Idaho Home Loans

Securities Finance: Securities Lending and Repurchase Agreements (Frank J. Fabozzi Series)

Description

In Securities Finance, editors Frank Fabozzi and Steven Mann assemble a group of prominent practitioners in the securities finance industry to provide readers with an enhanced understanding of the various arrangements in the securities finance market. Divided into three comprehensive parts—Securities Lending, Bond Financing via the Repo Market, and Equity Financing Alternatives to Securities Lending—this book covers a wide range of securities finance issues, including alternative routes to the securities lending market, evaluating risks in securities lending transactions, U.S. and European repo markets, dollar rolls and their impact on MBS valuation and strategies, derivatives for financing equity positions and equity repos, and more. Filled with in-depth insight and expert advice, Securities Finance contains the information readers need to succeed in this rapidly expanding market.

Reviews

Rating: 5 / 5
Date: 2008-06-02
Summary: "Orion's Opinion"

I found the book to be excellent and informative. Being that Sec Lending and Repo for me personally have been learned in a second hand manner when rolling out Global One at UBS NA in 98, and setting up Martini Repo's Back End for Fortis, understanding these business models without such a book as Frank Fabozzi's had been challenging.

I have given it one read, and will reread, as any book I view should be read at least twice if not more. In particular, I enjoyed seeing the evolution of Securities Lending. I had expected to see more on Settlement and Clearing and plan to look for books on this too.

Two of the questions provoked in the first read was 'How much is the Industry Actually Leveraged'. In other words, in terms of the possible shorting on the loan itself from the Lender; and if the Lender is also a Borrower from another Lender; and what operation controls should be in place in order to not make duplicate loans of the same security?

In particular , I liked the detailed description of evaluating collateral ( both on book, and off book )

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Rating: 5 / 5
Date: 2006-12-24
Summary: "Excellent"

Very few bopks cover this subject are so comprehensively for the non-praactitioner. I really felt I had a grip on Securities Lending and Finance by the time I finished this book.

Recommended highly

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Rating: 4 / 5
Date: 2006-05-29
Summary: "an education about repos"

The chapters are written by various people, often active in companies involved in creating or trading these securities or repos. Thus, an author from Countrywide Securities, and another from Ernst and Young. Also, the book is very recent.

Hence, you get a good education in current understanding and practices involving the lending of securities. There is a natural progression in logic, from the base securities to options and repos that are derivatives of this base. Plus, several chapters address the key issue of what are the various types of risks involved, and how to quantify these.