co-Manager & Head of Research at Bernheim, Dreyfus & Co. and has led many M&A cross-border assignments in various industry sectors. He is also a teacher at the University of Paris Dauphine, one of the leading academic institutions in Europe, in the fields of corporate finance, asset allocation and alternative investments. Amit Shabi is Co-Manager & Head of Trading at Bernheim, Dreyfus & Co. Foreword/Preface by Michael Zaoui, former Head M&A at Morgan Stanley for 20 years.

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Practical Risk-Adjusted Liquidity Risk in the Performance Measurement Financial Crisis Carl R. Bacon

Aldo Soprano

978-1-118-36974-6 / 1-118-36974-2 232 pp. Pub: 05/10/12 Institutional & Corporate Finance

978-1-118-41399-9 / 1-118-41399-7 216 pp. Pub: 08/02/13 Institutional & Corporate Finance

Risk within asset management firms has an undeserved reputation for being an overly complex, mathematical subject. This book simplifies the subject and demonstrates with practical examples that risk is perfectly straightforward and not as complicated as it might seem. Unlike most books written on portfolio risk, which generally focus on ex-ante risk from an academic perspective using complicated language and no worked examples, this book focuses on ex-post risk from a buy side, asset management, risk practitioners perspective, including a number of practical worked examples for risk measures and their interpretation.

Liquidity Risk, unlike the other risks, was largely an ‘invisible risk’ for many financial institutions until the recent financial crisis. The world witnessed that even profitable and well-capitalised banks were swept away with breathtaking speed as liquidity dried up. This crisis is sometimes referred to as a ‘Black-Swan event’; which is an event that has low-frequency occurrence but high impact. Market practices and regulatory stances will be reviewed, showing how they suit current and developing financial markets and how banks treasury responded to recent liquidity crunches as a direct comparison. Refinancing risks for banks will be presented showing the Basel 3 coverage ratio and long term stable funding ratio methodologies, reviewing its components, counterbalancing capacity structure, a dedicated chapter will focus on stress testing both from a regulatory and empirical standpoint, showing how different forms of financing behave differently in changing markets conditions. Alternatives funding sources and their resilience during market crisis will be analysed and proposed and based on practical experience preferable allocation presented. Comparison of market liquidity and warning signals will also be included, where anticipatory indicators are effectively detecting further deterioration.

Risk, like beauty, is very much in the eye of the beholder – different risk measures will suit different investment strategies or investor concerns at different times so this book does not recommend any particular risk measure. Instead, it provides the necessary information and insight to determine one’s own preferences in a concise and easy-to-navigate style. The book begins by introducing risk in the context of asset management firms before going on to cover the descriptive statistics required for later chapters. Then, structured according to the type of risk measure being considered, the book covers simple measures, regression measures, drawdown, partial moments, extreme risk, risk measures for fixed income instruments, and risk adjusted returns. The book concludes with a discussion as to which risk measures to use and their application in terms of risk control. By documenting, with appropriate referencing, many of the ex-post risk measures in a structured format, filling gaps, encouraging consistency, suggesting new measures and highlighting possible areas of confusion or misrepresentation, Practical Risk-Adjusted Performance Measurement is the ideal practitioners practical guide to ex-post performance measurement techniques.

The text covers the recent crisis and new regulatory framework’s impact on liquidity risk management, spanning techniques, processes and banks strategies. Aldo Soprano, Unicredito Group, Milan, Italy is Group Head of short term liquidity risks control at UniCredito, Milan. He graduated in Economics and Statistics from Ca'Foscari University, Venice and has a Masters in Finance from Warwick Business School. Previously he worked for Barclays Capital on market risk. He served as Board member of Pioneer Alternative Investments and gives courses on Risk Management at the conferences and universities.

Carl Rafe Bacon is Chairman of StatPro Group plc. Prior to this, he was Director of Risk Control and Performance at Foreign & Colonial Management Ltd, Vice President Head of Performance (Europe) for J P Morgan Investment Management Inc., and Head of Performance for Royal Insurance Asset Management. A founding member of both ® the Investment Performance Council and GIPS , Carl is chair of the GIPS Executive Committee, chair of the Verification Sub-Committee and a member of the UK Investment Performance Committee.

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Creating Value with Corporate Finance: An Integrated Approach for the Practitioner

Investments & Securities Tail Risk and Asset Correlation: Wealth Management in Today's Macro Risk On / Risk Off Financial Environment

Söhnke Bartram, Gordon Bodnar, Dominik Wlodarczak 978-0-470-75867-0 / 0-470-75867-8 320 pp. Pub: 24/05/13 Institutional & Corporate Finance

Clive M. Corcoran 978-1-118-40933-6 / 1-118-40933-7 256 pp. Pub: 30/11/12 Investments & Securities

Creating value is a vital task for any company, and the finance function plays a pivotal role in that effort. Corporate Finance, and consequently this book, can effectively be divided into three main sections: Resource allocation, capital structure, and risk management. Under resource allocation fall issues surrounding managing the portfolio of a company, valuation, and M&A. Capital structure takes in different instruments to manage a firm’s capital structure, and risk management looks at risk modeling and hedging. Only an integrated perspective on the whole corporate finance function will lead to optimum value generation.

This title shows investors and traders how to manage a stable and profitable portfolio by taking in to account tail risk and focusing on global macro and beta correlations. It begins with a general introduction to traditional portfolio theory, covering the notions of alpha and beta, before moving on to an overview of the global macro style of asset allocation covering the major macro market influences such as geo-political events, the activities of supra-national bodies, monetary policy. It defines tail risk and provides quantitative methods for determining the level of macro or systematic risk in the financial environment, presenting techniques that address the dichotomy of risk on/risk off. Instead of looking at assets in isolation it illustrates the manner in which most asset classes, to a much greater extent than previously, are correlated, presenting both challenges, such as enhanced liquidity risk and flash crashes, and opportunities, such as increased returns, to investors and traders. It provides a robust framework for revealing underlying correlations between major asset classes including FX, fixed income instruments, commodities and global equity indices, and covers all aspects of risk – liquidity risk, volatility risk, sovereign risk, correlation risk, currency exposure and macro liquidity.

This book provides a guide and reference to the finance professional in their effort to enhance enterprise value, which comprehensively covers both financial concepts and application. All the relevant financial concepts surrounding capital structure, risk, and resource allocation are addressed. The book argues that only an integrated approach will result in optimum enterprise value being achieved. For example a positive NPV (Net Present Value) project will create value, but at the same time will change the company’s risk profile. As well as integrating financial concepts into the narrative, importantly this book gives as much practical advice as he needs to apply financial theory in a real life environment. Many questions rarely addressed outside academic literature, but which have practical implications for the professional environment, are raised and where possible answered.

The book includes many real world trading charts and examples, as well as a detailed case study of the May 2010 flash crash.

Söhnke M. Bartram is Associate Professor of Finance at Lancaster University, where he specialises in financial risk management, international finance, corporate finance and derivatives. He has written numerous papers for leading journals including the Journal of Banking and Finance, Managerial Finance, European Finance Review, and the Journal of Financial Economics. He has written several monographs in German. Dominik Wlodarczak is COO of Co-Investor, a private equity firm, based in Zurich. His past roles include that of Account Manager for CHF and Eurobonds at Nomura, CFO of a subsidiary of Holchim, CFO of Myonic AG, Switzerland, CFO of Elco Paper AG, Switzerland. F i n a n c e

R i g h t s

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Clive Corcoran is an FSA Registered Investment Adviser, currently advising private clients on how to practise long/short market neutral strategies. As an author he has written Long/Short Market Dynamics: Trading Strategies for Today's Markets, published by Wiley in 2007, and his articles have appeared in Traders' Magazine and Active Trader. In recent years he has been a frequent contributor to CNBC's European Closing Bell and has also been a speaker at international trading expos and workshops.

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Infrastructure Assets: A Case Study Guide to Getting it Right First Time

Risk Management for Illiquid Assets: Overcoming the New Regulatory Challenge

Barbara Weber, Hans-Willhem Alfen

Thomas Meyer, Peter Cornelius, Christian Diller, Didier Guennoc

978-1-118-31863-8 / 1-118-31863-3 224 pp. Pub: 12/04/13 Investments & Securities

978-1-119-95242-8 / 1-119-95242-5 256 pp. Pub: 12/04/13 Investments & Securities

Investing in infrastructure has become a core part of many investment funds’ asset allocation, as they are low risk and can offer stable, long-term returns. However the world of infrastructure is complex and an understanding of the intricacies of this specialised asset class is fundamental in making the right investment decisions.

Allocations to illiquid investments have grown substantially in recent years as investments in asset classes such as private equity, real estate, infrastructure or timber, are expected to generate superior returns and help investors diversify their portfolios. Their unique characteristics however, require specific tools to measure and manage the risk associated with such investments. Risk Management for Illiquid Assets provides a clear and accessible overview of the particularities of illiquid fund investments, what the main risks of these asset classes are and how risks are measured in the new regulatory environment. It provides solutions for institutional investors who are searching for guidance in the new era of regulation and it offers detailed descriptions of risk measurement in illiquid asset classes which will be illustrated with real life case studies. This book will help readers to develop appropriate risk management tools while complying with new regulations which have been put in place to contain individual as well as systemic risks arising from illiquid investments.

This book presents readers with everything they need to know to invest in infrastructure. It begins with an overview of the global infrastructure market, its sector and capital requirements, and then looks at the key areas that investors will need to understand to enter this market. This will include a step-by-step guide to individual infrastructure assets, focusing on their project financing structures, risk analysis, the various financial instruments used in the transactions, cash flow models and sensitivity analysis. Where appropriate, real life case studies are used to illustrate points made. It will be a must-have reference for anyone who wants to enter this complex but potentially rewarding area. Dr Barbara Weber is Founding Partner of Bibs Capital, an investment advisory firm focused on institutional Private Equity and Infrastructure portfolios. Previously, she has held positions at Dresdner Kleinwort Benson, and in the private sector development group of the World Bank in Washington. She lectures at the European Business School and regularly publishes in academic journals in the area of Private Equity and Project Finance, and is a regular speaker on Infrastructure at industry and academic conferences including Terrapinn and ICBI. Prof. Dr Hans-Willhelm Alfen is Head of the Chair of Construction Economics and Director of the KnowledgeCentre, Bauhaus-Universität Weimar, Germany. He has 20 years of professional experience in the design, financing, construction, maintenance and operation of infrastructure projects as well as in teaching and scientific research in Africa, America, Asia and Europe.

Thomas Meyer, Director, European Private Equity & Venture Capital Association and Head of Risk at the European Investment Fund, is responsible for the creation and development of the risk management function. He has held positions in the German insurance group Allianz AG in corporate finance and M&A, was head of Allianz Asset Management's IT and the regional Chief Financial Officer of Allianz Asia Pacific in Singapore. Peter Cornelius, Head of Economic and Strategic Research at AlpInvest Partners, is a globally renowned economist and authority on competition in the global economy. Christian Diller, Head of Solutions (Portfolio & Risk Management and Structuring), Capital Dynamics, an independent asset management firm, has many years of experience in analysing and structuring private equity portfolios. Didier Guennoc, Director, LDS Partners, is involved in the evaluation of investors' portfolios, investor relations and research for limited partners and private equity houses. He also advises the European Private Equity and Venture Capital Association (EVCA) on public affairs, statistics and professional standards.

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Fixed Income Relative Value Analysis: A Practitioners Guide to the Theory, Tools, and Trades

Trading Breakout: Achieving Trading Confidence, Discipline and Results

Doug Huggins, Christian Schaller

Steven Ward

978-1-118-47719-9 / 1-118-47719-7 304 pp. Pub: 17/05/13 Investments & Securities

978-1-118-31854-6 / 1-118-31854-4 224 pp. Pub: 01/03/13 Trading

As western governments issue increasing amounts of debt, the fixed income markets have never been more important. Yet the methods for analysing these markets have failed to keep pace with recent developments, including the deterioration in the credit quality of many sovereign issuers. This book addresses this gap by illustrating a set of analytic tools for assessing value in the markets for government bonds, interest rate swaps, and related basis swaps, including futures and options. Taking a practitioner’s viewpoint, and focusing on only the most up to date and relevant models, the book provides a comprehensive approach to Relative Value Analysis by covering the theory, the tools and the implementation of trades. The book covers both statistical models – mean reversion, and principal components analysis (PCA) – and financial models which the successful relative value trader can use to first identify instruments that are both rich and cheap relative to each other, and then apply the financial models in order to gain insights in the reasons for that richness and cheapness. If he sees a sufficient probability for the spread position to be an attractive trade, he can then use statistical models again to calculate, among others, the appropriate hedge ratios and the expected holding horizon. Drawing on the authors extensive experience the benefits and potential pitfalls of each model are explained fully, as well as practical guidance on the implementation of these models with a number of worked examples. The book is also accompanied by website featuring practical Excel examples of working implementations of the math and associated models contained in the book.

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This book will help traders to understand why they think, feel and act the way they do when they are trading and teach them practical and powerful techniques and strategies that will enable them to breakout of their old ways and take their trading performances to new levels. • Harness the power of perception and belief to build a winning trading mindset. • Discover how to tap into the power of your unconscious mind. • Learn powerful ways to manage your emotional states. • Break old limiting habits and behaviours. • Find out how to use visualisation and mental rehearsal techniques to enhance your trading performance. • Master change and take your trading to new levels. Steve Ward started out working in sports and performance psychology with elite athletes and teams in over 30 different sports and with high performers, teams, managers and leaders in the corporate sector. Since 2005 Steve has focused on working with financial traders, trading teams and leaders in proprietary trading groups, energy companies, banks and funds across the world utilising his expertise in the areas of performance, psychology, lifestyle management and making decisions under conditions of risk and uncertainty. Steve has worked with traders and trading teams from Deutsche Bank, Credit Suisse, Westpac, Investec, National Australian Bank, BP, Shell, Eon, Stat Oil, Verica Asset Management, Irwin Mitchell Asset Management, Abu Dhabi Investment Authority, Bailee Gifford, Quant Capital, Tradelink, Marex Financials, Schneider Trading Associates and provided training for London Stock Exchange, CMC Markets, IG Index, International Traders Expo, World Money Show, and the Market Technicians Association.

Doug Huggins has been working in the fixed income markets in the US and Europe for 25 years. Doug has recently joined Starsupply Commodity Brokers in London, where he's expanding the application of relative value models to the markets for grains, metals, and energy markets. Christian Schaller is founder and CEO of Shinzenbi Ltd, Japan, a consulting company for investment banks focused on the development of new analysis tools and training customers in relative value analysis skills.

F i n a n c e

Many traders know what to do and when to do it but find it difficult to action this, to do what they know, in real time in the live markets. What stops them? Themselves. The way they think, the feelings they experience and their habits, behaviours and actions.

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Following the Trend: Diversified Managed Futures Trading

Electricity Markets K. Bhattacharya 978-1-118-30692-5 / 1-118-30692-9 400 pp. Pub: 13/05/13 Power Technology & Power Engineering

Andreas Clenow 978-1-118-41085-1 / 1-118-41085-8 240 pp. Pub: 25/01/13 Trading

This comprehensive book on power engineering economics and optimisation demystifies today's issues in power systems. Equipped with exercises, solved numerical problems, and supplementary content, this book brings issues in the evolving electrictity markets to the forefront in an accessible text for power engineers and students.

During bull and bear markets, there is a group of hedge funds and professional traders which have been consistently outperforming traditional investment strategies for the past 30 odd years. They have shown remarkable uncorrelated performance and in the great bear market of 2008 they had record gains. These traders are highly secretive about their proprietary trading algorithms and often employ top PhDs in their research teams. Yet, it is possible to replicate their trading performance with relatively simplistic models. These traders are trend following cross asset futures managers, also known as CTAs. Many books are written about them but none explain their strategies in such detail as to enable the reader to emulate their success and create their own trend following trading business, until now. Following the Trend explains why most hopefuls fail by focusing on the wrong things, such as buy and sell rules, and teaches the truly important parts of trend following. Trading everything from the Nasdaq index and T-bills to currency crosses, platinum and live hogs, there are large gains to be made regardless of the state of the economy or stock markets. By analysing year by year trend following performance and attribution the reader will be able to build a deep understanding of what it is like to trade futures in large scale and where the real problems and opportunities lay.

Includes a variety of solved numerical problems, as well as end-of-chapter exercises.

Maintains sufficient background fundamentals and optimisation.

Provides computer programs for hands-on development of electricity market operational problems using the General Algebraic Modelling Systems (GAMS) software platform.

Includes supplementary website to enhance the understanding of the subject matter and provide solutions to end-of-chapter exercises.

of

both

economic

Masters, PhD students in power engineering and associated power engineering faculty. Graduate students and researchers from multi-disciplinary areas working on electricity markets. Power industry professionals seeking to understand the fundamentals of electricity markets in a simple pedagogic manner. Kankar Bhattacharya was in the faculty of the Indira Gandhi Institute of Development Research, Mumbai, India during 1993-98. During this period, he also held visiting faculty assignments at the Tampere University of Technology, Finland, and International Institute for Applied Systems Analysis (IIASA), Austria, to work on IIASA-World Energy Council Project on Long-term Energy Scenarios for South Asia. He moved to Sweden in 1998, to join the Department of Electric Power Engineering, Chalmers University of Technology, at Gothenburg, as the first holder of the Frederik Lamm Chair of Assistant Professor, was awarded the Docent and promoted to the rank of a tenured Associate Professor in 2001. He joined the faculty of University of Waterloo in Canada as a tenured Associate Professor in the Department of Electrical & Computer Engineering in 2003, and was promoted to the rank of a full Professor in 2007. Rohit Bhakar is an Assistant Professor in the Department of Electrical Engineering, at the Malaviya National Institute of Technology Jaipur, India, one of the premier engineering University in India.

Written by an experienced hedge fund manager, this book provides a comprehensive insight into the strategies behind the booming trend following futures industry from the perspective of a market participant. The strategies behind the success of this industry are explained in great detail, including complete trading rules and instructions for how to replicate the performance of successful hedge funds. You are in for a potentially highly profitable roller coaster ride with this hard and honest look at the positive as well as the negative sides of trend following. Andreas F. Clenow, CMT, is an experienced hedge fund manager specialised in systematic portfolio strategies covering all asset classes and instrument types. As a founding partner of multiple successful hedge funds his expertise includes developing and trading complex quantitative strategies within absolute return funds and mandates.

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Trading Secrets 3e: Killer trading strategies to beat the markets and finally achieve the success you deserve

The Mining Valuation Handbook 4e: Mining and Energy Valuation for Investors and Management

Louise Bedford

978-0-7303-7707-8 / 0-7303-7707-5 624 pp. Pub: 08/06/12 Trading

Victor Rudenno

978-1-118-31926-0 / 1-118-31926-5 340 pp. Pub: TBC Trading

The essential guide to investing in mining opportunities, now in its fourth edition.

Now in its third edition, Trading Secrets by best-selling author Louise Bedford reveals the secrets to consistently profitable trading.

A comprehensive guide to mining investment analysis designed for use by financial and mining analysts, executives, and investors, The Mining Valuation Handbook: Mining and Energy Valuation for Investors and Management has become an essential resource for assessing the value and investment potential of mining opportunities. Fully revised and updated, this fourth edition of the classic text provides new and up-to-date information to better explain the mysteries surrounding the resources industry.

Louise Bedford has been coaching and mentoring traders in person for over a decade. Through this book traders can be educated, motivated and guided wherever and whenever they need assistance. For traders starting out, or those already with some skin in the game, but no real success behind them, Trading Secrets is your personal coach. If you are keen to get a piece of the action, consistently profit and enjoy the ride, Trading Secrets will help you set up a trading business and master your number one trading foe, yourself. Known for her witty and entertaining style, Louise has demystified the world of share trading for thousands of investors and traders. Trading Secrets includes fascinating insights into:

This new fourth edition covers a wide range of essential topics, including: feasibility studies, commodity values and forecasting, classification of resources and reserves, indicative capital and operating costs, valuation and pricing techniques, qualifying risk, the impact of exploration and expansion, and more.

How to handle a windfall profit.

Entry and exit signals.

Fourth edition of the bestselling text on assessing mining investment opportunities.

Psychological factors that affect trading performance.

Author Victor Rudenno is a respected global expert on mining investment analysis.

Short selling, options and bear market strategies.

Setting stop losses and money management.

Key topics, including feasibility studies, valuation techniques, and risk qualification are covered in detail.

Why men and women trade differently.

Packed with invaluable mining information for the financial industry and financial information for the mining industry, The Mining Valuation Handbook is the definitive guide to assessing and investing in mining opportunities.

Louise Bedford is one of Australia’s most compelling speakers on the sharemarket and she has been trading for nearly 20 years. Louise has trained thousands of people to maximise their own trading potential. She has degrees in Psychology and Business, and has done the hard yards in the sharemarket, so you can shortcut your way to success by following her methods. As one of Australia’s best-selling authors on the sharemarket for nearly a decade, she has been quoted in more Australian sharetrading books than any other trader and she is the author of Trading Secrets, Charting Secrets, The Secret of Candlestick Charting and The Secret of Writing Options.

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Victor Rudenno is a leading global expert on mining investment analysis and consultant to mining companies, financial bodies, and governments.

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Business of Share Trading 2e: From Starting Out to Cashing in with Trading, 2e

Personal Finance Get Rich Slow: The Real Way to Build Wealth

Leon Wilson

Riegelhuth

978-0-7303-7629-3 / 0-7303-7629-X 440 pp. Pub: 09/17/12 Personal Finance

978-1-118-40616-8 / 1-118-40616-8 240 pp. Pub: N/A Personal Finance

Successful trader and best-selling author Leon Wilson knows how to make a living trading on the sharemarket. He also knows that because trading requires discipline, time and self-education, 90 per cent of those who attempt it will fail within two years.

How to build wealth the smart way - slow and steady. This book will show you how to take control of your finances and grow your wealth using nothing more than a few key principles and commonsense wisdom. It shows you how to let go of easy excuses, stop waiting around for magically simple solutions, set intelligent financial goals, and design an action plan that you can follow through to completion.

In concise and clear language, The Business of Share Trading, second edition, shows how you can take control and profit from an active sharemarket portfolio. From developing a plan and financing your capital investment, to setting up a home office and keeping accurate records, this newly expanded edition offers step-by-step guidance to all aspects of running a successful trading business.

Using a storytelling approach, it shares the financial experiences of the author and her clients, guiding readers through the tools and tactics necessary to effect positive financial change in their lives. Although focused on personal finance goals, the lessons here easily translate to life itself.

Updated to reflect the changes that have occurred in the industry over the past decade, the Business of Share Trading contains everything you need to know about: • Fundamental, technical and combination analysis. • Dealing with brokers, information sources.

data

suppliers,

ISPs

and

• Trend trading, break-out trading and reversal trading. • Trade entities and exits, position sizing and stop-loss management. Leon Wilson has traded just about every market accessible over a span of 20 years, from shares, warrants, CFDs, indices, commodities and futures to forex. In more recent time Leon retreated to the quiet life in rural Tasmania for reasons of health and well-being, where he now primarily focuses on international markets from the serenity of his home in the Tasmanian countryside. He is still accompanied by his faithful old Jack Russel who has been at his side since trade one. Leon is one of only a select few Australian traders to be published in the US Stocks and Commodities magazine (July 2006) and he contributed the feature article in the same magazine in January 2008, where he first introduced then expanded on the techniques originally discussed on Breakthrough Trading. These methods have since been adopted by numerous trading software programs on both the domestic and international scene.

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Market Microstructure – The Successful Frauditor's Confronting Many Viewpoints Casebook Spring/Summer 2012

Frederic Abergel, Jean-Philippe Bouchaud, Thierry Foucault, Charles Lehalle, Mathieu Rosenbaum

Peter Tickner 978-0-470-97776-7 / 0-470-97776-0 352 pp. Pub: 27/04/12 Auditing / Internal

978-1-119-95241-1 / 1-119-95241-7 416 pp. Pub: 27/04/12 Financial Engineering

Learn what works well and avoid the pitfalls in the real world of fraud detection and fraud investigation.

An essential volume of contributions from popular academics and practitioners on cutting-edge topics in market microstructure, high frequency finance and optimal trading strategies.

This casebook reveals how frauds and fraudsters were discovered - and delves into the investigations that followed. Each chapter covers a particular case, analysing the factors that allowed fraud to develop and assessing the effectiveness of the detection process and the resulting fraud investigation. Importantly, the casebook examines the steps taken by organisations to recover from the cost of fraud and the damage that fraud has caused. •

High-profile author, Peter Tickner, is well known in auditing and investigative circles.

Cases of fraud, drawn from the author's direct experience as well as world-wide, are supplemented with checklists and practical guidance on fraud detection

Based on the December 2010 Bachelier Society annual conference on market microstructure, this guide brings together leading thinkers to discuss this important field of modern finance. It provides readers with vital insight on the origin of the well-known anomalous ‘stylised facts’ in financial prices series, namely heavy tails, volatility, and clustering, and illustrates their impact on the organisation of markets, execution costs, price impact, organisation liquidity in electronic markets, and other issues raised by high-frequency trading. Topics covered include analysis of high-frequency data, statistics of high-frequency data, market impact, and optimal trading. This is a must-have guide for practitioners and academics in quantitative finance.

Internal auditors, risk managers. Senior Management, HR managers. Peter Tickner is former Director of Internal Audit, Metropolitan Police Authority, Head of Internal Audit at HM Treasury, internal auditor for the NHS. He has held positions as President of the IIA, and Chair of the Editorial Board for the IIA Journal and as senior lecture at the Civil Service Colleague. He is now a consultant and a regular speaker at IRR Fraud conferences and trains for professional organisations such as CIPFA.

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Quantitative traders and researchers, quantitative risk managers, regulators, academics interested in microstructure and quantitative finance. Professor Frederic Abergel is Director and holds the BNP Chair in Quantitative Finance at Ecole Centrale Paris, where he leads a group of academics and practitioners dedicated to the study of market microstructure in order driven markets. He has extensive knowledge of the financial markets, having careers in both investment banking and academia, including positions as Head of the Equity, Commodity and Hybrid Quantitative Analytics Group at Natixis, Head of the Paris Quantitative Group at Barclays Capital and Senior Quantitative Analyst at CAI Chevreux. He was also Assistant Professor, Department of Mathematics at Pennsylvania State University and taught financial mathematics at Universite Paris Dauphine.

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Red Capitalism: The Fragile Financial Foundation of China's Extraordinary Rise, (rev.)

Counterparty Credit Risk and Credit Value Adjustment: A Continuing Challenge for Global Financial Markets

Carl Walter, Fraser Howie

Jon Gregory

978-1-118-25510-0 / 1-118-25510-0 300 pp. Pub: 26/03/12 General Finance & Investments

978-1-118-31667-2 / 1-118-31667-3 224 pp. Pub: 13/07/12 General Finance & Investments

With Wall Street and Europe in crisis and China strongly positioned as America's largest creditor, the question everyone is asking is: "Will China surpass the US as the world's premier global economy?"

A practical guide to counterparty risk management and credit value adjustment.

The authors look at how China financed its current position of strength and whether it will be able to maintain its astonishing momentum. By going deep inside the Chinese financial machine to illuminate the social and political consequences of the unique business model that propelled China to economic powerhouse status, they look at the question whether this rapid ascension really lives up to its reputation. •

The specter of a powerful China is haunting those countries suffering from economic decline and this book explores China's next move.

•

Packed with new statistics and stories based on recent developments, this new edition updates the outlook on China's future with the most cutting-edge information available.

This book explains the emergence of counterparty risk during the recent credit crisis. The quantification of firm-wide credit exposure for trading desks and businesses is discussed alongside risk mitigation methods such as netting and collateral management (margining) and central counterparties. Financial institutions have recently been developing their capabilities for pricing counterparty risk and these elements are considered in detail via characterisation of credit value adjustment (CVA). The implications of an institution valuing their own default via debt value adjustment and funding costs are also considered. Portfolio management and hedging of CVA are described in full as are wrong-way counterparty risks in relation to interest rate, FX, commodity and credit derivative products. Regulatory capital for counterparty risk, including the recent Basel III requirements for CVA VAR is covered, as is the management of counterparty risk within an institution by a "CVA desk". Finally, the design and benefits of central clearing, a recent development to attempt to control the rapid growth of counterparty risk, is addressed. Hedging aspects, together with the associated instruments such as credit defaults swaps (CDSs) and contingent CDS (CCDS) are described in full.

Indispensable reading for anyone looking to understand the limits that China's past development decisions have imposed on its brilliant future, Red Capitalism is an essential resource for anyone considering China's business strategies in today's extremely challenging global economy. Carl E. Walter actively participated in most of its financial reforms. He was a member of the Management Committee at China International Capital Corporation, China's first and most successful joint venture investment bank, where he supported a number of significant domestic stock and debt underwritings for major Chinese corporations. More recently, he helped build one of the most successful and profitable domestic security and currency trading operations for a major global investment bank. Fraser Howie has been trading, analysing and writing about Asian stock markets for nearly 20 years.

Jon Gregory is a partner at Solum Financial, a unique consultancy which offers ex-practitioners advisory services in all areas of Capital Markets. Until 2008, Jon was Global Head of Credit Analytics at Barclays Capital, London. He is a visiting professor at University of Cambridge and the ICMA Centre, University of Reading, and a regular speaker at industry conferences and training including Risk Training, WBS Annual Conference, Moneyscience Training. In addition to publishing papers on the pricing of credit risk and related topics, he is co-author of the bestselling book Credit: The Complete Guide to Pricing, Hedging and Risk Management, short-listed for the Kulp-Wright Book Award for the most significant text in the field of risk management and insurance. 2 6

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How the Trading Floor Really Works

Sustainable Investing for Institutional Investors: Risk, Regulations and Strategies

Terri Duhon

Mirjam Staub-Bisang

978-1-119-96295-3 / 1-119-96295-1 352 pp. Pub: 21/09/12 General Finance & Investments

978-1-118-20317-0 / 1-118-20317-8 256 pp. Pub: 14/05/12 Finance & Investments Special Topics

An engaging guide to what really happens in the front office of an investment bank, and why.

A comprehensive guide to the emerging world of ‘green' investing, introducing opinions from industry experts on the key issues in sustainable investing.

The dynamics of the trading floor are a little microcosm of the global markets. Understand these dynamics and better understand the dynamics of global financial markets. Who are the key players on the trading floor and what are their roles and responsibilities? Who are the clients and do they really need the services the trading floor provides? How does the client understand their risk and know when the price is right? How does all this impact global financial markets?

With concerns about climate change increasing among investors, many are looking for opportunities that offer positive social as well as monetary returns. This title explores the key issues related to "Socially Responsible Investment" (SRI), including investment strategies, risk and returns, market data, regulatory frameworks, and more. Looking at all investment classes, including bonds, equities, real estate, commodities, and many others, it provides an in-depth view of SRI-relevant asset classes to help you decide which is best for you.

Trading floors also determine how risk decisions are made and how risk gets managed in a major financial institution. This is crucial to understanding the health of the financial system globally. "Where is the risk?" and "How is it managed?" seem to be the questions most often asked about finance institutions. Interestingly, a better understanding of how the trading floor works, and the questions will generally turn into "What is the risk?" and "How is it measured?" Part of the challenge of understanding the trading floor is wading through the terminology. Bid-offer, market-maker, upfront, hedging, real money, going short, counterparty credit risk, liquidity etc at least are real words. But V@R, IRS, repo, ROC, CDS, PV, TVM, CVA etc aren't. This creates a language barrier that is overwhelming for most. This book will decipher and translate the world of trading both cash and derivative products.

It presents 20 case studies involving institutional investors that are currently following a sustainable investment strategy and explores how they have approached SRI.

Last of all, if you've ever wanted to know "who is the smartest person on the trading floor", "why you are only as good as your last trade", or "what risk is never considered but always there", this is the book to read.

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Features a Foreword by Dr. Klaus Schwab, Executive Chairman of the World Economic Forum.

The large number of case studies makes it extremely useful for practitioners. They can compare their own strategies with the investment strategies of their peers and learn from them.

The contributions from renowned practitioners (and academics) provide deep insights into sustainable/SRI investments across all asset classes.

Professional/institutional investors/advisors. CIOs/CFOs of financial services corporations such as insurances and banks, managers of family offices. Teachers and students. Dr. Mirjam Staub-Bisang is a founder and managing partner at Independent Capital Management Ltd., an asset management and real estate advisory firm, based in Hong Kong. Prior, she held senior positions in investment banking/asset management among which Commerzbank, Swiss Life Private Equity Partners and Merrill Lynch. Dr. Staub-Bisang serves on the advisory boards of several companies.

Terri Duhon is Managing Partner, B&B Structured Finance Ltd, a derivatives training and consultancy business based in London. While running B&BSF she has undertaken several derivatives and securitisation consultancy projects as well as numerous training assignments in Europe, North America and Asia. Previously, she has worked as an interest rate derivatives trader at JP Morgan in New York, and was instrumental in developing the credit derivative market as well as building the BISTRO business: a cutting edge securitisation technique pioneered by JPMorgan.

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Sustainable and Responsible Investment in Asia

The New Depression: The Breakdown of the Paper Money Economy

Geoffrey Williams

Richard Duncan

978-0-470-83014-7 / 0-470-83014-X 320 pp. Pub: 30/07/12 Finance & Investments Special Topics

978-1-118-15779-4 / 1-118-15779-6 224 pp. Pub: 18/04/12 International Economics & Trade

Sustainable and Responsible Investment (SRI) is fast becoming a major issue for many investors in Asia. This timely book from an international expert offers a comprehensive analysis of SRI in Asia and its implications for investors.

Richard Duncan established his reputation with his uncannily accurate predictions about the fate of the dollar outlined in his previous title The Dollar Crisis: Causes, Consequences, Cures which discussed his fears for the global economy as governments around the world claw their way back from the 2008 financial crisis by printing paper money.

This book takes a look at the development of SRI from its inception, explores the current market and its likely growth trajectory, and includes careful analysis of the issues that add investment value in the areas of Environmental, Social and Governance (ESG) in Asia. Featuring an introduction to Islamic financing, a form of ethical investment which is part of SRI and in which Asia plays a leading role, the book also looks at community investment (or philanthropic investment) in the region, as well as investment in social enterprises. •

The first book on Sustainable and Responsible Investment (SRI) in Asia

Takes a look at sustainability programmes across 20 stock exchanges in Asia

Includes important new data on the size of the SRI market, its growth, and its future trajectory

‘Quantitative Easing’, i.e. paper money creation by the US central bank, has created a firestorm of controversy that monopolises the front pages of all major newspapers every day yet its true significance is little understood. This book will change that. It examines the events leading up to this crisis from a different perspective by focusing on the role played by paper money creation — not only the creation of dollars, but the creation of all the major world currencies during the years leading up to the crisis. It also describes how governments around the world created the equivalent of trillions of dollars in new money to prevent the implosion of the global economy during the crisis of the last two years and how they will create and deploy trillions more as the crisis intensifies during the years ahead. After explaining the origin and nature of this crisis, this book outlines how events are ultimately likely to play out. It also describes what the reader can do to preserve their wealth.

Presenting a fascinating look into a new area of investment, Sustainable and Responsible Investment in Asia is a timely resource for investors confronting not only the ongoing global financial crisis, but also mounting concerns about climate change and environmental disasters.

Richard Duncan began his career as an equities analyst in Hong Kong in 1986, served as Global Head of Investment Strategy at ABN AMRO London, worked as a financial sector specialist for the World Bank in Washington DC, and headed equity research departments for James Capel Securities and Salomon Brothers in Bangkok. He also worked as a consultant for the IMF in Thailand during the Asia Crisis. He is now chief economist at Blackhorse Asset Management in Singapore. Richard has published articles in The Financial Times, The Far East Economic Review, FinanceAsia and CFO Asia. He is also a well-known speaker whose audiences have included The World Economic Forum's East Asia Economic Summit in Singapore, The EuroFinance Conference in Copenhagen, The Chief Financial Officers' Roundtable in Shanghai, and The World Knowledge Forum in Seoul.

Dr Geoffrey Williams is a Founder and Director of the Academy of Responsible Management Sdn Bhd. He has designed and directed numerous research projects for the UK Government (DTI), European Commission (DG-Research), and European Standards Agency, among others. He was economic advisor to Her Majesty's Opposition in the United Kingdom and has also worked with private companies and charities including PA Consulting Group, leading UK law firm Allen & Overy, and the Wellcome Trust UK. He is a Deputy-Chair of the EU Malaysia Chamber of Commerce and Industry (EUMCCI) CSR Committee.

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Betting on China: Chinese Stocks, American Stock Markets, and the Wagers on a New Dynamic in Global Capitalism

The Economics of Sovereign Wealth Funds Massimiliano Castelli, Fabio Scacciavillani 978-1-119-97192-4 / 1-119-97192-6 288 pp. Pub: 22/06/12 Investments & Securities

Robert W. Koepp

A complete guide to sovereign wealth funds written by and for industry practitioners.

978-1-118-08714-5 / 1-118-08714-3 256 pp. Pub: 22/05/12 Investments & Securities

Sovereign Wealth Funds (SWFs) are not a new feature in global capital markets. The first SWFs were established during the first oil price boom of the early 1970s when Middle Eastern oil exporters started diversifying their current account surpluses in global capital markets. In the 1980s and 1990s SWFs quietly continued allocating their wealth mostly in the advanced economies (US / Europe) without attracting any particular attention by policy makers and investors. In the last decade, however, SWFs have come more and more into the limelight as the size of the assets they manage and the scale of foreign investments they undertake have grown much faster than in any previous decades. The rising importance of SWFs is mostly the result of the changes occurring in the global economy: as the rise of emerging markets fuels demand for commodities, global macroeconomic imbalances appear to have become an enduring feature of the global economy and the centre of gravity of the world moves towards the East, SWFs are set to play a growing role in global capital markets.

Timely and controversial discussion of the way that China's emerging financing structures are outperforming the West. "Made in China" has become "Funded in China." The world has awoken China’s might as a manufacturing powerhouse and dominance as a consumer of everything from natural resources to advanced technology. Yet we hardly hear anything about what is fueling China's growth, especially the high-risk venture capital and private equity finance that feeds the entrepreneurship and innovation that is positioning China at the forefront of tomorrow's industries. This book aims to illuminate a little understood, often mischaracterised, yet "hot topic" of global finance, innovation, and China in general: the Chinese version of VC and PE financing and the ways such risk capital is shaping the development of promising new enterprises in the world's fastest growing major economy.

This book is a one-stop guide to the macroeconomic environment within which SWFs operate. Written by two practitioners working in the industry, it provides a thorough guide to SWF's, covering the drivers of the industry, how it operates and grows, the interest from and in western markets and how the pivotal role that SWFs play in the world economy.

The book focuses on three types of related but separate high-risk equity finance forms in China: angel investment, venture capital, and private equity. It does this through real-world case studies and analysis that place the deeper meanings of the findings in their appropriate contexts to give readers a fuller appreciation of the subjects it covers.

Dr. Massimiliano Castelli is Executive Director and Senior Strategist at UBS Global Asset Management, where he acts as advisor to the Group Executive Board and Business Groups on global economic and financial market trends and on the implications of regulatory, political and financial market developments. He is a regular conference speaker on the topic of Sovereign Wealth and has published a number of papers on the topic. Dr. Fabio Scacciavillani is Director, Macroeconomics & Statistics at Dubai International Financial Centre, providing macroeconomic forecasts and analysis for the GCC and MENA regions, advises the Dubai government on financial market policy and heads up a task force for the establishment of a fixed income market in Dubai for conventional and Islamic securities.

Rob Koepp has had a career spanning the worlds of theory and practice in business, finance, economics, and global trade, and consults, helps fund and writes about highly creative organisations. Rob's written and spoken opinions and analyses appear in the Los Angeles Times, The Economist, Business Asia, Chicago Tribune, Singapore's Business Times and Japan's Nihon Keizai Shinbun, among others. Rob completed an English translation of a best-selling Japanese illustrated manga biography on George Soros (John Wiley, 2006).

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World Class Private Banking: Building a Culture of Excellence

Surviving Sovereign Debt: Investment Survival During the Coming Sovereign Default Crises

Boris F. J. Collardi

Michael Wong, Peter Treadway

978-0-470-82437-5 / 0-470-82437-9 256 pp. Pub: 30/07/12 Money & Banking

978-1-118-24721-1 / 1-118-24721-3 320 pp. Pub: 29/08/12 Personal Finance

Amid all the gloom in the banking industry, there is one bright spot - Private Banking. This timely book from one of the industry's brightest stars explains the key success factors in building a world class private bank.

A major economic crisis involving the ‘developed’ economies lies ahead which will involve sovereign defaults, major redistribution of economic wealth and an overhaul of the international financial system. This book will attempt to explain the oncoming crisis to investors and offer suggestions as to how to avoid massive losses.

Wealthy individuals are growing around the world. Banks and other financial institutions are competing to capture them by investing heavily into offices, events, advertising, people, etc. Despite these efforts few manage to get it right. This book provides a practical guide to excellence. Readers will discover a structured approach to delivering a true client experience to get ahead in the exciting industry of Private Banking

The book begins by clarifying the concept of government default. A legal default involves non-payment of interest and principal as outlined in the bond covenants. But there are other kinds of economic defaults including default by inflation, default by financial repression or, in the case of entitlements, the introduction of means testing or simply cutting promised benefits. Inflation default is another option. Most of the advanced countries borrow in their own currencies and can therefore simply print money to meet their obligations.

• Pick your strategy and stick to it. Define your business model. • Which clients where? What do they do and what do they like? The next generation. • Products and services. The platform. The five points client experience. Why quality matters. Service excellence.

Although every country has its own specific characteristics, the developed countries in the last decade have been building up fiscal deficits which were exacerbated by the downturn of 2008. The typical advanced country now has a net government debt/GDP ratio over 70%. In addition, all the advanced countries face aging populations and burgeoning entitlement programmes. Some kind of default seems inevitable.

• The right organisation, culture, leadership and people. Boris F.J. Collardi, CEO, Bank Julius Baer & Co. Ltd, Switzerland, oversees all operational issues on both national and international basis. He also played a significant role in the successful integration of the 4 private banks bought from UBS into Bank Julius Baer. Before joining Julius Baer in 2006, he spent 12 years with Credit Suisse and contributed significantly to its successful build-up and the expansion of the private banking business in both Europe and Asia. During his years with Credit Suisse he attained the positions of Chief Financial Officer and Head of Corporate Centre within CS Private Banking. Boris combines extensive leadership experience with proven expertise in the successful implementation of ambitious strategic projects. Boris' international work experiences stems from 6 years spent in Asia and the UK.

The central thesis of the book is that only a denial of market access to further government borrowings (the crisis) will force real action and that default is part of this action. And this market access denial must eventually happen. Deeply involved in this crisis will be the dollar centric international monetary system. When all is over, the dollar will not be at the center of the system as it now is. The book will conclude with advice to investors as to how to survive this crisis and where to invest to avoid catastrophic losses. Two forecasts: gold will continue to rise and sooner or later government debt including that of the US and Japan will be shunned. Dr. Peter Treadway is Chief Economist of CT Risk Solutions and adjunct professor of City University of Hong Kong. Michael Wong is founding President of CTRISKS, a credit rating agency/risk consulting firm, and an Associate Professor of Finance of City University of Hong Kong. 3 0

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The Global Biofuels Market: Trading and Operations Tom James, Francesca Zerenghi 978-0-470-82600-3 / 0-470-82600-2 320 pp. Pub: 16/07/12 Trading This book provides an in depth knowledge on global biofuel industry, which is one of the emerging markets in Asia, Middle East and the US. Professional traders in biofuel markets, shipping companies, investment firms and government policy makers are sure to benefit from the valuable insights on the practical experience of shipping biofuels and the first-hand knowledge of the issues in trading and transportation of these fuels that this book contain. This book is focused is on the practical trading and distribution of Biofuels. Topics covered include the Trading, Handling, Storage issues, Refining and Distribution and Pricing and Price risk management of Biofuels markets. • This book covers all the key elements a Trader and Green Entrepreneur and Energy consumer needs to know about the established and the still emerging Biofuels Markets of the world The key feature of this book is that it is based on the authors’ practical experience in this emerging market which is still very new market with very few people with real hands on experience in the international market. Tom James is an expert in Energy and commodity markets. His broad experience gained through 19 years in the energy and commodity sector, covers investment in and trading across Asian, Central Asian, Middle East, West African, European and North American markets. His career has spanned the complete value and business process chain from upstream to downstream in energy & other commodity markets. In recent years his focus has been on Emissions Markets and the developing Bio Fuel and Renewable Energy Sector. Francesca Zerenghi has hands on experience as an investment analyst and trader in bio fuels, bio mass and renewable energy projects, for example, the successful project management of several green energy bio-diesel refineries, storage, wind farm and power generation projects using waste-derived-fuel (WDF) and Bio-mass.

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Finance  

Finance & Wiley