Derivatives: A Comprehensive Resource for Options, Futures, Interest Rate Swaps, and Mortgage Securities

(Harvard Business School Press) Derivatives: A Comprehensive Resource for Options, Futures, Interest Rate Swaps, and Mortgage Securities by Fred D. Arditti 
(Financial Management Association Survey and Synthesis Series)

TOP 50 in Derivatives 
TOP 500 in Finance 

Simply Amazing! A book of an erudite exposition on the complex world of financial derivatives. Published by Harvard Business School Press, this seminal work is part of the Financial Management Association survey and synthesis series and is recognized for its authoritative coverage of derivative instruments.
The tome meticulously elucidates the four principal classes of derivatives which are: options, futures, interest rate swaps, and mortgage securities. Effortlessly articulating their market structure, applications, and pricing strategies. Arditti's treatise is distinguished by its in-depth analysis of valuation methods prevalent among professional market participants, offering a profound and well-rounded understanding of these sophisticated financial instruments.

Arditti's scholarship extends beyond mere theoretical constructs; he provides a detailed exposition of the institutional procedures and market practices for each class of derivative. The book is particularly insightful in its treatment of mortgage-backed securities, emphasizing the pivotal role of prepayment and its implications for pricing and hedging strategies.
Furthermore, the text delves into the intricacies of constructing Collateralized Mortgage Obligations (CMOs), Planned Amortization Classes (PACs), and Targeted Amortization Classes (TACs), as well as the nuances of smile option pricing and the valuation of long-dated swaps. This comprehensive resource is indispensable for those seeking to navigate the derivatives market with acumen, whether they are students of finance, practitioners at the Chicago Mercantile Exchange (CME), or scholars of financial markets.
In essence, Arditti's work is a magnum opus that demystifies the esoteric realm of financial derivatives, rendering it accessible to the astute reader keen on mastering the dynamics of options, futures, interest rate swaps, securities, and commodities within the global financial architecture.

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