Financial Market Evolution
The financial market is continually evolving. There are new products and ideas that are always being conceived which are designed to hedge or value a particular type of risk or which are being designed with a particular investment profile in mind. Often these are derivations of existing products but they still need their own model to price them and calculate the risk for risk management purposes. In other cases, the product may be a new asset class for the financial markets, such as insurance derivatives. Inevitably, there is some theory somewhere which is the starting point for how the product might be modeled, but this means that the work of quants is never done. They are constantly working on new models for new products, ...
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