Market professionals and investors take long and short positions on elementary assets such as stocks, default-free bonds and debt instruments that carry a default risk. There is also a great deal of interest in trading currencies, commodities, and, recently, volatility. Looking from the outside, an observer may think that these trades are done overwhelmingly by buying and selling the asset in question outright, for example by paying “cash” and buying a U.S.-Treasury bond. This book is an introduction. It deals with a broad array of topics that fit together through a certain logic that we generally call Financial Engineering. The book is intended for beginning graduate students and practitioners in financial markets. The approach uses a combination of simple graphs, elementary mathematics and real world examples. The discussion concerning details of instruments, markets and financial market practices is somewhat limited. The issue is treated in an informal way, using simple examples. In contrast, the engineering dimension of the topics under consideration is emphasized.The book uses several real-life episodes as examples from market practices. I would like to thank International Financing Review (IFR) and DerivativesWeek for their kind permission to use the material.
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