Here is the first rigorous and accessible account of the mathematics behind the pricing, construction and hedging of derivative securities.

This book describes key concepts with mathematical precision in a style tailored for market practitioners.

Practicalities are stressed, including examples from stock, currency and interest rate markets, all accompanied by graphical illustrations.

A full glossary of probabilistic and financial terms is provided.

This should be be an essential purchase for market practitioners, quantitative analysts, and derivatives traders, whether existing or trainees in investment banks in the major financial centres throughout the world.

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