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Codes of Finance "Engineering Derivatives in a Global Bank"

Engineering Derivatives in a Global Bank

Codes of Finance "Engineering Derivatives in a Global Bank". Engineering Derivatives in a Global Bank

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  • ISBN:9780691151502
  • Editorial: Princeton University Press
  • Fecha de la edición:
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  • Dimensiones: 0 cm x 0 cm
  • Nº Pág.:304
  • Idiomas:Ingles

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The financial industry's invention of complex products such as credit default swaps and other derivatives has been widely blamed for triggering the global financial crisis of 2008. "Codes of Finance" takes readers behind the scenes of the equity derivatives business at one of the world's leading investment banks before the crisis, providing a detailed firsthand account of the creation, marketing, selling, accounting, and management of these financial instruments - and of how they ultimately created havoc inside and outside the bank. Vincent Antonin Lpinay, a former employee of the bank, investigates the journey of a derivative through the bank's front, middle, and back offices. In the process, he provides a rare look at the strange world of quants, traders, salespeople, accountants, and others involved in a self-annihilating form of life in which securities designed by the bank eventually threaten its infrastructure. Throughout, he tries to understand the baffling languages of engineered financial products and the often-conflicting bodies of expertise that are mobilized to create them. "Codes of Finance" highlights the massive costs of investment banking's hubristic dream of manufacturing global financial services that derive their value from multiple economies across the world. Yet the book challenges simplistic condemnations of financial engineering by showing that derivation is the central operator of economic life - stretching far beyond the phenomenon of financial derivatives themselves. Essential reading for economic sociologists and financial economists, as well as for readers curious to decipher modern finance, this is the first serious study of the intellectual and organizational puzzles raised by the controversial products of contemporary financial engineering.

Acknowledgments vii Preface Financial Innovation from within the Bank ix Prologue A Day in a Trader's Life 1 Introduction Questioning Finance 6 Part I From Models to Books 23 Chapter 1: Thinking Financially and Exploring the Code 29 Chapter 2: Hedging and Speculating with Portfolios 55 Part II: Topography of a Secret Experiment 87 Chapter 3: The Trading Room as a Market 91 Chapter 4: The Memory of Banking 119 Part III: Porous Banking: Clients and Investors in Search of Accounts 153 Chapter 5: Selling Finance and the Promise of Contingency 157 Chapter 6: The Costs of Price 182 Chapter 7: Reverse Finance 204 Conclusion What Good Are Derivatives? 222 Appendix A: Capital Guarantee Product: The Full Prospectus 233 Notes 235 Bibliography 265 Index 277

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