This is a book on structuring OTC equity derivatives. Product coverage is extensive—from vanilla forwards to exotics such as lookbacks and structured notes.

The author takes a problem-oriented approach, identifying a problem or need of an end user and then designing a derivatives solution to meet that need. This has the advantage that readers learn much about certain problems for which derivatives can be applied. It does mean that the introduction of standard derivatives is somewhat piecemeal.

The focus of the book is on applying derivatives to meet the needs of institutional portfolio managers or retail investors. In a sense, this book is more about understanding those needs so you can structure derivatives to meet them than it is about the derivatives themselves. You learn about the difficulties and transaction costs of managing an equity index fund. There is plenty of information on structuring market participation notes and other products for retail investors. Be aware, however, that many applications of equity derivatives are not discussed, such as the needs of corporates or tax-related strategies.