Foreword
More than once in my career I have been hailed on the trading floor inter-desk squawk box and engaged in the following conversation:
Trader: Moorad, do you know if the bank has settled a [particular exotic derivative product] before?
Moorad: I’m not sure. Let me check with Ops…
Trader: Well, we better have—I’ve just traded it!
The above conversation is reported here without hype or embellishment. It speaks volumes about the approach to finance generally by practitioners and academics alike, in that—while product type, valuation principles, and advertised rates of return are the focus of considerable attention in the published literature—more supposedly mundane but vital nuts-and-bolts issues such as documentation, settlement ...
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