One service mathematics has rendered the ~l moil ... , Ii j'avait su comment en revenir, je n'y serais point aUe.' human race. It has put common sense back Jules Verne where it belongs, on the topmost shelf next to the dusty canister labelled 'discarded non- The series is divergent; therefore we may be sense'. Eric T. Bell able to do something with it. O. Heaviside Mathematics is a tool for thought. A highly necessary tool in a world where both feedback and nonÂ linearities abound. Similarly, all kinds of parts of mathematics serve as tools for other parts and for other sciences. Applying a simple rewriting rule to the quote on the right above one finds such statements as: 'One service topology has rendered mathematical physics .. .'; 'One service logic has rendered comÂ puter science .. .'; 'One service category theory has rendered mathematics .. .'. All arguably true. And all statements obtainable this way form part of the raison d'(ftre of this series.
Since the near-collapse of the global financial system back in 2008, the derivatives industry has come a long way. As derivatives were blamed for causing, or contributing to, the crisis, the politicians and regulators on both side of the Atlantic (and in most other developed jurisdictions) decided to take action. In September 2009 the G20 leaders at their meeting in Pittsburg resolved the following: "All standardised OTC derivative contracts should be traded on exchanges or electronic trading platforms, where appropriate, and cleared through central counterparties by the end of 2012 at the latest." Even though it is now 2016, the regulators continue to work on the detailed rules, which still won't be fully implemented for a while. Nonetheless, the derivatives markets have already changed almost beyond recognition, and continue to evolve. Featuring updated chapters, this third edition of Practical Derivatives: A Transactional Approach shows how derivatives are used in a variety of transactions, how the documentation works, and why boards need to be aware of the derivatives market. It also analyses the impact of the recent regulatory changes on derivatives transactions and related documentation. With contributions from leading law firms, investment firms and academics, this accessible book takes a transactional approach and features coverage of product innovations. This latest edition includes chapters on established markets such as equity and energy derivatives, but it also discusses the expansion of derivatives into new markets such as credit risk, weather risk and property. It features topical analysis on corporate governance and directors' duties; it includes an overview of the documentation produced by the International Swaps and Derivatives Association, the International Capital Markets Association and the German banking association; and it discusses related issues such as close-out netting. This edition would not be complete without an analysis of the recent derivatives regulation, and the transactional documentation that helps to implement the new rules. Whether you are at a bank or financial institution or from a company or organisation looking to invest or manage your
Derivatives trading is now the world's biggest business, with an estimated daily turnover of over US $ 2.5 trillion and an annual growth rate of around 14 percent. Despite the fact that derivatives markets have ancient origins, little has been written about their long and complex history of trading and regulation. This unique new work examines the history of derivative contracts, their assignability and the regulation of derivatives markets from ancient Mesopotamia to the present day. The author concludes with an analysis of future regulatory prospects and of the implications of the historical data for derivatives trade and regulation. Building the Global Market will be of great value to the legal profession, derivatives market regulators and all those with an interest in the history and regulation of financial services markets.
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