Strumeyer Gary - The capital markets: evolution of the financial ecosystem

1. Chapter 4: Cash Bonds and Futures
2. Chapter 5: Risk in Capital Markets
3. Chapter 7: Making Markets Work
4. Chapter 9: Repurchase Agreements
5. Chapter 11: GovernmentSponsored Enterprises and Federal Agencies
6. Chapter 12: InflationLinked Bonds
7. Chapter 13: MortgageBacked Securities
8. Chapter 14: Corporate Bonds
9. Chapter 15: Preferred Stock
10. Chapter 17: Securitization
11. Chapter 18: AssetBacked Securities
12. Chapter 19: NonAgency Residential MortgageBacked Securities (RMBSs)
13. Chapter 20: Commercial MortgageBacked Securities (CMBSs)
14. Chapter 21: Collateralized Debt Obligations (CDOs)
15. Chapter 23: Collateralized Loan Obligations (CLOs)
16. Chapter 25: Equities
17. Chapter 26: Cash Equities in the Secondary Market
18. Chapter 28: Equity Capital Markets
19. Chapter 29: Interest Rate Swaps
20. Chapter 30: Interest Rate Options
21. Chapter 31: Commodities

1. Chapter 1: The Early 21stCentury Evolution of Global Capital Markets
2. Chapter 2: The Role of Global Capital Markets
3. Chapter 3: How the Global Financial Crisis Transformed the Industry
4. Chapter 4: Cash Bonds and Futures
5. Chapter 5: Risk in Capital Markets
6. Chapter 6: Enablers for Robust Risk Management in Capital Markets
7. Chapter 7: Making Markets Work
8. Chapter 8: Money Markets
9. Chapter 9: Repurchase Agreements
10. Chapter 11: GovernmentSponsored Enterprises and Federal Agencies
11. Chapter 12: InflationLinked Bonds
12. Chapter 13: MortgageBacked Securities
13. Chapter 14: Corporate Bonds
14. Chapter 17: Securitization
15. Chapter 18: AssetBacked Securities
16. Chapter 19: NonAgency Residential MortgageBacked Securities (RMBSs)
17. Chapter 20: Commercial MortgageBacked Securities (CMBSs)
18. Chapter 22: Structured Investment Vehicles (SIVs)
19. Chapter 23: Collateralized Loan Obligations (CLOs)
20. Chapter 25: Equities
21. Chapter 26: Cash Equities in the Secondary Market
22. Chapter 28: Equity Capital Markets
23. Chapter 29: Interest Rate Swaps
24. Chapter 30: Interest Rate Options
25. Chapter 33: Conclusion

Copyright 2017 by Gary Strumeyer. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

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ISBN 978-1-119-22054-1 (Hardcover)

ISBN 978-1-119-22057-2 (ePDF)

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All royalties from this book will be donated to the Robin Hood Foundation.

Throughout my career in financial services as an author, educator, and sales executive, and president of a broker dealer, I continue to be amazed by the lack of understanding that the average person has about the evolution of our global capital markets ecosystem. This condition, if left unchecked, can easily become untenable and dangerous in our highly regulated, hyperconnected, techsaturated world. This bookthe first of its kind postFinancial Crisiswill serve as an antidote to this condition. I have assembled the right teampractitioners, academics, and economiststo present clearly in these pages the fundamentals necessary for both professionals and nonprofessionals to learn about what makes up our capital markets ecosystem.

Gary Strumeyer

First and foremost I wish to single out the driving force behind our literary adventure by expressing my deepest appreciation and unqualified gratitude to our consummate editor in chief, Dr. Sarah Swammy. Through her ability to find, recruit, and sign the best, most qualified authors, combined with her benevolent taskmaster persona and her laserlike focus on submitting the final drafts well in advance of the original deadlines, she brought to life the vision of this book and ensured the high quality of its contents. She shares with me my belief in the power of thought leadership and motivated the host of talented writers and thinkers to bring this project home with efficiency, speed, and grace. Thank you, Sarah, for your many contributions to this workchief among them keeping me ahead of schedule.

Specials thanks are due to Alberto Baptiste and Peter Borish. Al got the ball rolling by providing us with key resources early in our progress. He was integral in kicking off this endeavor, enabling us to attract industry leaders as contributors. I am also grateful to Peter for his guidance, insight, and connecting us with the Robin Hood Foundation.

I would also like to express my gratitude to all of my friends and colleagues who shared their experience, market insight, time, and contacts to make this book comprehensive and successful: Joe Gaziano, Larry Harris, Ron Hooey, Joe Keenan, Dena Mandara, Lenny Scotto, and Sam Schwartzman.

Thanks, again, to all of the contributors not only for their brilliant submissions but for helping us to identify the trends and subject matter relevant to the evolving financial ecosystem.

Gary Strumeyer