The Repo Handbook (Securities Institute Global Capital Markets)

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Product Description

The Repo Handbook is the ultimate, concise guide to the global repo markets and repo instruments. An outstanding mix of theory and market practice, it provides an enlightening framework that enables readers, be they practitioners, policy makers, or finance students, to obtain a firm and highly detailed grounding in repo market principles. The book features an introduction to the structure and mechanics of repo, institutional practices and real-world examples. In addition the content includes necessary supplementary material such as bank asset-liability management, trading techniques and a range of other applications of value in the global money markets. This second edition has been updated throughout to reflect current and developing market practices and the regulatory environment, and includes extensive new coverage of structured finance repo, basket repo, corporate bond repo, and funding arbitrage trades and CDS basis trades, among other areas

*Thoroughly revised to include all current and cutting-edge strategies and products
*Features an introduction to the structure and mechanics of repo, institutional practices and real-world examples
*Includes necessary supplementary material such as bank asset-liability management, trading techniques and other applications for the global capital markets

The Repo Handbook (Securities Institute Global Capital Markets) Review

During the GFC every bank was using repo to raise liquidity, but this was more with their central bank. At the same time, central banks were increasing the range of assets that could be repoed. This highlighted the importance of the repo market to me, but at the same time I don't believe there are many true repo traders around.

How can one profitably trade from repo, i.e. know what assets will trade 'special'? After all, repo existed well before the GFC but to understand how to make real money from this market does not come down to simply working with your central bank. For this reason I needed to know more, and it is always best to ask someone who has worked in this market.

I have read Moorad Choudhry's "Bond and Money Markets" and "Bank Asset Liability Management" books (both of which I highly recommend), so knowing his experience and clear explanations, with real market examples (i.e. there are a lot of bloomberg screen dumps in all his books) made it an easy choice to purchase this repo book over others.

The "Repo Handbook" starts with a market background of bonds and money markets and evolves into the functions of repo, covering trading, hedging and it's involvement with ALM. I personally prefer the trading examples as I feel one can understand Repo's uses as a market, rather than just reading a few formulas.

Once again Choudhry has written a very practical and essential book for today's market.

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