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Written by Peter Cartledge, this is the 350-page companion to his best-selling Handbook of Financial Mathematics. It moves beyond the standard mathematics to the more complex and advanced mathematics of the money and capital markets. Built around practical worked examples using the Hewlett Packard HP17B Calculator, the text details the calculations necessary for interest rates, bonds, foreign exchange, swaps, futures, options and forwards plus annuities and amortisations, warrants and convertibles.
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Peter Cartledge runs his own independent treasury and capitalmarkets training and consultancy, Sigma Associates, following a career with Midland Montagu, formerly the investment and international banking division of the Midland Bank Group.
From 1985, he was Head of Midland Montagu Treasury and Capital Markets Training, with responsibility for training Midland Montagu's dealers, account managers and support staff at all levels throughout Midland Bank Group worldwide, in treasury and capital markets skills. Before his departure from Midland Montagu he was Senior Manager, Treasury Skills Consultancy, in the bank's Financial Engineering Group, where as a technical treasury consultant he designed and ran a comprehensive external treasury training programme for clients as well as acting as an internal and external treasury consultant for the bank.
Peter Cartledge's earlier career included a period of seven years in corporate foreign exchange dealing and in-depth experience in international trade and export finance. He has extensive experience of running seminars in the United Kingdom, Continental Europe, North America, Africa and the Middle and Far East.Excerpt. © Reprinted by permission. All rights reserved.:
This book aims to be a reasonably comprehensive user-friendly teach-yourself course. It has been written by someone who is not by trade a mathematician, but who has had to learn these things, at the desk, in order to try to understand how they work and has developed an interest in the technology as a result. The main reason for using the HP17BII is that in real life we do not normally remember masses of complex formulae (simple ones, yes), so being too theoretical has been avoided as far as possible. Understanding formulae is more important. Knowing the formula for pricing futures and thence FRAs is not usually necessary, because our computer systems do it all for us and the market provides us with trading prices. We do, however, need to understand how the formula works, in order to understand why yield curve shape is important in futures and FRA pricing, and what these influences are. Otherwise, when the client asks us why the 9/12 FRA is trading 400 basis points below 3 months cash, we have no answer. Such questions will be answered.
Finally, it takes time to learn. The arithmetical knowledge and understanding revealed here has been acquired over many years in a practical way from the market place. Even sitting down with a textbook takes time, because you an only absorb so much - you make errors if you reach a saturation point and then have to unlearn what you have done next time, or worse, much later when, unexpectedly, something will not work because you have the basics wrong. Probably, the optimum time to spent with this book are periods of 45 minutes to an hour. Revise what you have done if you feel it necessary and work steadily through. Do not necessarily say "I will work to the end of the chapter" - it might be a long one. Take time off to invent your own examples and generally "play" with the calculator. If an answer appears to be wildly wrong, try to understand why by recalling the data and checking it, making sure that you have entered it properly. It can teach you even more if you find you have a wrong answer, have input the information correctly, but fully understand why the answer is wrong. This set of personal research, done on a boring flight or train journey, gets you ever more familiar with the practical technicalities, without having to remember the theory too much.
You will the, it is hoped, have a far deeper understanding of what your desktop system at work is capable of, and may help you in setting up other types of system, such as spreadsheets and other types of calculator. This will overcome the argument that because you do not have an HP17BII at home, it is pointless to embark on a training manual which relies on it. This is a bit like saying that you cannot learn to drive in a Ford Escort owned by the driving school, because you do not have one at home. Your skills should be perfectly transferable.
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Book Description Hyperion Books. Condition: Good. Ships from the UK. Shows some signs of wear, and may have some markings on the inside. Seller Inventory # GRP96122822