Preface xi
Acknowledgments xiii
About the Author & Executive Editor xv
About the Contributors xvii
PART ONE Introduction and Tools
CHAPTER 1 The Early 21st-Century Evolution of Global Capital Markets 3
Jack Malvey
CHAPTER 2 The Role of Global Capital Markets 20
Christian A. Edelmann and Shasheen Jayaweera
CHAPTER 3 How the Global Financial Crisis Transformed the Industry 52
Christian A. Edelmann and Pete Clarke
CHAPTER 4 Cash Bonds and Futures 64
Amir Sadr
CHAPTER 5 Risk in Capital Markets 89
Peter Reynolds and Mike Hepinstall
CHAPTER 6 Enablers for Robust Risk Management in Capital Markets 110
Swati Sawjiany
CHAPTER 7 Making Markets Work 120
Eric Czervionke
PART TWO Capital Markets Products
CHAPTER 8 Money Markets 157
Randy Harrison and Paul Mandel
CHAPTER 9 Repurchase Agreements 184
Karl Schultz and Jeffrey Bockian
CHAPTER 10 U.S. Treasury and Government Agency Securities 205
Lee Griffin and David Isaac
CHAPTER 11 Government-Sponsored Enterprises and Federal Agencies 210
David Isaac and Francis C. Reed, Jr.
CHAPTER 12 Inflation-Linked Bonds 232
Henry Willmore
CHAPTER 13 Mortgage-Backed Securities 239
Patrick Byrne
CHAPTER 14 Corporate Bonds 254
Marvin Loh
CHAPTER 15 Preferred Stock 286
Sarah Swammy
CHAPTER 16 Distressed Debt Securities 296
Michael McMaster
CHAPTER 17 Securitization 304
Daniel I. Castro, Jr.
CHAPTER 18 Asset-Backed Securities 312
Daniel I. Castro, Jr.
CHAPTER 19 Non-Agency Residential Mortgage-Backed Securities (RMBSs) 329
Daniel I. Castro, Jr.
CHAPTER 20 Commercial Mortgage-Backed Securities (CMBSs) 348
Daniel I. Castro, Jr.
CHAPTER 21 Collateralized Debt Obligations (CDOs) 361
Daniel I. Castro, Jr.
CHAPTER 22 Structured Investment Vehicles (SIVs) 381
Daniel I. Castro, Jr.
CHAPTER 23 Collateralized Loan Obligations (CLOs) 389
Mendel Starkman
CHAPTER 24 Municipal Bonds 419
Fred Yosca
CHAPTER 25 Equities 435
David Weisberger
CHAPTER 26 Cash Equities in the Secondary Market 458
Eric Blackman and Robert Grohskopf
CHAPTER 27 Exchange-Traded Funds (ETFs) 469
Reginald M. Browne
CHAPTER 28 Equity Capital Markets 481
Daniel C. de Menocal, Jr.
CHAPTER 29 Interest Rate Swaps 503
Amir Sadr
CHAPTER 30 Interest Rate Options 523
Amir Sadr
CHAPTER 31 Commodities 548
Bob Swarup
CHAPTER 32 Currency 571
Simon Derrick
CHAPTER 33 Conclusion 578
Gary Strumeyer and Christian Edelmann
Index 591