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Principles of Financial Engineering, 3rd Edition by Salih N. Neftci, Robert Kosowski

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Chapter 2

Institutional Aspects of Derivative Markets

The objective of this chapter is to provide the reader with the necessary practical understanding of financial market conventions and institutional aspects to understand financial engineering. Eurocurrency markets and the differences between onshore and offshore markets are explained. Concepts such as trading, clearing, and settlement are introduced. Recent financial regulation regarding the trading and clearing of derivatives and its importance for financial engineering are discussed.

Keywords

Clearing and settlement; day-count conventions; exchange trading; hedge fund strategies; long and short futures positions

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