About the Authors.
Acknowledgements.
Introduction.
Money Market Calculations.
U.S. Treasury Bills.
Agency Instruments.
Corporate Obligations:Commercial Paper and Medium-Term Notes.
Debt Obligations of Financial Institutions.
Floating-Rate Securities.
Repurchase and Reverse Repurchase Agreements.
Short-Term Mortgage-Backed Securities.
Short-Term Asset-Backed Securities.
Futures and Forward Rate Agreements.
Swaps and Caps/Floors.
Asset and Liability Management.
Bank Regulatory Capital.
Index.
FRANK J. FABOZZI, PhD, CFA, is Editor of the Journal of Portfolio
Management and an Adjunct Professor of Finance at Yale University's
School of Management. Dr. Fabozzi is on the board of directors of
the Guardian Life family of funds and the BlackRock complex of
funds. He earned a doctorate in economics from the City University
of New York in 1972 and, in 1994, received an honorary doctorate of
humane letters from Nova Southeastern University. Dr. Fabozzi is a
Fellow of the International Center for Finance at Yale
University.
STEVEN V. MANN is Professor of Finance at the Moore School of
Business, University of South Carolina. He has coauthored two
previous books and numerous articles in the area of investments,
primarily fixed-income securities and derivatives. Professor Mann
is an accomplished teacher, winning seventeen awards for excellence
in teaching. He also works as a consultant to investment/commercial
banks and has conducted training programs for financial
institutions throughout the United States.
MOORAD CHOUDHRY is a Vice President in structured finance services
with JPMorgan Chase Bank in London. He traded sterling money
markets at ABN Amro Hoare Govett Limited and at Hambros Bank
Limited. Moorad is a Fellow of the Centre for Mathematical Trading
and Finance, City University Business School, and is Editor of the
Journal of Bond Trading and Management. He has written several
books in the area of fixed-income securities.
Fabozzi, Mann and Choudhry have written an excellent introduction
to the money market. Stigum's (2002) Money Market has long been the
standard text for this market, so let's compare. For many readers,
Fabozzi, Mann and Choudhry will be the preferred text. At one
quarter the length (328 pages vs. 1250), we might call the new book
"Stigum Light." This is not a bad thing. Many people don't have
time to read the entire Stigum but can get through the shorter book
in a few sittings. If someone has a job interview in a couple days
and needs to learn about the money market fast, they are going to
read Fabozzi, Mann and Choudhry.
The book achieves its relative brevity with only a modest
sacrificing in depth of detail. Where it compromises is breadth.
While Stigum devotes 400 pages to discussing the major players
before proceeding to discuss the instruments that are traded,
Fabozzi, Mann and Choudhry focus primarily on the instruments.
Coverage is broad, including Treasuries, agencies, corporate debt,
financial institutions' debt, floaters, repos, short-term MBS and
ABS, futures, FRA's, swaps, caps and floors. They also have nice
chapters on asset-liability management and on bank capital
requirements.
Whereas Stigum has very few formulas, Fabozzi, Mann and Choudhry is
modestly more technical, detailing important pricing and yield
calculations. These discussions are accompanied by Bloomberg screen
shots that show the reader where the information is coming from. As
you are reading, you can check the screen to see if an instrument
uses an actual/actual or actual/360 basis. You can grab the current
swap curve or check when a coupon is next paid. The screen shots
put the examples in context and give the reader a sense of being
there on a trading floor.
So how should you choose between the two books? Do you want a book
you can read in a week or a book you can read in a month? Do you
want a definitive text complete with historical insights and
wonderful anecdotes, or do you want a practical shortcut? Do you
want a book that is mostly non-technical, or do you want one that
covers essential formulas accompanied with Bloomberg screen shots?
Do you want a book that covers all aspects of the money markets, or
do you want one that focuses primarily on the instruments? Both are
available. What are you looking for? --Riskbook.com
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