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Risk management in trading : techniques to drive profitability of hedge funds and trading desks / Davis Edwards.

By: Edwards, Davis W.
Material type: materialTypeLabelBookSeries: Wiley finance series: Publisher: Hoboken : Wiley, 2014Description: 1 online resource.Content type: text Media type: computer Carrier type: online resourceISBN: 9781118772850; 1118772857; 9781118772843; 1118772849.Subject(s): Risk management | Investment banking | Hedge funds | BUSINESS & ECONOMICS / Corporate Finance | Hedge funds | Investment banking | Risk managementGenre/Form: Electronic books.Additional physical formats: Print version:: Risk management in tradingDDC classification: 332.64/524 Other classification: BUS017000 Online resources: Wiley Online Library
Contents:
Series; Title Page; Copyright; Dedication; Preface; CHAPTER 1 Trading and Hedge Funds; Overview of Book; Trading Desks; Hedge Funds; Hedge Funds Today; Strategies; Fund of Funds; Risk Management; Risk and Trading Decisions; Trading; Making a Trade; Trades; Markets; Market and Limit Orders; Order Lifespan; Trading Positions; Prices; Managing Trading Risk; What is Risk?; Risk and Reward; Monitoring Risk; Managing Risk; Test Your Knowledge; CHAPTER 2 Financial Markets; Financial Instruments; Real Assets; Financial Assets; Derivatives; Commodity Spot Market; Equities (Stocks)
Bonds (Fixed Income, Debt)Currencies (Foreign Exchange); Forwards and Commodity Swaps; Futures; Interest Rate Swaps; Options; Test Your Knowledge; CHAPTER 3 Financial Mathematics; Overview; Variables and Functions; Random Numbers; Statistics; Mean, Median, and Mode; Variance and Volatility; Skew and Kurtosis; Random Walks (Stochastic Processes); Mean Reversion; Correlation; Diversification; Normal Distributions; Log-Normal Distributions; Calculus; Functions; First Derivative; Calculus Integration; Calculus Derivatives; Calculus Taylor Series; Time Value of Money; Test Your Knowledge
CHAPTER 4 Backtesting and Trade ForensicsSystematic Trading; Data Validation; Strategy Testing; Transaction Costs and Slippage; Monte Carlo Testing; Model Risk; Comparing Strategies; Combining Strategies; Trade Surveillance; Test Your Knowledge; Profits and Losses; Market Price; Market Liquidity and Mark to Market; MTM and Market Crashes; MTM Accounting; Highest and Best Use; Fair Value Hierarchy; Efficient Markets; Dominant Traders; Test Your Knowledge; Position Limits; What is Value-At-Risk?; Trading Limits; Percent Returns; Parametric VAR; Estimating Volatility for Parametric VAR
Calculating Portfolio VARVariance/Covariance Matrix; Non-Parametric VAR; VAR Limits in Practice; The Misuse of VAR; Test Your Knowledge; CHAPTER 7 Hedging; Hedging; How is Hedging Used?; Hedging Costs Money; Minimum Variance Hedge Ratio; Mismatched Cash Flows; Hedge Effectiveness Testing; Hedge-Accounting Memo; Regression Tests; Logarithmic Returns; Test Your Knowledge; CHAPTER 8 Options, Greeks, and Non-Linear Risks; Options; Greeks; The Value of Options; Black Scholes Formula; Delta; Gamma; Relationship Between Put/Call Parity and Gamma; Theta; Vega; Rho and Phi; Test Your Knowledge
CHAPTER 9 Credit Value Adjustments (CVA)Trading is a Social Activity; Credit Risk; Exposure at Default (EAD); Loss Given Default (LGD); Probability of Default (PD); Correlation Between PD and LGD; Credit Limits and Counterparty Exposure; Current Exposure and Potential Future Exposure; Calculating a Credit Value Adjustment; Multi-Period CVA Calculation; Settlement Risk; Test Your Knowledge; Afterword; Answer Key; Chapter 1; Chapter 2; Chapter 3; Chapter 4; Chapter 5; Chapter 6; Chapter 7; Chapter 8; Chapter 9; About the Author; Index; End User License Agreement
Summary: "A comprehensive resource for understanding how to minimize risk and increase profits In this accessible resource, Wall Street trader and quantitative analyst Davis W. Edwards offers a definitive guide for nonprofessionals which describes the techniques and strategies seasoned traders use when making decisions. Risk Management in Trading includes an introduction to hedge fund and proprietary trading desks and offers an in-depth exploration on the topic of risk avoidance and acceptance. Throughout the book Edwards explores the finer points of financial risk management, shows how to decipher the jargon of professional risk-managers, and reveals how non-quantitative managers avoid risk management pitfalls.Avoiding risk is a strategic decision and the author shows how to adopt a consistent framework for risk that compares one type of risk to another. Edwards also stresses the fact that any trading decision that isn't based on the goal of maximizing profits is a decision that should be strongly scrutinized. He also explains that being familiar with all the details of a transaction is vital for making the right investment decision. Offers a comprehensive resource for understanding financial risk management Includes an overview of the techniques and tools professionals use to control risk Shows how to transfer risk to maximize results Written by Davis W. Edwards, a senior manager in Deloitte's Energy Derivatives Pricing Center Risk Management in Trading gives investors a hands-on guide to the strategies and techniques professionals rely on to minimize risk and maximize profits"-- Provided by publisher.
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Includes index.

"A comprehensive resource for understanding how to minimize risk and increase profits In this accessible resource, Wall Street trader and quantitative analyst Davis W. Edwards offers a definitive guide for nonprofessionals which describes the techniques and strategies seasoned traders use when making decisions. Risk Management in Trading includes an introduction to hedge fund and proprietary trading desks and offers an in-depth exploration on the topic of risk avoidance and acceptance. Throughout the book Edwards explores the finer points of financial risk management, shows how to decipher the jargon of professional risk-managers, and reveals how non-quantitative managers avoid risk management pitfalls.Avoiding risk is a strategic decision and the author shows how to adopt a consistent framework for risk that compares one type of risk to another. Edwards also stresses the fact that any trading decision that isn't based on the goal of maximizing profits is a decision that should be strongly scrutinized. He also explains that being familiar with all the details of a transaction is vital for making the right investment decision. Offers a comprehensive resource for understanding financial risk management Includes an overview of the techniques and tools professionals use to control risk Shows how to transfer risk to maximize results Written by Davis W. Edwards, a senior manager in Deloitte's Energy Derivatives Pricing Center Risk Management in Trading gives investors a hands-on guide to the strategies and techniques professionals rely on to minimize risk and maximize profits"-- Provided by publisher.

Machine generated contents note: Preface Chapter 1: Trading and Hedge Funds Chapter 2: Financial Markets Chapter 3: Financial Mathematics Chapter 4: Backtesting and Trade Forensics Chapter 5: Mark to Market Chapter 6: Value-at-Risk Chapter 7: Hedging Chapter 8: Options, Greeks, and Non-Linear Risks Chapter 9: Credit Value Adjustments (CVA) Afterword Answer Key About the Author Index .

Description based on print version record and CIP data provided by publisher.

Series; Title Page; Copyright; Dedication; Preface; CHAPTER 1 Trading and Hedge Funds; Overview of Book; Trading Desks; Hedge Funds; Hedge Funds Today; Strategies; Fund of Funds; Risk Management; Risk and Trading Decisions; Trading; Making a Trade; Trades; Markets; Market and Limit Orders; Order Lifespan; Trading Positions; Prices; Managing Trading Risk; What is Risk?; Risk and Reward; Monitoring Risk; Managing Risk; Test Your Knowledge; CHAPTER 2 Financial Markets; Financial Instruments; Real Assets; Financial Assets; Derivatives; Commodity Spot Market; Equities (Stocks)

Bonds (Fixed Income, Debt)Currencies (Foreign Exchange); Forwards and Commodity Swaps; Futures; Interest Rate Swaps; Options; Test Your Knowledge; CHAPTER 3 Financial Mathematics; Overview; Variables and Functions; Random Numbers; Statistics; Mean, Median, and Mode; Variance and Volatility; Skew and Kurtosis; Random Walks (Stochastic Processes); Mean Reversion; Correlation; Diversification; Normal Distributions; Log-Normal Distributions; Calculus; Functions; First Derivative; Calculus Integration; Calculus Derivatives; Calculus Taylor Series; Time Value of Money; Test Your Knowledge

CHAPTER 4 Backtesting and Trade ForensicsSystematic Trading; Data Validation; Strategy Testing; Transaction Costs and Slippage; Monte Carlo Testing; Model Risk; Comparing Strategies; Combining Strategies; Trade Surveillance; Test Your Knowledge; Profits and Losses; Market Price; Market Liquidity and Mark to Market; MTM and Market Crashes; MTM Accounting; Highest and Best Use; Fair Value Hierarchy; Efficient Markets; Dominant Traders; Test Your Knowledge; Position Limits; What is Value-At-Risk?; Trading Limits; Percent Returns; Parametric VAR; Estimating Volatility for Parametric VAR

Calculating Portfolio VARVariance/Covariance Matrix; Non-Parametric VAR; VAR Limits in Practice; The Misuse of VAR; Test Your Knowledge; CHAPTER 7 Hedging; Hedging; How is Hedging Used?; Hedging Costs Money; Minimum Variance Hedge Ratio; Mismatched Cash Flows; Hedge Effectiveness Testing; Hedge-Accounting Memo; Regression Tests; Logarithmic Returns; Test Your Knowledge; CHAPTER 8 Options, Greeks, and Non-Linear Risks; Options; Greeks; The Value of Options; Black Scholes Formula; Delta; Gamma; Relationship Between Put/Call Parity and Gamma; Theta; Vega; Rho and Phi; Test Your Knowledge

CHAPTER 9 Credit Value Adjustments (CVA)Trading is a Social Activity; Credit Risk; Exposure at Default (EAD); Loss Given Default (LGD); Probability of Default (PD); Correlation Between PD and LGD; Credit Limits and Counterparty Exposure; Current Exposure and Potential Future Exposure; Calculating a Credit Value Adjustment; Multi-Period CVA Calculation; Settlement Risk; Test Your Knowledge; Afterword; Answer Key; Chapter 1; Chapter 2; Chapter 3; Chapter 4; Chapter 5; Chapter 6; Chapter 7; Chapter 8; Chapter 9; About the Author; Index; End User License Agreement

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