Global Derivative Debacles:From Theory to Malpractice by Laurent L Jacque PDF

By Laurent L Jacque

This ebook analyzes intensive all significant derivatives debacles of the final part century together with the multi-billion losses and/or financial disaster of Metallgesellschaft (1994), Barings financial institution (1995), long-term Capital administration (1998), Amaranth (2006), Société Générale (2008) and AIG (2008). It unlocks the secrets and techniques of derivatives by way of telling the tales of associations which performed within the by-product industry and misplaced substantial. For a few of these unlucky corporations it used to be bold yet fallacious monetary engineering which introduced them havoc. For others it was once unbridled hypothesis perpetrated through rogue investors whose unchecked fraud introduced their residence down.

Should derivatives be feared “as monetary guns of mass destruction” or hailed as monetary techniques which via effective chance move are really including to the Wealth of Nations? by means of proposing a actual research of the way the malpractice of derivatives performed havoc with spinoff end-user and broker associations, a case is made for vigilance not just to industry and counter-party chance but additionally operational chance of their use for chance administration and proprietary buying and selling. transparent and habitual classes around the various tales name not just for a tighter but additionally “smarter” keep an eye on procedure of derivatives buying and selling and will be of rapid curiosity to monetary managers, bankers, investors, auditors and regulators who're at once or in a roundabout way uncovered to monetary derivatives.

The booklet teams situations via spinoff type, beginning with the easiest and build up to the main complicated — particularly, Forwards, Futures, techniques and Swaps in that order, with purposes in commodities, foreign currency, inventory indices and rates of interest. each one bankruptcy bargains with one spinoff debacle, delivering a rigorous and finished yet non-technical elucidation of what happened.

The publication is translated and on hand in French, Russian, Simplified chinese language and Korean.

Contents:

  • Derivatives and the Wealth of Nations
  • Forwards:
    • Showa Shell Sekiyu ok K
    • Citibank's currency Losses
    • Bank Negara Malaysia
  • Futures:
    • Amaranth Advisors LLC
    • Metallgesellschaft
    • Sumitomo
  • Options:
    • Allied Lyons
    • Allied Irish Banks
    • Barings
    • Société Générale
  • Swaps:
    • Procter and Gamble
    • Gibson Greeting Cards
    • Orange County
    • Long-Term Capital Management
    • AIG
    • From thought to Malpractice: classes Learned

Readership: Economists; undergraduates and graduates majoring in finance, economics and enterprise management; pros, monetary managers and CPAs within the monetary carrier industry.

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Global Derivative Debacles:From Theory to Malpractice by Laurent L Jacque


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