Читать книгу STIR Futures - Stephen Aikin - Страница 4
ОглавлениеPreface
Who this book is for
This book is written for the aspiring trader but will also appeal to the experienced trader looking for a new market or trading strategy. Even those traders already experienced in trading STIR futures might find new inspiration and trading ideas from the sophisticated strategies presented in the trading section.
The learning curve is steep and constant, but all the information and concepts needed by the aspiring trader are presented simply and should be easily understood. Some prior knowledge of buying and selling securities might be helpful. The websites of the futures exchanges listed in the Appendices are useful sources of introductory information.
What this book covers
This book does not pretend to be a guide to making a trading fortune, and neither is it selling a trading system. Instead, it is a comprehensive guide to STIR futures markets, showing how professional traders can profit from their unique characteristics, particularly by using spreads and similar trading strategies. It details all the necessary tools and methodologies for these sophisticated trading strategies, appealing to the experienced STIR futures trader, whilst also providing guidance for the aspiring trader.
The majority of trading examples used in the book can be calculated by the use of pre-built functions that are standard within Microsoft Excel, rather than assuming that everyone has access to expensive subscription-based quantitative software.
How this book is structured
The book consists of four parts, designed to be read sequentially. Readers can dip into various sections but might find references to methodologies described earlier.
1. STIR Futures
Part 1 is a broad introduction to STIR futures, describing what they are, where they are traded, how they are priced, and how they can be used to hedge borrowing or lending exposures. This is followed by a comprehensive review of the drivers of STIR futures, which describes the underlying influences that create price movement and how this should be interpreted by traders.
2. The Mechanics of STIR Futures
Part 2 is concerned with the mechanics of the STIR futures markets, including clearing and settlement procedures, how the markets are accessed, the software options available, and what influences the choice of STIR futures contracts to trade.
3. Trading STIR Futures
Part 3 is the trading section, with the majority comprising a thorough analysis of the spread relationships that exist both within STIR futures and against other interest rate products. STIR futures are often described as the ‘building blocks of finance’, which makes them perfect for spread trading, providing many more trading permutations with lower risk profiles than traditional directional trading instruments.
4. Trading Considerations of STIR Futures
Part 4 covers trading considerations and provides insights into the marketplace and its population, characteristics and the trading decision-making process.
The Appendices supply extra detail, including contact information, for those interested in taking matters further.
