Product Description

The Repo markets have grown dramatically in the past few years because of the need to hedge short positions in the capital and derivatives markets. Virtually all major currency markets in the world now have an established repo market, the facility is also increasingly being used in developing currency markets as well.

This book is a practical introduction that focuses on the instruments, applications and risk management techniques essential for this rapidly evolving market. Fully updated to reflect the changes in these markets, the book also includes worked examples and case studies, and new sections on basket and structured finance repo.

Product Details

• Amazon Sales Rank: #100980 in Books
• Published on: 2006-04-21
• Original language: English
• Number of items: 1
• Binding: Paperback
• 224 pages

From the Back Cover
“Providing a revealing insight into global repo markets and instruments, An Introduction to Repo Markets presents an accurate practitioner’s guide to a market that is often difficult to understand.” Bhavin Parmar, Equity Finance Trading

The repo markets are a vital part of the global financial system. Repo is used by virtually all market participants, as a funding and liquidity tool. The third edition of Professor Moorad Choudhry’s benchmark reference text An Introduction to Repo Markets brings readers up to date with the latest developments. It offers a detailed yet accessible and reader–friendly look at the instrument itself and its variants, and is aimed specifically at newcomers to the market or those unfamiliar with modern fixed income products. The author capitalises on his wealth of experience in the money markets to present this concise yet in–depth coverage of repo, set in the context of the financial markets as a whole.

Topics covered include:

• Repo mechanics
• Uses and applications
• Basket repo
• Synthetic repo and the total return swap
• The money market yield curve
• The Global Master Repurchase Agreement

Topics are well illustrated with Bloomberg screens, worked examples, exercises and case studies. Related issues such as financial market arithmetic are also introduced as necessary background for students and practitioners. This is essential reading for all those who require an introduction to the money markets and repo.

About the Author
Dr Moorad Choudhry is Head of Treasury at KBC Financial Products in London. He is a Visiting Professor at the Department of Economics, London Metropolitan University, a Visiting Research Fellow at the ICMA Centre, University of Reading, a Senior Fellow at the Centre for Mathematical Trading and Finance, Cass Business School, and a Fellow of the Securities and Investment Institute.

Customer Reviews

State of the Art
The great thing about Moorad Choudhry’s The Repo Handbook is that it is designed to fully maximise the role and impact of the repo trader within the institution. Sure, the book clearly explains what a repo is and how it trades, and covers in depth the full sphere of practical issues – calculations, settlement, legal, tax, accounting. Repo is technical and the practitioner is lost without a mastery of these. But Choudhry goes further in recognising that repo is at the heart of all products in the global market, and that financing, settlement, hedging, and overall efficiency are impossible without it. In this context, he explains the wide range of instruments, businesses, derivatives and structures that benefit from repo. A repo trader that understands these interrelationships will go furthest in building communication, teamwork, and in the end overall profitability across the firm. Wisely, Choudhry devotes a section to risks in repo that must be respected. The book is easy to navigate, and a solid ongoing reference as the glossary, appendices, and formulas are very handy.

A good introduction that is well structured.
I picked up this book after having a frustrating look at the FT/Prentice Hall publication by Rob Steiner "Mastering Repo Markets". This other book is badly structured, has terrible font and is overpriced for what it is. Moorad Choudhry's book on the other hand is well structured (he seems to have had practice writing other books)and it's very easy to get a good picture of what repos are and why they exist. He does place more emphasis on the UK Gilt market and so appears to be less international in flavour - but if you ignore the fact that he's putting off US buyers this is an excellent book/buy.

The best book on repo I've seen yet
This is an excellent book on repo. Don't be put off by the "Introduction" bit in the title, this is as advanced a book on repo as any others in the market. Fantastic value for money as well. I rate it above Steiners book, and it's better for practitioners than the book published recently by Freshfields / Cedel. It also covers the basis in very accessible fashion. This is THE top book on repo, if you're involved in any way in the repo market, buy it, for less than the price of a few drinks.