FX Options and Structured Products (eBook)
John Wiley & Sons (Verlag)
978-1-118-47111-1 (ISBN)
Advanced Guidance to Excelling in the FX Market
Once you have a textbook understanding of money market and foreign exchange products, turn to FX Options and Structured Products, Second Edition, for the beyond-vanilla options strategies and traded deals proven superior in today's post-credit crisis trading environment. With the thoroughness and balance of theory and practice only Uwe Wystup can deliver, this fully revised edition offers authoritative solutions for the real world in an easy-to-access format. See how specific products actually work through detailed case studies featuring clear examples of FX options, common structures and custom solutions. This complete resource is both a wellspring of ideas and a hands-on guide to structuring and executing your own strategies. Distinguish yourself with a valued skillset by:
- Working through practical and thought-provoking challenges in more than six dozen exercises, all with complete solutions in a companion volume
- Gaining a working knowledge of the latest, most popular products, including accumulators, kikos, target forwards and more
- Getting close to the everyday realities of the FX derivatives market through new, illuminating case studies for corporates, municipalities and private banking
FX Options and Structured Products, Second Edition is your go-to road map to the exotic options in FX derivatives.
UWE WYSTUP is the founder and managing director of Math-Finance AG, a consulting and software company specializing in quantitative finance, implementation of derivatives models, valuation and validation services. During his career, he worked as a financial engineer, structurer and consultant in FX options trading teams for such banks as Commerzbank, Deutsche Bank, Citibank, UBS and Sal. Oppenheim jr. & Cie. An internationally known FX options expert in academia and practice, he lectures on financial engineering as an honorary professor at Frankfurt School of Finance & Management and a professor of financial option price modeling and foreign exchange derivatives at Antwerp University, in addition to giving seminars all over the world. He coedited (with Jürgen Hakala) the industry standard, Foreign Exchange Risk.
Advanced Guidance to Excelling in the FX Market Once you have a textbook understanding of money market and foreign exchange products, turn to FX Options and Structured Products, Second Edition, for the beyond-vanilla options strategies and traded deals proven superior in today s post-credit crisis trading environment. With the thoroughness and balance of theory and practice only Uwe Wystup can deliver, this fully revised edition offers authoritative solutions for the real world in an easy-to-access format. See how specific products actually work through detailed case studies featuring clear examples of FX options, common structures and custom solutions. This complete resource is both a wellspring of ideas and a hands-on guide to structuring and executing your own strategies. Distinguish yourself with a valued skillset by: Working through practical and thought-provoking challenges in more than six dozen exercises, all with complete solutions in a companion volume Gaining a working knowledge of the latest, most popular products, including accumulators, kikos, target forwards and more Getting close to the everyday realities of the FX derivatives market through new, illuminating case studies for corporates, municipalities and private banking FX Options and Structured Products, Second Edition is your go-to road map to the exotic options in FX derivatives.
UWE WYSTUP is the founder and managing director of Math-Finance AG, a consulting and software company specializing in quantitative finance, implementation of derivatives models, valuation and validation services. During his career, he worked as a financial engineer, structurer and consultant in FX options trading teams for such banks as Commerzbank, Deutsche Bank, Citibank, UBS and Sal. Oppenheim jr. & Cie. An internationally known FX options expert in academia and practice, he lectures on financial engineering as an honorary professor at Frankfurt School of Finance & Management and a professor of financial option price modeling and foreign exchange derivatives at Antwerp University, in addition to giving seminars all over the world. He coedited (with Jürgen Hakala) the industry standard, Foreign Exchange Risk.
Cover???????????????????????? 1
Title Page?????????????????????????????????? 5
Copyright???????????????????????????????? 6
Contents?????????????????????????????? 9
List of Tables?????????????????????????????????????????? 15
List of Figures???????????????????????????????????????????? 19
Preface???????????????????????????? 23
About the Author?????????????????????????????????????????????? 25
Acknowledgments???????????????????????????????????????????? 27
Chapter 1: Foreign Exchange Derivatives 29
1.1 Literature Review???????????????????????????????????????????????????????? 29
1.2 A Journey through the History of Options?????????????????????????????????????????????????????????????????????????????????????????????????????? 29
1.3 Currency Options?????????????????????????????????????????????????????? 31
1.4 Technical Issues for Vanilla Options?????????????????????????????????????????????????????????????????????????????????????????????? 32
1.4.1 Valuation in the Black-Scholes Model?????????????????????????????????????????????????????????????????????????????????????????????????? 34
1.4.2 A Note on the Forward???????????????????????????????????????????????????????????????????? 36
1.4.3 Vanilla Greeks in the Black-Scholes Model???????????????????????????????????????????????????????????????????????????????????????????????????????????? 36
1.4.4 Reoccurring Identities?????????????????????????????????????????????????????????????????????? 39
1.4.5 Homogeneity based Relationships???????????????????????????????????????????????????????????????????????????????????????? 41
1.4.6 Quotation Conventions???????????????????????????????????????????????????????????????????? 42
1.4.7 Strike in Terms of Delta?????????????????????????????????????????????????????????????????????????? 48
1.4.8 Volatility in Terms of Delta?????????????????????????????????????????????????????????????????????????????????? 49
1.4.9 Volatility and Delta for a Given Strike???????????????????????????????????????????????????????????????????????????????????????????????????????? 49
1.4.10 Greeks in Terms of Deltas?????????????????????????????????????????????????????????????????????????????? 50
1.4.11 Settlement???????????????????????????????????????????????? 54
1.4.12 Exercises?????????????????????????????????????????????? 58
1.5 Volatility?????????????????????????????????????????? 61
1.5.1 Historic Volatility???????????????????????????????????????????????????????????????? 61
1.5.2 Historic Correlation?????????????????????????????????????????????????????????????????? 64
1.5.3 Volatility Smile?????????????????????????????????????????????????????????? 65
1.5.4 At-The-Money Volatility Interpolation???????????????????????????????????????????????????????????????????????????????????????????????????? 72
1.5.5 Volatility Smile Conventions?????????????????????????????????????????????????????????????????????????????????? 73
1.5.6 At-The-Money Definition???????????????????????????????????????????????????????????????????????? 73
1.5.7 Interpolation of the Volatility on Fixed Maturity Pillars???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? 73
1.5.8 Interpolation of the Volatility Spread between Maturity Pillars???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? 76
1.5.9 Volatility Sources?????????????????????????????????????????????????????????????? 77
1.5.10 Volatility Cones???????????????????????????????????????????????????????????? 80
1.5.11 Stochastic Volatility?????????????????????????????????????????????????????????????????????? 80
1.5.12 Exercises?????????????????????????????????????????????? 82
1.6 Basic Strategies Containing Vanilla Options???????????????????????????????????????????????????????????????????????????????????????????????????????????? 83
1.6.1 Call and Put Spread???????????????????????????????????????????????????????????????? 84
1.6.2 Risk Reversal???????????????????????????????????????????????????? 89
1.6.3 Straddle?????????????????????????????????????????? 92
1.6.4 Strangle?????????????????????????????????????????? 93
1.6.5 Butterfly???????????????????????????????????????????? 95
1.6.6 Condor?????????????????????????????????????? 98
1.6.7 Seagull???????????????????????????????????????? 100
1.6.8 Calendar Spread???????????????????????????????????????????????????????? 103
1.6.9 Exercises???????????????????????????????????????????? 103
1.7 First Generation Exotics?????????????????????????????????????????????????????????????????????? 104
1.7.1 Classification?????????????????????????????????????????????????????? 104
1.7.2 European Digitals and the Windmill Effect???????????????????????????????????????????????????????????????????????????????????????????????????????????? 105
1.7.3 Barrier Options???????????????????????????????????????????????????????? 109
1.7.4 Touch Contracts???????????????????????????????????????????????????????? 121
1.7.5 Compound and Installment?????????????????????????????????????????????????????????????????????????? 133
1.7.6 Asian Options???????????????????????????????????????????????????? 145
1.7.7 Lookback Options?????????????????????????????????????????????????????????? 154
1.7.8 Forward Start, Ratchet, and Cliquet Options???????????????????????????????????????????????????????????????????????????????????????????????????????????????? 164
1.7.9 Power Options???????????????????????????????????????????????????? 166
1.7.10 Quanto Options???????????????????????????????????????????????????????? 175
1.7.11 Exercises?????????????????????????????????????????????? 180
1.8 Second Generation Exotics (Single Currency Pair)?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? 184
1.8.1 Multiplicity Power Options?????????????????????????????????????????????????????????????????????????????? 184
1.8.2 Corridors/Range Accruals?????????????????????????????????????????????????????????????????????????? 185
1.8.3 Faders?????????????????????????????????????? 188
1.8.4 Exotic Barrier Options?????????????????????????????????????????????????????????????????????? 190
1.8.5 Pay-Later Options???????????????????????????????????????????????????????????? 194
1.8.6 Step Up and Step Down Options???????????????????????????????????????????????????????????????????????????????????? 197
1.8.7 Options and Forwards on the Harmonic Average?????????????????????????????????????????????????????????????????????????????????????????????????????????????????? 197
1.8.8 Variance and Volatility Swaps???????????????????????????????????????????????????????????????????????????????????? 198
1.8.9 Forward Volatility Agreements (FVAs)?????????????????????????????????????????????????????????????????????????????????????????????????? 202
1.8.10 Exercises?????????????????????????????????????????????? 204
1.9 Second Generation Exotics (Multiple Currency Pairs)???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? 205
1.9.1 Spread and Exchange Options???????????????????????????????????????????????????????????????????????????????? 205
1.9.2 Baskets???????????????????????????????????????? 207
1.9.3 Outside Barrier Options???????????????????????????????????????????????????????????????????????? 213
1.9.4 Best-of and Worst-of Options?????????????????????????????????????????????????????????????????????????????????? 216
1.9.5 Other Multi-Currency Options?????????????????????????????????????????????????????????????????????????????????? 219
1.9.6 Correlation Swap?????????????????????????????????????????????????????????? 220
1.9.7 Exercises???????????????????????????????????????????? 220
Chapter 2: Structured Products 225
2.1 Forward Transactions?????????????????????????????????????????????????????????????? 225
2.1.1 Outright Forward?????????????????????????????????????????????????????????? 226
2.1.2 Participating Forward???????????????????????????????????????????????????????????????????? 228
2.1.3 Participating Collar?????????????????????????????????????????????????????????????????? 230
2.1.4 Fade-In Forward???????????????????????????????????????????????????????? 231
2.1.5 Knock-Out Forward???????????????????????????????????????????????????????????? 233
2.1.6 Shark Forward???????????????????????????????????????????????????? 234
2.1.7 Fader Shark Forward???????????????????????????????????????????????????????????????? 238
2.1.8 Butterfly Forward???????????????????????????????????????????????????????????? 240
2.1.9 Range Forward???????????????????????????????????????????????????? 242
2.1.10 Range Accrual Forward?????????????????????????????????????????????????????????????????????? 243
2.1.11 Accumulative Forward???????????????????????????????????????????????????????????????????? 246
2.1.12 Boomerang Forward?????????????????????????????????????????????????????????????? 252
2.1.13 Amortizing Forward???????????????????????????????????????????????????????????????? 253
2.1.14 Auto-Renewal Forward???????????????????????????????????????????????????????????????????? 255
2.1.15 Double Shark Forward???????????????????????????????????????????????????????????????????? 256
2.1.16 Forward Start Chooser Forward?????????????????????????????????????????????????????????????????????????????????????? 257
2.1.17 Free Style Forward???????????????????????????????????????????????????????????????? 257
2.1.18 Boosted Spot/Forward???????????????????????????????????????????????????????????????????? 257
2.1.19 Flexi Forward/Time Option?????????????????????????????????????????????????????????????????????????????? 259
2.1.20 Strike Leverage Forward?????????????????????????????????????????????????????????????????????????? 260
2.1.21 Escalator Ratio Forward?????????????????????????????????????????????????????????????????????????? 260
2.1.22 Intrinsic Value Ratio Knock-Out Forward?????????????????????????????????????????????????????????????????????????????????????????????????????????? 262
2.1.23 Tender Linked Forward?????????????????????????????????????????????????????????????????????? 264
2.1.24 Exercises?????????????????????????????????????????????? 265
2.2 Target Forwards???????????????????????????????????????????????????? 269
2.2.1 Plain Target Forward?????????????????????????????????????????????????????????????????? 269
2.2.2 Leveraged Target Forward?????????????????????????????????????????????????????????????????????????? 272
2.2.3 Target Profit Forward???????????????????????????????????????????????????????????????????? 274
2.2.4 Pivot Target Forward (PTF)?????????????????????????????????????????????????????????????????????????????? 280
2.2.5 KIKO Tarn???????????????????????????????????????????? 283
2.2.6 Target Forwards in the Media?????????????????????????????????????????????????????????????????????????????????? 287
2.2.7 Valuation and Hedging of Target Forwards?????????????????????????????????????????????????????????????????????????????????????????????????????????? 288
2.2.8 Exercises???????????????????????????????????????????? 293
2.3 Series of Strategies?????????????????????????????????????????????????????????????? 294
2.3.1 Shark Forward Series?????????????????????????????????????????????????????????????????? 295
2.3.2 Collar Extra Series???????????????????????????????????????????????????????????????? 297
2.3.3 Exercises???????????????????????????????????????????? 298
2.4 Deposits, Loans, Bonds, and Certificates?????????????????????????????????????????????????????????????????????????????????????????????????????? 298
2.4.1 Dual Currency Deposit/Loan?????????????????????????????????????????????????????????????????????????????? 298
2.4.2 Performance-Linked Deposits???????????????????????????????????????????????????????????????????????????????? 301
2.4.3 Tunnel Deposit/Loan???????????????????????????????????????????????????????????????? 303
2.4.4 Corridor Deposit/Loan???????????????????????????????????????????????????????????????????? 305
2.4.5 Turbo Deposit/Loan?????????????????????????????????????????????????????????????? 307
2.4.6 Tower Deposit/Loan?????????????????????????????????????????????????????????????? 309
2.4.7 FX-linked Bonds???????????????????????????????????????????????????????? 311
2.4.8 FX-Express Certificate?????????????????????????????????????????????????????????????????????? 312
2.4.9 Exercises???????????????????????????????????????????? 313
2.5 Interest Rate and Cross Currency Swaps?????????????????????????????????????????????????????????????????????????????????????????????????? 314
2.5.1 Cross Currency Swap???????????????????????????????????????????????????????????????? 314
2.5.2 Hanseatic Swap?????????????????????????????????????????????????????? 321
2.5.3 Turbo Cross Currency Swap???????????????????????????????????????????????????????????????????????????? 324
2.5.4 Buffered Cross Currency Swap?????????????????????????????????????????????????????????????????????????????????? 326
2.5.5 Flip Swap???????????????????????????????????????????? 327
2.5.6 Corridor Swap???????????????????????????????????????????????????? 329
2.5.7 Currency Related Swap (CRS)???????????????????????????????????????????????????????????????????????????????? 331
2.5.8 Double-No-Touch Linked Swap???????????????????????????????????????????????????????????????????????????????? 335
2.5.9 Range Reset Swap?????????????????????????????????????????????????????????? 337
2.5.10 Exercises?????????????????????????????????????????????? 337
2.6 Participation Notes???????????????????????????????????????????????????????????? 338
2.6.1 Gold Participation Note???????????????????????????????????????????????????????????????????????? 338
2.6.2 Basket-Linked Note?????????????????????????????????????????????????????????????? 340
2.6.3 Issuer Swap???????????????????????????????????????????????? 341
2.6.4 Moving Strike Turbo Spot Unlimited?????????????????????????????????????????????????????????????????????????????????????????????? 341
2.7 Hybrid FX Products?????????????????????????????????????????????????????????? 342
2.7.1 Long-Term FX Options?????????????????????????????????????????????????????????????????? 343
2.7.2 Power Reverse Dual Currency Bonds???????????????????????????????????????????????????????????????????????????????????????????? 343
2.7.3 Hybrid Forward Contracts?????????????????????????????????????????????????????????????????????????? 348
2.7.4 Dual Asset Range Accrual Note???????????????????????????????????????????????????????????????????????????????????? 349
2.8 Treasury Case Studies???????????????????????????????????????????????????????????????? 350
2.8.1 FX Protection for EM Currencies with High Swap Points???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? 350
2.8.2 Exit Strategies for a Sick Floan?????????????????????????????????????????????????????????????????????????????????????????? 351
2.8.3 Trade Ideas for FX Risk Management in View of Brexit?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? 356
2.8.4 Inverse DCD???????????????????????????????????????????????? 358
2.8.5 Exercises???????????????????????????????????????????? 359
Chapter 3: Hedge Accounting 363
3.1 Hedge Accounting under IAS 39???????????????????????????????????????????????????????????????????????????????? 363
3.1.1 Introduction?????????????????????????????????????????????????? 363
3.1.2 Financial Instruments???????????????????????????????????????????????????????????????????? 364
3.1.3 Evaluation of Financial Instruments???????????????????????????????????????????????????????????????????????????????????????????????? 377
3.1.4 Hedge Accounting?????????????????????????????????????????????????????????? 384
3.1.5 Methods for Testing Hedge Effectiveness???????????????????????????????????????????????????????????????????????????????????????????????????????? 392
3.1.6 Testing for Effectiveness - A Case Study of the Forward Plus?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? 400
3.1.7 Conclusion?????????????????????????????????????????????? 418
3.1.8 Relevant Original Sources for Accounting Standards?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? 420
3.2 Hedge Accounting under IFRS 9???????????????????????????????????????????????????????????????????????????????? 420
3.2.1 Hedge Effectiveness???????????????????????????????????????????????????????????????? 420
3.2.2 Documentation and Qualifying Criteria???????????????????????????????????????????????????????????????????????????????????????????????????? 421
3.2.3 Case Study: Shark Forward???????????????????????????????????????????????????????????????????????????? 421
3.2.4 Conclusion and Outlook?????????????????????????????????????????????????????????????????????? 425
Chapter 4: Foreign Exchange Markets 427
4.1 Vanna-Volga Pricing???????????????????????????????????????????????????????????? 427
4.1.1 Cost of Vanna and Volga???????????????????????????????????????????????????????????????????????? 427
4.1.2 Observations?????????????????????????????????????????????????? 430
4.1.3 Consistency Check???????????????????????????????????????????????????????????? 431
4.1.4 Adjustment Factor???????????????????????????????????????????????????????????? 433
4.1.5 Volatility for Risk Reversals, Butterflies, and Theoretical Value???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? 433
4.1.6 Pricing Barrier Options???????????????????????????????????????????????????????????????????????? 433
4.1.7 Pricing Double Barrier Options?????????????????????????????????????????????????????????????????????????????????????? 434
4.1.8 Pricing Double-No-Touch Contracts???????????????????????????????????????????????????????????????????????????????????????????? 434
4.1.9 Pricing Path-Independent Contracts?????????????????????????????????????????????????????????????????????????????????????????????? 435
4.1.10 No-Touch Probability???????????????????????????????????????????????????????????????????? 435
4.1.11 The Cost of Trading and its Implication on the One-Touch MTM???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? 435
4.1.12 Example?????????????????????????????????????????? 437
4.1.13 Further Applications???????????????????????????????????????????????????????????????????? 438
4.1.14 Critical Assessment?????????????????????????????????????????????????????????????????? 438
4.2 Bid-Ask Spreads???????????????????????????????????????????????????? 438
4.2.1 Vanilla Spreads???????????????????????????????????????????????????????? 439
4.2.2 Spreading Vanilla Structures?????????????????????????????????????????????????????????????????????????????????? 440
4.2.3 One-Touch Spreads???????????????????????????????????????????????????????????? 440
4.2.4 Spreads for First Generation Exotics?????????????????????????????????????????????????????????????????????????????????????????????????? 440
4.2.5 Minimal Bid-Ask Spread?????????????????????????????????????????????????????????????????????? 441
4.2.6 Bid-Ask Prices?????????????????????????????????????????????????????? 441
4.3 Systems and Software?????????????????????????????????????????????????????????????? 441
4.3.1 Position Keeping?????????????????????????????????????????????????????????? 442
4.3.2 Reference Prices and Volatilities???????????????????????????????????????????????????????????????????????????????????????????? 442
4.3.3 Straight Through Processing???????????????????????????????????????????????????????????????????????????????? 442
4.3.4 Disclaimers???????????????????????????????????????????????? 443
4.4 Trading and Sales???????????????????????????????????????????????????????? 443
4.4.1 Proprietary Trading???????????????????????????????????????????????????????????????? 444
4.4.2 Sales-Driven Trading?????????????????????????????????????????????????????????????????? 444
4.4.3 Inter Bank Sales?????????????????????????????????????????????????????????? 444
4.4.4 Branch Sales?????????????????????????????????????????????????? 444
4.4.5 Institutional Sales???????????????????????????????????????????????????????????????? 444
4.4.6 Corporate Sales???????????????????????????????????????????????????????? 445
4.4.7 Private Banking???????????????????????????????????????????????????????? 445
4.4.8 Retail FX Derivatives???????????????????????????????????????????????????????????????????? 445
4.4.9 Exchange Traded FX Derivatives?????????????????????????????????????????????????????????????????????????????????????? 445
4.4.10 Casino FX Products???????????????????????????????????????????????????????????????? 445
4.4.11 Treasury???????????????????????????????????????????? 446
4.4.12 Fixings and Cutoffs?????????????????????????????????????????????????????????????????? 446
4.4.13 Trading Floor Joke???????????????????????????????????????????????????????????????? 449
4.5 Currency Pairs?????????????????????????????????????????????????? 449
4.5.1 ISO 4217 Currency Code List???????????????????????????????????????????????????????????????????????????????? 449
4.6 Things to Remember?????????????????????????????????????????????????????????? 452
4.7 Glossary?????????????????????????????????????? 452
Bibliography?????????????????????????????????????? 455
Index???????????????????????? 461
EULA 475
| Erscheint lt. Verlag | 30.6.2017 |
|---|---|
| Reihe/Serie | The Wiley Finance Series | Wiley Finance Series |
| Sprache | englisch |
| Themenwelt | Recht / Steuern ► Wirtschaftsrecht |
| Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung | |
| Schlagworte | basis spreads • Finance & Investments • Financial Engineering • Finanztechnik • Finanz- u. Anlagewesen • foreign exchange derivatives • foreign exchange exotics, FX market developments • foreign exchange pricing • Foreign Exchange Risk • FX market advances • Fx Options • FX Options and Structured Products 2nd Edition • FX options case studies • FX options hedging • FX options in litigation • FX options valuation • FX products • FX risk management • FX strategy • FX structuring • FX structuring platforms • FX technology • FX tools • FX trade ideas • fx trading • mathfinance.com • smile risk • tenor spreads • Uwe Wystup • vanna-volga approach • yield curve construction |
| ISBN-10 | 1-118-47111-3 / 1118471113 |
| ISBN-13 | 978-1-118-47111-1 / 9781118471111 |
| Informationen gemäß Produktsicherheitsverordnung (GPSR) | |
| Haben Sie eine Frage zum Produkt? |
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