"Jack Marshall and Ken Kapner have done a superb job of providing a complete, easy–to–read primer to derivative products. Using clear language and concise examples, it lays out the world of swaps for the practitioner, student, accountant, lawyer or regulator." ?Robert J. Schwartz EUP and Chief Operating Officer Mitsubishi Capital Markets, Inc.
"Marshall and Kapner have produced an exceptionally cogent description and analysis of the swaps market along with its essential technical and theoretical underpinnings. This book should be number one on the reading list for any student or practitioner of contemporary financial techniques." ?J. Michael Payte Senior Managing Director Bear Sterns & Co., Inc.
"Understanding Swaps details the complete world of swaps: the basics (interest rate and currency swaps), the vogue (equity and commodity swaps), and the future (macroeconomic swaps). Indeed, Understanding Swaps is the book I would recommend to someone for a comprehensive and very readable primer on swaps." ?Carolyn Jackson First Vice President Banque Indosuez
The Generic Swap Structure.
Interest Rate Swaps.
Commodity Swaps and Equity Swaps.
Swaps, Structured Solutions, and Financial Engineering.
The Pricing of Interest Rate Swaps.
Managing a Swap Portfolio.
Hedging Business Cycle Risk: The Next Major Wave in Derivatives?.
Answers to Review Questions.
KENNETH R. KAPNER is Treasury Training Manager for The Hong Kong and Shanghai Banking Corporation Limited. A frequent user of swaps for the hedging of his bank?s positions, he has extensive trading experience in both the foreign exchange and money markets.