Details

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

<p><b>GARY M. STRUMEYER</b> is the former president of BNY Mellon Capital Markets, LLC. He is the author of <i>Investing in Fixed Income Securities</i> and <i>Keys to Investing in Municipal Bonds.</i> Gary is a former adjunct professor at NYU’s School of Professional Studies.</p> <p><b>SARAH SWAMMY</b> is a managing director, business manager, and head of supervision for BNY Mellon Capital Markets. She is a member of BNY Mellon Capital Markets Board of Managers and serves as a member of New York Institute of Technology School of Management’s executive council. Sarah is an adjunct instructor at NYU’s School of Professional Studies.

<p>Economies and financial systems are constantly changing in small increments that lead to large transitions. Just as vast farmlands transformed into shopping malls by the 1950s, altering the way we buy products, online retailers once again changed that paradigm in the twenty-first century. The Great Recession only lasted two years, but the global economies are still dealing with the effects. <i>The Capital Markets</i> examines the deep and wide-reaching transition global capital markets are undergoing right now and looks at the possibilities of what’s to come over the next several decades. </p> <p>This first-of-its-kind guide to the global capital markets takes a macro view of the entire marketplace to analyze how financial products operated in the past and how they operate today. Under the editorial leadership of thought leaders from BNY Mellon Capital Markets, including capital markets expert and former president Gary Strumeyer, a diverse and highly knowledgeable collection of contributors share their expertise in such areas as fixed income and equity markets, underwriting, securitizations, derivatives, currencies, and much more. Professionals with decades of practice under their belts as well as individual investors can gain and reaffirm their understanding of market fundamentals and follow through to grasp the complex dynamics shaping the way those supplying capital are matched with those in need of capital. This authoritative book is a hands-on reference and includes: <ul><li>Discussion of how regulations will change both domestically and around the world</li> <li>Detailed examinations of the multitude of products in the capital markets and the underlying infrastructure</li> <li>Up-to-date reviews of the tools used for trading and managing risk, including the latest new product innovations</li></ul> <p>Prepare yourself for the unprecedented change taking place with the extraordinary perspectives in <i>The Capital Markets.</i>

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