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This book is divided into five parts.

Part I is entitled ‘Products and the background to trading’. It starts with a chapter on trading giving an overview of trading in general as well as that related to the financial services industry. The next chapter is a background to risk which is another important theme of the book. We then look into specific trades by examining the cashflows associated with each. Chapters follow on asset classes and derivative products. Part I concludes with a look at three important aspects of trading – liquidity, price and leverage.

Part II is ‘The trade lifecycle’. It starts with an anatomy of the trade which is the core element of the lifecycle. Then the lifecycle is analysed in detail followed by a chapter on cashflows and asset holdings which are directly influenced by the lifecycle. We then move on to four methods of direct monitoring of trades throughout their lifetime: risk management, market risk control, counterparty risk control and accounting. There is a discussion of P&L attribution followed by a full description of the business functions in the lifecycle (i.e. the people). Then there is a chapter on regulation including Credit Value Adjustment (CVA) – a subject growing in importance.

Part III ‘What really happens’ lifts the lid on the trading floor with chapters on insights into the real world of capital markets – here be dragons, case studies of real projects, the ‘IT divide’ and quants in capital markets.

Part IV ‘Behind the scenes’ looks into processes, new products, testing, data, reports and calculations.

Finally, in Part V, the Appendix summarises the risks arising from the trade lifecycle.