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This book explains back office operations in the capital markets. It does so within the context of financial risk management. The focus is on inter-bank OTC transactions. Brokered and unbrokered bond transactions are also discussed. The author speaks from a European perspective, but the international nature of capital markets ensures that the discussion is also applicable in Tokyo or New York. There is a lot of information here. Unfortunately, it is poorly arranged. Important terms are defined after they are first used. Over a quarter of the book is appendices, several of which could have been incorporated into the main text. The author explains: nostro and vostro accounts; standard settlement agreements; netting; clearing and payment systems; confirmations; reconciliations; etc. Achronyms abound, and are generally well defined: CHAPS, CHIPS, FCCC, TARGET, SWIFT, RTGS, ECHO, TRAM, BART, ACS, ISDA, etc. Chapters on the EURO transition and risk management are only remotely related to the book's main topic. |
This is the only book focusing on OTC capital markets and derivatives back-office operations. I recommend it for professionals with some experience in the capital markets, but with little or no exposure to operations. The book is too basic for experienced operations professionals, but they will probably want to have a copy lying around to share with new hires.
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