خرید و دانلود نسخه کامل کتاب Fixed Income Trading and Risk Management: The Complete Guide – Original PDF

This book deals with the fixed income markets and the best point to start is to define what this means. The book will follow market usage by defining fixed income instru- ments as contracts that specify payment obligations that are not linked to the economic situation of the obligor. It also excludes from the scope contracts that establish payments depending on the performance of physical assets, such as commodities or weather. The book will further discuss a range of fixed income derivatives, namely contracts that spec- ify obligations that depend on the performance of fixed income instruments. Fixed income instruments can be broadly divided in to bilateral contracts and secu- rities. Securities differ from bilateral contracts in that they are transferrable without the consent of all parties. Note that some features of securities may be linked to bilateral contracts. Table 1.1 lists various fixed income instruments in these two categories. In German, fixed income instruments are referred to as ‘Renten’ and the same word is also used to refer to pensions. In the English vernacular, the scope of the word ‘rent’ to signify income streams has been narrowed down significantly to refer to payments linked to the use of physical assets. The Latin translation of the word ‘rent’, ‘pension’, is now used in English to designate the income stream that accrues to people after a life- time of work. On the other hand, ‘Pension’ in financial German refers to the renting out of financial assets1 . This etymological divergence between otherwise related languages highlights an important point, namely that the notion of fixed income instruments is not new but underwent several changes of connotation over time