Mastering Repo Markets

Contents

The Market Background

1. Mastering Financial Arithmetic

2. Money Market Basics

3. Bond Market Basics

4. Swaps and Options Basics

Repos and How to Use Them

5. The Different Repo Structures

6. The Users and Applications of Repos

7. Market Developments

Market Details and Documentation

8. An Overview of Domestic Repo Markets

9. The Legal and Regulatory Framework

Practice ACI Exam, Hints and Answers

10. A Complete Practice ACI Exam

11. Hints and Answers to Exercises and Practice Exam

App. 1. PSA/ISMA Documentation

App. 2. A Summary of Market Day/Year Conventions

App.3. A Summary of Calculation Procedures

App. 4. Glossary

Steiner's book is an excellent hands-on introduction to repo markets. It includes numerous worked examples that walk you through day-count conventions, calculation of accrued interest, "hair cuts", collateral, etc. It considers the US, European and Japanese markets. There is a history of the repo markets. Legal, tax and accounting issues are briefly discussed, as are equity and emerging market debt repos. Appendices include complete PSA/ISMA master agreements, a summary of day count conventions, a detailed summary of calculation procedures and a glossary. There is also a practice exam for the Financial Markets Association (ACI) repo exam. I highly recommend this book for practitioners who are new to the repo markets.

For related books, see sections:

Markets - Repo, Security Lending

Markets - Money Market, FX

 

 

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