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- Herausgeber: John Wiley & Sons
- Kategorie: Fachliteratur
- Serie: Wiley Finance Series
- Sprache: Englisch
Drive profit and manage risk with expert guidance on trade processing The Trade Lifecycle catalogues and details the various types of trades, including the inherent cashflows and risk exposures of each. Now in its second edition, this comprehensive guide includes major new coverage of traded products, credit valuation adjustment, regulation, and the role of information technology. By reading this, you'll dissect a trade into its component parts, track it from preconception to maturity, and learn how it affects each business function of a financial institution. You will become familiar with the full extent of legal, operational, liquidity, credit, and market risks to which it is exposed. Case studies of real projects cover topics like FX exotics, commodity counterparty risk, equity settlement, bond management, and global derivatives initiatives, while the companion website features additional video training on specific topics to help you build a strong background in this fundamental aspect of finance. Trade processing and settlement combined with control of risk has been thrust into the limelight with the recent near collapse of the global financial market. This book provides thorough, practical guidance toward processing the trade, and the risks and rewards it entails. * Gain deep insight into emerging subject areas * Understand each step of the trade process * Examine the individual components of a trade * Learn how each trade affects everything it touches Every person working in a bank is highly connected to the lifecycle of a trade. It is the glue by which all departments are bound, and the aggregated success or failure of each trade determines the entire organization's survival. The Trade Lifecycle explains the fundamentals of trade processing and gives you the knowledge you need to further your success in the market.
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For other titles in the Wiley Finance series please see www.wiley.com/finance
The Trade Lifecycle
Behind the Scenes of the Trading Process
Second Edition
ROBERT P. BAKER
This edition first published 2015 © 2015 John Wiley & Sons, Ltd First edition published 2010 by John Wiley & Sons, Ltd.
Registered officeJohn Wiley & Sons Ltd, The Atrium, Southern Gate, Chichester, West Sussex, PO19 8SQ, United Kingdom
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Library of Congress Cataloging-in-Publication Data
Baker, Robert P., The trade lifecycle behind the scenes of the trading process / Robert P. Baker.—Second edition. pages cm.—(Wiley finance series) Includes bibliographical references and index. ISBN 978-1-118-99946-2 (cloth) 1. Commodity exchanges. 2. Commercial products. 3. Risk. I. Title. HG6046.B323 2015 332.64—dc23
2015017868
A catalogue record for this book is available from the British Library.
ISBN 978-1-118-99946-2 (hbk) ISBN 978-1-119-00357-1 (ebk) ISBN 978-1-119-00368-7 (ebk) ISBN 978-1-119-01439-3 (ebk)
Cover design: Wiley Cover Images: Top image Compass & Map © DNY59/iStockphoto; Bottom image Compass © Alexandr Tovstenko/iStockphoto; Background image © badmanproduction/iStockphoto
To the memory of my dear mother
CONTENTS
Foreword from the First Edition
Why this book?
Foreword to the Second Edition
Preface
Acknowledgements
About the Author
Part One: Products and the Background to Trading
Chapter 1: Trading
1.1 How and why do people trade?
1.2 Factors affecting trade
1.3 Market participants
1.4 Means by which trades are transacted
1.5 When is a trade live?
1.6 Consequences of trading
1.7 Trading in the financial services industry
1.8 What do we mean by a trade?
1.9 Who works on the trade and when?
1.10 Summary
Chapter 2: Risk
2.1 The concept of risk
2.2 Risk is inevitable
2.3 Quantifying risk
2.4 Methods of dealing with risk
2.5 Managing risk
2.6 Problems of unforeseen risk
2.7 Summary
Chapter 3: Understanding Traded Products – Follow the Money
3.1 Spot trades
3.2 Future (forward)
3.3 Loan
3.4 Deposit
3.5 Swap
3.6 Foreign exchange swap
3.7 Equity spot
3.8 Bond spot
3.9 Option
3.10 Credit default swap
3.11 Summary
Chapter 4: Asset Classes
4.1 Interest rates
4.2 Foreign exchange (Forex or FX)
4.3 Equity
4.4 Bonds and credit
4.5 Commodities
4.6 Trading across asset classes
4.7 Summary
Note
Chapter 5: Derivatives, Structures and Hybrids
5.1 Linear
5.2 Nonlinear
5.3 Some option terminology
5.4 Option valuation
5.5 Exotic options
5.6 Structures and hybrids
5.7 Importance of simpler products
5.8 Trade matrix
5.9 Summary
Chapter 6: Liquidity, Price and Leverage
6.1 Liquidity
6.2 Price
6.3 Leverage
6.4 Summary
Notes
Part Two: The Trade Lifecycle
Chapter 7: Anatomy of a Trade
7.1 The underlying
7.2 General
7.3 Economic
7.4 Sales
7.5 Legal
7.6 Booking
7.7 Counterparty
7.8 Timeline
7.9 Summary
Chapter 8: Trade Lifecycle
8.1 Pre execution
8.2 Execution and booking
8.3 Confirmation
8.4 Post booking
8.5 Settlement
8.6 What happens overnight
8.7 Changes during lifetime
8.8 Reporting during lifetime
8.9 Exercise
8.10 Maturity
8.11 Example trade
8.12 Summary
Chapter 9: Cashflows and Asset Holdings
9.1 Holdings
9.2 Value of holding
9.3 Reconciliation
9.4 Consolidated reporting
9.5 Realised and unrealised P&L
9.6 Diversification
9.7 Bank within a bank
9.8 Custody of securities
9.9 Risks
9.10 Summary
Chapter 10: Risk Management
10.1 Traders
10.2 Risk control
10.3 Trading management
10.4 Senior management
10.5 How do risks arise?
10.6 Different reasons for trades
10.7 Hedging
10.8 What happens when the trader is not around?
10.9 Types of risk
10.10 Trading strategies
10.11 Hedging strategies
10.12 Summary
Chapter 11: Market Risk Control
11.1 Various methodologies
11.2 Need for risk
11.3 Allocation of risk
11.4 Monitoring of market risk
11.5 Controlling the risk
11.6 Responsibilities of the market risk control department
11.7 Limitations of market risk departments
11.8 Regulatory requirements
11.9 Summary
Notes
Chapter 12: Counterparty Risk Control
12.1 Reasons for non-fulfilment of obligations
12.2 Consequences of counterparty default
12.3 Counterparty risk over time
12.4 How to measure the risk
12.5 Imposing limits
12.6 Who is the counterparty?
12.7 Collateral
12.8 Activities of the counterparty risk control department
12.9 What are the risks involved in analysing credit risk?
12.10 Payment systems
12.11 Summary
Notes
Chapter 13: Accounting
13.1 Balance sheet
13.2 Profit and loss account
13.3 Financial reports for hedge funds and asset managers
13.4 Summary
Chapter 14: P&L Attribution
14.1 Benefits
14.2 The process
14.3 Example
14.4 Summary
Chapter 15: People
15.1 Revenue generation
15.2 Activities that support revenue generation
15.3 Control
15.4 Summary
Chapter 16: Regulation
16.1 Purpose of regulation
16.2 What regulators require
16.3 The problems
16.4 Risk-weighted assets
16.5 Credit valuation adjustment (CVA)
16.6 Summary
Notes
Part Three: What Really Happens
Chapter 17: Insights into the Real World of Capital Markets – Here be Dragons!
17.1 How it used to be
17.2 Clash of cultures
17.3 The equality of money
17.4 The politics of money
17.5 The good
17.6 The bad
17.7 The ugly
17.8 Where are we heading?
17.9 Summary
Chapter 18: Case Studies
18.1 Case study 1 – Bonds
18.2 Case study 2 – Front office foreign exchange
18.3 Case study 3 – Equity confirmations project
18.4 Summary
Chapter 19: The IT Divide
19.1 What is the IT divide?
19.2 What problems does it cause?
19.3 IT in the middle
19.4 Improper use of IT
19.5 Organisational blockers
19.6 IT blockers
19.7 How to bridge the gap
19.8 Keeping up with change
19.9 What does the business want from IT?
19.10 What IT wants from the business
19.11 Particular challenges of the financial sector
19.12 Example of a good project
19.13 Example of a bad project
19.14 Summary
Chapter 20: The Role of the Quantitative Analyst
20.1 What is a quant?
20.2 Where do quants work?
20.3 Tools of the trade
20.4 Place in organisation
20.5 Where should quants sit?
20.6 The boundaries of Quantland
20.7 What does IT think of quants?
20.8 Different types of quants
20.9 Getting the job done
20.10 Summary
Part Four: Behind the Scenes
Chapter 21: Developing Processes for New Products (and Improving Processes for Existing Products)
21.1 What is a process?
21.2 The status quo
21.3 How processes evolve
21.4 Inventory of current systems
21.5 Coping with change
21.6 Improving the situation
21.7 Inertia
21.8 Summary
Chapter 22: New Products
22.1 Origin of new products
22.2 Trial basis
22.3 New trade checklist
22.4 New product evolution
22.5 Risks
22.6 Summary
Chapter 23: Testing
23.1 What is testing?
23.2 Why is testing important?
23.3 Who does testing?
23.4 When should testing be done?
23.5 What are the types of testing?
23.6 Fault logging
23.7 Risks
23.8 Summary
Chapter 24: Data
24.1 Common characteristics
24.2 Database
24.3 Data
24.4 Bid/offer spread
24.5 Curves and surfaces
24.6 Market data
24.7 Back testing
24.8 How can data go wrong?
24.9 Typical data sources
24.10 How to cope with corrections to data
24.11 Data integrity
24.12 The business risks of data
24.13 Summary
Notes
Chapter 25: Reports
25.1 What makes a good report?
25.2 Reporting requirements
25.3 When things go wrong
25.4 Redundancy
25.5 Control
25.6 Enhancement
25.7 Security
25.8 Risks
25.9 Summary
Chapter 26: Calculation
26.1 What does the calculation process actually do?
26.2 The calculation itself
26.3 Sensitivity analysis
26.4 Bootstrapping
26.5 Calculation of dates
26.6 Calibration to market
26.7 Testing
26.8 Integrating a model within a full system
26.9 Risks associated with the valuation process
26.10 Summary
Notes
Part Five: Summary of Risks
Unforeseen Risk
Appendix A: Operational Risks
Confirmation
Settlement
Payment systems
Straight through processing (STP)
Provisional trades
Appendix B: Human Risks
Too much knowledge in one person
Not enough knowledge
Wrong people
Not enough investment in people
Reliance on short-term planning
Conflicts and tensions
Trading versus control functions
Communication
Panic
Appendix C: Control Risks
Market risk control
Counterparty risk control
Appendix D: Processing Risks
Cashflow risks
Data risks
Reporting risks
Testing risks
Appendix E: Organisational Risks
Business continuity planning (BCP) risks
Valuation and model approval risks
Management risks
Documentation risks
Front office risks
Recommended Reading
Index
EULA
List of Tables
Chapter 1
Table 1.1
Table 1.2
Chapter 2
Table 2.1
Chapter 4
Table 4.1
Table 4.2
Table 4.3
Table 4.4
Chapter 5
Table 5.1
Table 5.2
Table 5.3
Table 5.4
Table 5.5
Chapter 6
Table 6.1
Table 6.2
Chapter 7
Table 7.1
Chapter 8
Table 8.1
Table 8.2
Table 8.3
Chapter 9
Table 9.1
Table 9.2
Table 9.3
Table 9.4
Table 9.5
Chapter 10
Table 10.1
Table 10.2
Chapter 12
Table 12.1
Table 12.2
Chapter 13
Table 13.1
Table 13.2
Chapter 14
Table 14.1
Table 14.2
Chapter 20
Table 20.1
Chapter 21
Table 21.1
Chapter 24
Table 24.1
Table 24.2
Table 24.3
Table 24.4
Chapter 25
Table 25.1
Table 25.2
Chapter 26
Table 26.1
Table 26.2
Table 26.3
Table 26.4
Table 26.5
Table 26.6
List of Illustrations
Chapter 3
Figure 3.1 Cashflows on spot trade
Figure 3.2 Cashflows on physical future trade
Figure 3.3 Cashflows on cash future trade
Figure 3.4 Cashflows on fixed loan
Figure 3.5 Cashflows on floating loan
Figure 3.6 Cashflows on deposit with regular repayments
Figure 3.7 Cashflows on swap trade
Figure 3.8 Cashflows on FX swap trade
Figure 3.9 Cashflows on equity spot trade
Figure 3.10 Cashflows on fixed bond
Figure 3.11 Cashflows on floating bond
Figure 3.12 Cashflows on zero coupon bond
Figure 3.13 Cashflows on an American option trade
Figure 3.14 Cashflows on CDS
Chapter 4
Figure 4.1 Motivation for a swap trade
Figure 4.2 FX drift
Figure 4.3 Profit curve
Figure 4.4 Profit curve with future
Chapter 5
Figure 5.1 Call option
Figure 5.2 Put option
Chapter 9
Figure 9.1 Cashflows and holdings
Chapter 12
Figure 12.1 Counterparty limit and utilisation
Figure 12.2 Intermediate payments and their risks
Chapter 16
Figure 16.1 Netting efficiencies of central clearing
Chapter 17
Figure 17.1 Floor plan
Chapter 18
Figure 18.1 Currency floor plan
Figure 18.2 Functionality vs. time
Chapter 19
Figure 19.1 IT in the middle
Chapter 20
Figure 20.1 Position of quants in trade lifecycle
Figure 20.2 Analytics written by quants and incorporated by IT
Figure 20.3 Analytics as separate module within full system
Figure 20.4 One fully integrated system
Figure 20.5 Precisely wrong
Chapter 21
Figure 21.1 Evolution of processes
Chapter 24
Figure 24.1 Comex gold futures
Figure 24.2 Yield curve
Figure 24.3 How data changes
Chapter 25
Figure 25.1 Inputs to reports
Guide
Cover
Table of Contents
Preface
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Foreword from the First Edition
Trading has evolved from a humble apple grower wanting a stable price for his produce come harvest time, to a complex and exciting industry comprising a significant share of the global economy.
Trading is the fundamental activity of investment banks, hedge funds, pension funds and many other financial companies. There is no better way to understand the workings of a financial entity than to follow the progress of a trade through its lifecycle and all the activities performed upon it.
This book will dissect a trade into its components, track it from conception to maturity and describe the raison d'etre of the business functions of a financial entity all arising from the processing of a trade. Having seen the full path of a trade, the reader will gain a more complete view of the world of finance which will answer some fundamental questions such as why, what and how people trade.
Derivatives are complex variations of standard trades. By contrast and comparison with the lifecycle of standard trades the reader will glean a better understanding of these often misunderstood financial instruments.
Together with the trade itself, the book will explore essential activities such as booking, confirmation, settlement, risk management, legal obligations, finance and control functions such as credit, market risk and auditing. Almost every person working in an investment bank or hedge fund has a large part of their work connected to the lifecycle of a trade. It is the glue by which all the departments are bound and the aggregated success or failure of each trade determines the survival and growth of the entire organisation.
The book also draws on real life experience of the trading floor. The sights and sounds of the action are brought to life to allow the reader to see how abstract concepts are actually practised. Detailed case studies illustrate how financial business problems were solved with varying degrees of success. There is also a unique description of the world of the quantitative analyst – a function that few people understand.
Why this book?
Many volumes have been written on the business side of trading and related activities such as market risk management. Although particular areas of the processes behind trading have been explained, I have not found the complete lifecycle of a trade fully described in one book. I feel a thorough end-to-end guide would be of interest to:
anyone seeking work in the financial services industry
people already in the industry who want to see how their work fits into the organisation as a whole
those with an interest in the activities of a financial entity. They could include clients, academics, pension holders and people making investments of all sizes
people selling products and services to the financial sector such as software vendors.
The importance of the financial sector to the world economy has been brought into focus by many recent events: the credit crunch, the collapse of companies such as Lehman Brothers and a recession affecting most countries across the world. The result has been a demand for better inspection and regulation of trading activities. No longer is it sufficient for firms to return profits, they have to convince investors, shareholders and regulators that they are employing due diligence and managing risks.
In writing about the trading process, my aim is to reveal all areas subject to potential risk. Once a risk is known, it can be monitored and managed even if the eventual decision is not to take action – forewarned is forearmed.
Although any financial entity engaged in trading activities will have already arrived at a set of processes spanning the trade lifecycle, these are not always performed in an optimal fashion; they may have evolved more by historical accident than by design. A careful reappraisal of the entire trading processes can lead to:
a reduction in risks
exposure of weaknesses
lower operating costs
elimination of wastage
better overall awareness leading to more confidence in the trading process.
I hope that this book might encourage all participants in the trade lifecycle to look again at their activities and those of their colleagues and see where improvements can be made to reduce risk and enhance the reputation of a battered industry.
Gaining employment in the financial sector is becoming increasingly competitive. It is no longer sufficient to have the skills and experience in one business function. Applicants must demonstrate an understanding of where they fit into the organisation and have the ability to communicate with other business functions – every activity in the trade lifecycle being connected to others. This book is written with a view to helping this understanding.
I have tried to make the book a readable progression through all the important activities and components of the trade lifecycle. Detailed explanations are given where necessary, but the book is intended as a comprehensive overview and therefore I have avoided too much detail where it might hinder the reader's ability to see the full picture.
Any mistakes are mine. All views expressed are entirely my own.
Foreword to the Second Edition
Since the book was first published in 2010, many changes have been occurring to trading. The most significant is in the field of regulation. Investment banks and other financial institutions are now subject to more regulations which cut deep into the way they are allowed to operate. This is both on a macro level affecting the way they are structured and on a micro level in how individual trades are executed and processed. Thus a section of the second edition is devoted to regulation.
Feedback from the first edition included a desire of the readership to know more about asset classes – this chapter has been expanded.
A common confusion is the difference between asset classes and financial products. A chapter of the book seeks to remove this confusion and further the understanding of how products behave by ‘following the money’, that is examining the cashflows of several commonly traded products.
Quantitative analysts play a vital role in finance but are little known and understood. A chapter is therefore devoted to shedding some light on this business function.
In training courses based on the book, I have frequently been asked what working in capital markets and on trading floors is really like. This edition tries to give the reader a flavour of these experiences including real life case studies.
Finally, I have in the course of my career come to the realisation that one of the greatest impediments to delivering successful IT projects is a phenomenon I refer to as ‘The IT divide’. This second edition describes the problem and some possible solutions.
Preface
This book is divided into five parts.
Part I is entitled ‘Products and the background to trading’. It starts with a chapter on trading giving an overview of trading in general as well as that related to the financial services industry. The next chapter is a background to risk which is another important theme of the book. We then look into specific trades by examining the cashflows associated with each. Chapters follow on asset classes and derivative products. Part I concludes with a look at three important aspects of trading – liquidity, price and leverage.
Part II is ‘The trade lifecycle’. It starts with an anatomy of the trade which is the core element of the lifecycle. Then the lifecycle is analysed in detail followed by a chapter on cashflows and asset holdings which are directly influenced by the lifecycle. We then move on to four methods of direct monitoring of trades throughout their lifetime: risk management, market risk control, counterparty risk control and accounting. There is a discussion of P&L attribution followed by a full description of the business functions in the lifecycle (i.e. the people). Then there is a chapter on regulation including Credit Value Adjustment (CVA) – a subject growing in importance.
Part III ‘What really happens’ lifts the lid on the trading floor with chapters on insights into the real world of capital markets – here be dragons, case studies of real projects, the ‘IT divide’ and quants in capital markets.
Part IV ‘Behind the scenes’ looks into processes, new products, testing, data, reports and calculations.
Finally, in Part V, the Appendix summarises the risks arising from the trade lifecycle.
Acknowledgements
I would like to thank my colleague Geoff Chaplin (of Reoch Credit Partners LLP) for his inspiration and guidance that allowed this book to come into existence.
I would also like to thank Meirion Morgan and Andrew Gates for giving up their time and sharing their considerable professional knowledge with me.
Special thanks to my sister Mandy for her diligence in checking the whole book for grammar and readability.
This book would not have been possible without the help of Thomas Hyrkiel, Jenny Kitchin and many more at the publishers John Wiley & Sons.
Finally I thank my wife Nechama for her constant love and support, my children and grandchildren for reminding me what is important in life and my father for all his advice and guidance.
About the Author
Robert Baker (London, UK) works as a consultant in the development of financial software and in training. Robert has over 20 years of commercial programming experience of which the last 13 have been in the financial sector, primarily as a quantitative developer sitting between traders, quants and programmers. He has been involved in credit derivatives for 10 years, and has held positions at ABN Amro, Barclays Capital, UBS Warburg, Rabobank, Royal Bank of Scotland and at the hedge fund Solent Capital. Robert also has experience of project management across a wide range of asset classes and financial instruments from plain vanilla to complex exotics. He holds a degree in mathematics from the University of Oxford.
The author can be contacted by e-mail at [email protected].
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
Lesen Sie weiter in der vollständigen Ausgabe!
