This is the first systematic source which tries to explain how and why the 233-year old and the World's oldest merchant bank went into bankruptcy in a few days. It includes three parts with 10 chapters. Part I first describes what happened, then traces back the birth and historical glory of the Barings bank and family, and finally describes how it was sold to the Internationale Nederlanden Groep (ING). As many terms of financial derivatives are used in the first part, we try to provide an easy and systematic way to clarify the related financial derivatives products in Part II. This part first gives a general discussion of financial derivatives and a brief review of the historical development, growth, and magnitude of the financial derivatives markets. It then concentrates on futures and options in two chapters. Finally, we explain the hedging and speculating functions of financial derivatives and how they can be used in combination to achieve particular objectives. Part III provides necessary information on the Japanese financial markets and then analyzes how a single trader could have so much power as to bring about Barings fall. Finally, we try to provide the lessons from this event.
Few topics have attracted as much attention worldwide in recent years as the RMB. These debates have gained added urgency in light of the financial crisis and the topic of RMB revaluation is now being actively debated in countries all over the world from Tunisia to the United States. This book explores the ever-changing role of the RMB and the related derivative products. However, it does so from a view that is heavily influenced by the fallout from the financial crisis as well as the in the context of the increasing maturity of the Chinese capital markets. The author has drawn on his experience as a regulator to provide invaluable views, insights and information on RMB derivative products and the development of this market going forward. Key topics include: Overview of current China economy and its capital market In-depth analysis on the China's banking system and foreign exchange system Extensive analysis of on-shore and off-shore financial products in China Explanation of the needs and reasons for RMB products innovation Insights into the internationalization of the RMB Not only will this book leave its readers with a much clearer idea of the structure of China's capital markets but it also gives insights on the market going forward leveraged through Peter Zhang's many years of experience as both a senior banker and through his integral role in the key regulatory authority of the banking sector, the CBRC.
This monograph studies the logical aspects of domains as used in de notational semantics of programming languages. Frameworks of domain logics are introduced; these serve as foundations for systematic derivations of proof systems from denotational semantics of programming languages. Any proof system so derived is guaranteed to agree with denotational se mantics in the sense that the denotation of any program coincides with the set of assertions true of it. The study focuses on two categories for dena tational semantics: SFP domains, and the less standard, but important, category of stable domains. The intended readership of this monograph includes researchers and graduate students interested in the relation between semantics of program ming languages and formal means of reasoning about programs. A basic knowledge of denotational semantics, mathematical logic, general topology, and category theory is helpful for a full understanding of the material. Part I SFP Domains Chapter 1 Introduction This chapter provides a brief exposition to domain theory, denotational se mantics, program logics, and proof systems. It discusses the importance of ideas and results on logic and topology to the understanding of the relation between denotational semantics and program logics. It also describes the motivation for the work presented by this monograph, and how that work fits into a more general program. Finally, it gives a short summary of the results of each chapter. 1. 1 Domain Theory Programming languages are languages with which to perform computa tion.
With the CNY revaluation perspectives, hundreds of billions of USdollars have been invested in various types of CNY-related derivativeproducts. As a derivatives specialist with more than ten years''experience in the international financial market and with a workingexperience in China in the past few years, the author offers a volumeon trading and other practical issues of CNY- related derivativeproducts in the offshore marketplace.
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