Notes
Chapter One
1. According to the Bank for International Settlements (Triennial Central Bank Surveys, December 2007 and September 2010), the global turnover in currency forwards outstripped spot transactions in 1995 and today is twice the size of the spot market.
2. See the Bank for International Settlements report, OTC derivatives market activity for the second half of 2008 (May 2009).
3. Daniel Defoe, An Essay upon Projects (London, 1697).
4. Standard & Poor’s and Fitch both restrict themselves to capital letters in their ratings along with plus or minus signs, while Moody’s includes lowercase letters and numbers. Thus an S&P or Fitch BB– rating is equivalent to a Moody’s Ba3 rating.
5. As calculated by John Hull in his book Options, Futures ...
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