The Definitive Guide to Capital Markets Today and Tomorrow
The Capital Markets breaks new ground with its peerless coverage of the evolution of the financial ecosystem, with a keen focus on the myriad changes since the Great Recession of 2007 to 2009.
Developed by industry experts from long–standing financial institutions, this comprehensive and accessible guidebook sheds fresh light on the state of global capital markets. It focuses on the evolutionary shifts forming new realities and operating procedures, from the different roles banks are playing to the unintended consequences of regulation. This single resource gives you:
- A–to–Z coverage of capital markets conveniently organized for quick reference
- A complete course for getting up to speed with state–of–the–art theory and practice
- Multiple perspectives from hand–picked contributing experts on their disciplines
This book provides the reader with a new roadmap to navigate the capital markets.
About the Author & Executive Editor xv
About the Contributors xvii
PART ONE Introduction and Tools
CHAPTER 1 The Early 21st–Century Evolution of Global Capital Markets 3Jack Malvey
CHAPTER 2 The Role of Global Capital Markets 20Christian A. Edelmann and Shasheen Jayaweera
CHAPTER 3 How the Global Financial Crisis Transformed the Industry 52Christian A. Edelmann and Pete Clarke
CHAPTER 4 Cash Bonds and Futures 64Amir Sadr
CHAPTER 5 Risk in Capital Markets 89Peter Reynolds and Mike Hepinstall
CHAPTER 6 Enablers for Robust Risk Management in Capital Markets 110Swati Sawjiany
CHAPTER 7 Making Markets Work 120Eric Czervionke
PART TWO Capital Markets Products
CHAPTER 8 Money Markets 157Randy Harrison and Paul Mandel
CHAPTER 9 Repurchase Agreements 184Karl Schultz and Jeffrey Bockian
CHAPTER 10 U.S. Treasury and Government Agency Securities 205Lee Griffin and David Isaac
CHAPTER 11 Government–Sponsored Enterprises and Federal Agencies 210David Isaac and Francis C. Reed, Jr.
CHAPTER 12 Inflation–Linked Bonds 232Henry Willmore
CHAPTER 13 Mortgage–Backed Securities 239Patrick Byrne
CHAPTER 14 Corporate Bonds 254Marvin Loh
CHAPTER 15 Preferred Stock 286Sarah Swammy
CHAPTER 16 Distressed Debt Securities 296Michael McMaster
CHAPTER 17 Securitization 304Daniel I. Castro, Jr.
CHAPTER 18 Asset–Backed Securities 312Daniel I. Castro, Jr.
CHAPTER 19 Non–Agency Residential Mortgage–Backed Securities (RMBSs) 329Daniel I. Castro, Jr.
CHAPTER 20 Commercial Mortgage–Backed Securities (CMBSs) 348Daniel I. Castro, Jr.
CHAPTER 21 Collateralized Debt Obligations (CDOs) 361Daniel I. Castro, Jr.
CHAPTER 22 Structured Investment Vehicles (SIVs) 381Daniel I. Castro, Jr.
CHAPTER 23 Collateralized Loan Obligations (CLOs) 389Mendel Starkman
CHAPTER 24 Municipal Bonds 419Fred Yosca
CHAPTER 25 Equities 435David Weisberger
CHAPTER 26 Cash Equities in the Secondary Market 458Eric Blackman and Robert Grohskopf
CHAPTER 27 Exchange–Traded Funds (ETFs) 469Reginald M. Browne
CHAPTER 28 Equity Capital Markets 481Daniel C. de Menocal, Jr.
CHAPTER 29 Interest Rate Swaps 503Amir Sadr
CHAPTER 30 Interest Rate Options 523Amir Sadr
CHAPTER 31 Commodities 548Bob Swarup
CHAPTER 32 Currency 571Simon Derrick
CHAPTER 33 Conclusion 578Gary Strumeyer and Christian Edelmann
GARY M. STRUMEYER is the former president of BNY Mellon Capital Markets, LLC. He is the author of Investing in Fixed Income Securities and Keys to Investing in Municipal Bonds. Gary is a former adjunct professor at NYU′s School of Professional Studies.
SARAH SWAMMY is a managing director, business manager, and head of supervision for BNY Mellon Capital Markets. She is a member of BNY Mellon Capital Markets Board of Managers and serves as a member of New York Institute of Technology School of Management′s executive council. Sarah is an adjunct instructor at NYU′s School of Professional Studies.