Risk Management in Trading: Techniques to Drive Profitability of Hedge Funds and Trading Desks (Wiley Finance)
By: Davis Edwards (author)Hardback
1 - 2 weeks availability
A comprehensive resource for understanding how to minimize risk and increase profits In this accessible resource, Wall Street trader and quantitative analyst Davis W. Edwards offers a definitive guide for nonprofessionals which describes the techniques and strategies seasoned traders use when making decisions. Risk Management in Trading includes an introduction to hedge fund and proprietary trading desks and offers an in-depth exploration on the topic of risk avoidance and acceptance. Throughout the book Edwards explores the finer points of financial risk management, shows how to decipher the jargon of professional risk-managers, and reveals how non-quantitative managers avoid risk management pitfalls. Avoiding risk is a strategic decision and the author shows how to adopt a consistent framework for risk that compares one type of risk to another. Edwards also stresses the fact that any trading decision that isn't based on the goal of maximizing profits is a decision that should be strongly scrutinized. He also explains that being familiar with all the details of a transaction is vital for making the right investment decision.
* Offers a comprehensive resource for understanding financial risk management * Includes an overview of the techniques and tools professionals use to control risk * Shows how to transfer risk to maximize results * Written by Davis W. Edwards, a senior manager in Deloitte's Energy Derivatives Pricing Center Risk Management in Trading gives investors a hands-on guide to the strategies and techniques professionals rely on to minimize risk and maximize profits.
DAVIS W. EDWARDS, FRM, ERP, is a senior manager in Deloitte s Energy Derivatives Pricing Center and a specialist on the topics of risk management, statistical analysis, and valuation of financial derivatives. Prior to joining Deloitte, he worked as a director of credit risk at Macquarie Bank and senior managing director on the proprietary trading desk at Bear Stearns. Davis was an early pioneer in the development of artificial intelligence execution and order-matching systems that revolutionized the NYSE and NASDAQ. Davis is a Certified Energy Risk Professional (ERP) and Financial Risk Manager (FRM) with the Global Association of Risk Professionals and directs the organization s professional chapter in Houston, Texas.
Preface ix CHAPTER 1 Trading and Hedge Funds 1 CHAPTER 2 Financial Markets 33 CHAPTER 3 Financial Mathematics 61 CHAPTER 4 Backtesting and Trade Forensics 95 CHAPTER 5 Mark to Market 121 CHAPTER 6 Value-at-Risk 141 CHAPTER 7 Hedging 177 CHAPTER 8 Options, Greeks, and Non-Linear Risks 199 CHAPTER 9 Credit Value Adjustments (CVA) 237 Afterword 267 Answer Key 269 About the Author 299 Index 301
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- ID: 9781118768587
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