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Book: The Bond Market: Trading and Risk Management :: Book
Date: Friday, 09 January, 2009 :: 08:33
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The Bond Market: Trading and Risk Management
List Price: USD $75.00
from USD $189.98
Product Group: book
Manufacturer: McGraw-Hill Trade
Studio: McGraw-Hill Trade
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Editorial Review: Product Description
Corporate and federal debt has increased over 350% in the last four years, accompanied by an explosion in the use of complex derivative products. To cope with this new market, fixed income traders - and the tools and techniques they use - have become increasingly sophisticated. There is an urgent need for a high-quality reference book on managing interest rate risk and on the primary and secondary markets for the outstanding bonds worth trillions of dollars. The Bond Market is a thorough guide to the mechanics of the market for U.S. Treasury securities and their derivative products. It explains the art and science of trading bonds for maximum profit with controlled risk, and illustrates how the best traders apply sound theoretical techniques under battlefield conditions. This is a valuable resource for readers with no prior knowledge of the bond market, as well as those who want to enhance their understanding of bond theory with real-life trading tools and techniques. The Bond Market looks at the big picture while focusing on important details. Based on her extensive trading experience, Christina I. Ray covers bond market basics and bond trading strategies, and provides an overview of the bond trading business. This one-of-a-kind reference shows readers how traders use mathematics to construct positions, in bonds or their derivatives, suitable for different market conditions and their own market risks; how traders determine the value of different securities and answers the critical question: Is bond movement random or can it be forecast? and the consistent approaches used by long-lived traders that readers can apply quantitatively to analyze the risk-reward profile of any position.
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Reviews:
Average Customer Review: 
2 of 2 people found the following review helpful:
Summary: Incredibly Useful
Date: 2004-12-08 -
Comment: There are numerous books on the bond market. Many are so dense as to be opaque. Ray's book is very straightforward and simple. It gives you what you need to know about the fixed income markets in a direct fashion. Excellent for professional and academic alike.
Summary: Useful and realistic
Date: 2002-12-29 - 
Comment: Book is great for those who want to know how bond trading really works, especially for those just starting out. Good for both salespeople and traders. However, the book is a decade old and has little on ETS and other recent developments. It also has many, many errors which are irritating, thus the 4/5. I should hope that these points are addressed in a second edition. It is otherwise well-written.
6 of 6 people found the following review helpful:
Summary: Excellent work - the best book to understand bond concepts
Date: 1999-05-09 -
Comment: Ms.Ray focuses on providing a clear conceptual framework for understanding fixed income concepts. The approach is highly intuitive and reader-friendly. A must for anyone trying to get to grips with the concepts of duration, BPV, vols, forwards, etc....
1 of 1 people found the following review helpful:
Summary: An indispensable tool to a fixed income trader or broker
Date: 1999-01-15 -
Comment: The Bond Market, by Christina Ray was one of the first books I read about fixed income securities that really explained how trading really is in the real world. I am happy to find another copy on ADC. This was used as a text in a class in Grad. school and I lost the book. Highly recommended.
5 of 5 people found the following review helpful:
Summary: Professionally written, and most of all PRACTICAL!!
Date: 1998-12-21 -
Comment: An extremely well written, concise and sometimes humorous explanation of how the bond market really works. I worked at the Chicago Board of Trade, and it is my opinion that Christina Ray truly understood the complexities and practicallities of the bond market in its entirety. A must read for anyone who thrives on information pertaining to getting the "edge" in an extremely competitive environment.
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