Financial markets in practice: from post-crisis intermediation to FinTechs
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
New Jersey
World Scientific
[2022]
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Includes bibliographical references and index |
| Beschreibung: | xxv, 338 Seiten Illustrationen |
| ISBN: | 9789811252570 |
Internformat
MARC
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Datensatz im Suchindex
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| adam_text | Contents Preface vii About the Authors xiii About the Contributors xv Acknowledgments xvii From a Quantitative Perspective xxv 1. Financial System as a Network of Intermediaries 1 1.1 Motivation and Objectives........................................... 1.2 A Tale to Understand the Basic Functioning of the Financial System .......................................................... 1.3 Why Do We Need the Financial System?................. 1.3.1 Intermediation everywhere ............................... 1.3.2 Contribution of the financial system to the economic growth...................................... 10 1.4 Focus on Two Main Features of Intermediaries .... 1.4.1 Fair dissemination of public information .... 1.4.2 Intermediation of flows ..................................... 1.5 Market Participants...................................................... 1.5.1 The buy side....................................................... 1.5.2 The (agency) sell side........................................ 1.5.3 Structurers.......................................................... 1.5.4 Investment banks .............................................. 1.5.5 Market operators and vendors ......................... 1 xix 2 8 8 16 16 18 26 28 28 30 31 34
Financial Markets in Practice XX 1.5.6 Market makers and proprietary shops............ 1.5.7 Regulators .......................................................... 1.6 Intermediation Everywhere.......................................... 1.6.1 Flows of information........................................... 1.6.2 Flows of capital ................................................. 1.6.3 Flows of risks........................................... 1.6.4 Flows of fees and markups ............................... 1.7 Regulating the InteractionsBetween Intermediaries................................................................ 1.7.1 Restoring and enhancing the resiliency of the banking system......................................... 64 1.7.2 Setting up resolution regimes for systemic financial institutions................................ 1.7.3 Making the derivatives market more robust............................................... 69 1.7.4 Strengthening the supervision of shadow banking..................................................... 71 1.8 For More Details............................................................ References................................................................................ 2. Intermediation of Trades, Market Microstructure and Liquidity Provision 44 47 50 51 55 58 60 63 68 76 76 79 The Specific Positionof Brokers.................................. 79 2.1.1 A little bit of history........................................... 79 2.1.2 Brokers: The middlemen..................................... 81 2.2 Organization Inside a Brokerage
Firm......................... 87 2.2.1 Services to corporates....................................... 87 2.2.2 Services to investors.......................................... 89 2.3 Recent Evolutions of Trading......................................... 98 2.3.1 Electronification................................................ 98 2.3.2 Market fragmentation......................................... 102 2.3.3 New participants.................................................. 107 2.3.4 Reconfiguration of the playing field and potential disintermediation of brokers. 109 2.3.5 Algorithmic trading............................................ 112 2.3.6 Market microstructure......................................... 118 2.4 Basics of the Price Formation Process........................... 121 2.4.1 When information moves prices.......................... 124 2.4.2 When market makers can read information . . 129 2.4.3 When flows are moving prices............................. 131 2.1
Contents xxi 2.4.4 The market impact of large orders.....................134 2.5 Risk Transfer and Liquidity Provision........................... 138 2.6 For More Details.............................................................. 143 References................................................................................. 144 3. Intermediation of Risks Via Structured Products 147 3.1 Structured Products: ARisk Packaging Tool.............. 147 3.2 From Derivatives to Structured Products..................... 149 3.2.1 Role of derivative markets................................... 150 3.2.2 Hedging of derivatives......................................... 152 3.3 The Structure ofStructured Products............................ 160 3.3.1 Structured products components...................... 161 3.3.2 Main ways to package risk................................... 164 3.4 The Business Model of Structured Products............ 169 3.4.1 The consumers of structured products........... 171 3.4.2 The motivations of structured products suppliers .................................................... 172 3.4.3 The life-cycle of structured products.................172 3.4.4 Behind the scene: Index providers and rating agencies........................................... 176 3.5 Risk Intermediation Via Structured Products............ 178 3.5.1 Risk valuation starts at issuance...................... 178 3.5.2 The hedge is not free of charge......................... 180 3.5.3 Effect of structured products replication on prices formation .................................. 181 3.6 For More
Details............................................................... 182 References................................................................................. 184 4. Asset Management as an Intermediary Between the Investors and theReal Economy 185 4.1 The Role of Asset Management in the Financial System...................................................................... 185 4.1.1 The contact point between the financial system and the real economy.............................. 185 4.1.2 Intermediation by asset managers ................... 192 4.2 Overview of the Asset Management Industry............ 194 4.2.1 Pension funds........................................................ 196 4.2.2 Mutual funds........................................................ 197 4.2.3 Hedge funds (or alternative investments) ... 199 4.2.4 Sovereign funds..................................................... 202
xxii Financial Markets in Practice 4.2.5 Endowment funds................................................ 202 4.2.6 Wealth management............................................. 204 4.2.7 Insurance companies............................................. 204 4.3 Concentration of Assets Towards a Few Strategies and Actors................................................................ 205 4.3.1 Passive investing takes over active allocation.................................................... 205 4.3.2 Concentration of power within a handful of asset managing companies.................. 209 ֊ 4.3.3 Crowdedness and transaction costs.................... 213 4.4 Recent Trends in Investing............................................ 216 4.4.1 Factor investing: From portfolio monitoring to portfolio design................................................ 217 4.4.2 ESG as a new market trend................................. 226 4.4.3 From portfolio construction to smart beta . . . 231 4.4.4 A factor zoo or a reproducibility crisis? .... 240 4.5 For More Details...................................... 243 References .................................................................................. 247 5. Risk Management at the Scale of an Investment Bank 251 5.1 Why Do We Need to Monitor Model Risk?............... 251 5.1.1 What is a model? ................................................. 253 5.1.2 What is model risk?.............................................. 253 5.2 Examples of Model Failures ......................................... 254 5.2.1 CHF deposit
rates................................................254 5.2.2 The Value-at-risk model...................................... 255 5.2.3 Forward rate agreement disruption.................... 258 5.2.4 Collateralized debt obligation............................. 260 5.3 Valuation Models for Structured Products.................. 266 5.3.1 Risk neutral pricing............................................ 268 5.3.2 Itô-Taylor expansion............................................ 269 5.3.3 Redefining model risk......................................... 270 5.3.4 One way market and concentration of risk . . . 270 5.3.5 Model parameters estimation............................. 272 5.3.6 Mark-to-market and mark-to-model................. 274 5.3.7 Missing risk factor............................................... 275 5.3.8 Change of model consensus................................ 277 5.3.9 Change of paradigm............................................ 277 5.3.10 Gamma feedback...................................................279
Contents xxiii 5.3.11 Model risk management framework.................... 281 5.4 For More Details............................................................... 283 References................................................................................. 284 6. Could AI and FinTechs Disintermediate Historical Participants? 287 6.1 Impact of “Cheap Intelligence” on the Financial System...................................................................... 288 6.1.1 From learning machines to cheap intelligence............................................................ 289 6.1.2 AI in the heart of the financial industry: Personalizing the customer experience, improving risk management and bringing prices closer to economic reality ............ 292 6.1.3 AI leads to fragmentation of the sell-side . . . 295 6.1.4 The link between AI and technology is not anecdotal: The players are “platforming themselves”................................................. 298 6.1.5 The sources of uncertainty related to AI remain to be mastered.............................. 300 6.1.6 Focus on Aladdin and Marquee: Two generations of platforms.................. 302 6.2 From New Technologies to FinTechs............................. 305 6.2.1 A brief history of practices in new technologies................................................. 305 6.2.2 Is the financial industry ready to onboard these technologies?..................................... 311 6.2.3 Understanding financial disintermediation thanks to two analogies............................314 6.3 Focus on the Three Main Expected Areas of
Innovations................................................................ 320 6.3.1 Improving the relationship with clients .... 320 6.3.2 Better risk intermediation.................................... 322 6.3.3 Toward a better connection to real economy......................................................... 324 6.4 For More Details.............................................................. 325 6.5 Conclusion....................................................................... 326 References................................................................................. 328 Index 331
|
| adam_txt |
Contents Preface vii About the Authors xiii About the Contributors xv Acknowledgments xvii From a Quantitative Perspective xxv 1. Financial System as a Network of Intermediaries 1 1.1 Motivation and Objectives. 1.2 A Tale to Understand the Basic Functioning of the Financial System . 1.3 Why Do We Need the Financial System?. 1.3.1 Intermediation everywhere . 1.3.2 Contribution of the financial system to the economic growth. 10 1.4 Focus on Two Main Features of Intermediaries . 1.4.1 Fair dissemination of public information . 1.4.2 Intermediation of flows . 1.5 Market Participants. 1.5.1 The buy side. 1.5.2 The (agency) sell side. 1.5.3 Structurers. 1.5.4 Investment banks . 1.5.5 Market operators and vendors . 1 xix 2 8 8 16 16 18 26 28 28 30 31 34
Financial Markets in Practice XX 1.5.6 Market makers and proprietary shops. 1.5.7 Regulators . 1.6 Intermediation Everywhere. 1.6.1 Flows of information. 1.6.2 Flows of capital . 1.6.3 Flows of risks. 1.6.4 Flows of fees and markups . 1.7 Regulating the InteractionsBetween Intermediaries. 1.7.1 Restoring and enhancing the resiliency of the banking system. 64 1.7.2 Setting up resolution regimes for systemic financial institutions. 1.7.3 Making the derivatives market more robust. 69 1.7.4 Strengthening the supervision of shadow banking. 71 1.8 For More Details. References. 2. Intermediation of Trades, Market Microstructure and Liquidity Provision 44 47 50 51 55 58 60 63 68 76 76 79 The Specific Positionof Brokers. 79 2.1.1 A little bit of history. 79 2.1.2 Brokers: The middlemen. 81 2.2 Organization Inside a Brokerage
Firm. 87 2.2.1 Services to corporates. 87 2.2.2 Services to investors. 89 2.3 Recent Evolutions of Trading. 98 2.3.1 Electronification. 98 2.3.2 Market fragmentation. 102 2.3.3 New participants. 107 2.3.4 Reconfiguration of the playing field and potential disintermediation of brokers. 109 2.3.5 Algorithmic trading. 112 2.3.6 Market microstructure. 118 2.4 Basics of the Price Formation Process. 121 2.4.1 When information moves prices. 124 2.4.2 When market makers can read information . . 129 2.4.3 When flows are moving prices. 131 2.1
Contents xxi 2.4.4 The market impact of large orders.134 2.5 Risk Transfer and Liquidity Provision. 138 2.6 For More Details. 143 References. 144 3. Intermediation of Risks Via Structured Products 147 3.1 Structured Products: ARisk Packaging Tool. 147 3.2 From Derivatives to Structured Products. 149 3.2.1 Role of derivative markets. 150 3.2.2 Hedging of derivatives. 152 3.3 The Structure ofStructured Products. 160 3.3.1 Structured products components. 161 3.3.2 Main ways to package risk. 164 3.4 The Business Model of Structured Products. 169 3.4.1 The consumers of structured products. 171 3.4.2 The motivations of structured products suppliers . 172 3.4.3 The life-cycle of structured products.172 3.4.4 Behind the scene: Index providers and rating agencies. 176 3.5 Risk Intermediation Via Structured Products. 178 3.5.1 Risk valuation starts at issuance. 178 3.5.2 The hedge is not free of charge. 180 3.5.3 Effect of structured products replication on prices formation . 181 3.6 For More
Details. 182 References. 184 4. Asset Management as an Intermediary Between the Investors and theReal Economy 185 4.1 The Role of Asset Management in the Financial System. 185 4.1.1 The contact point between the financial system and the real economy. 185 4.1.2 Intermediation by asset managers . 192 4.2 Overview of the Asset Management Industry. 194 4.2.1 Pension funds. 196 4.2.2 Mutual funds. 197 4.2.3 Hedge funds (or alternative investments) . 199 4.2.4 Sovereign funds. 202
xxii Financial Markets in Practice 4.2.5 Endowment funds. 202 4.2.6 Wealth management. 204 4.2.7 Insurance companies. 204 4.3 Concentration of Assets Towards a Few Strategies and Actors. 205 4.3.1 Passive investing takes over active allocation. 205 4.3.2 Concentration of power within a handful of asset managing companies. 209 ֊ 4.3.3 Crowdedness and transaction costs. 213 4.4 Recent Trends in Investing. 216 4.4.1 Factor investing: From portfolio monitoring to portfolio design. 217 4.4.2 ESG as a new market trend. 226 4.4.3 From portfolio construction to smart beta . . . 231 4.4.4 A factor zoo or a reproducibility crisis? . 240 4.5 For More Details. 243 References . 247 5. Risk Management at the Scale of an Investment Bank 251 5.1 Why Do We Need to Monitor Model Risk?. 251 5.1.1 What is a model? . 253 5.1.2 What is model risk?. 253 5.2 Examples of Model Failures . 254 5.2.1 CHF deposit
rates.254 5.2.2 The Value-at-risk model. 255 5.2.3 Forward rate agreement disruption. 258 5.2.4 Collateralized debt obligation. 260 5.3 Valuation Models for Structured Products. 266 5.3.1 Risk neutral pricing. 268 5.3.2 Itô-Taylor expansion. 269 5.3.3 Redefining model risk. 270 5.3.4 One way market and concentration of risk . . . 270 5.3.5 Model parameters estimation. 272 5.3.6 Mark-to-market and mark-to-model. 274 5.3.7 Missing risk factor. 275 5.3.8 Change of model consensus. 277 5.3.9 Change of paradigm. 277 5.3.10 Gamma feedback.279
Contents xxiii 5.3.11 Model risk management framework. 281 5.4 For More Details. 283 References. 284 6. Could AI and FinTechs Disintermediate Historical Participants? 287 6.1 Impact of “Cheap Intelligence” on the Financial System. 288 6.1.1 From learning machines to cheap intelligence. 289 6.1.2 AI in the heart of the financial industry: Personalizing the customer experience, improving risk management and bringing prices closer to economic reality . 292 6.1.3 AI leads to fragmentation of the sell-side . . . 295 6.1.4 The link between AI and technology is not anecdotal: The players are “platforming themselves”. 298 6.1.5 The sources of uncertainty related to AI remain to be mastered. 300 6.1.6 Focus on Aladdin and Marquee: Two generations of platforms. 302 6.2 From New Technologies to FinTechs. 305 6.2.1 A brief history of practices in new technologies. 305 6.2.2 Is the financial industry ready to onboard these technologies?. 311 6.2.3 Understanding financial disintermediation thanks to two analogies.314 6.3 Focus on the Three Main Expected Areas of
Innovations. 320 6.3.1 Improving the relationship with clients . 320 6.3.2 Better risk intermediation. 322 6.3.3 Toward a better connection to real economy. 324 6.4 For More Details. 325 6.5 Conclusion. 326 References. 328 Index 331 |
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| author | Lehalle, Charles-Albert Raboun, Amine |
| author_GND | (DE-588)1160729220 |
| author_facet | Lehalle, Charles-Albert Raboun, Amine |
| author_role | aut aut |
| author_sort | Lehalle, Charles-Albert |
| author_variant | c a l cal a r ar |
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| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332 |
| dewey-search | 332 |
| dewey-sort | 3332 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
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| id | DE-604.BV048508028 |
| illustrated | Illustrated |
| index_date | 2024-07-03T20:46:42Z |
| indexdate | 2024-07-10T09:40:03Z |
| institution | BVB |
| isbn | 9789811252570 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033885141 |
| oclc_num | 1316788306 |
| open_access_boolean | |
| owner | DE-355 DE-BY-UBR |
| owner_facet | DE-355 DE-BY-UBR |
| physical | xxv, 338 Seiten Illustrationen |
| publishDate | 2022 |
| publishDateSearch | 2022 |
| publishDateSort | 2022 |
| publisher | World Scientific |
| record_format | marc |
| spelling | Lehalle, Charles-Albert Verfasser (DE-588)1160729220 aut Financial markets in practice from post-crisis intermediation to FinTechs Charles-Albert Lehalle, Amine Raboun New Jersey World Scientific [2022] xxv, 338 Seiten Illustrationen txt rdacontent n rdamedia nc rdacarrier Includes bibliographical references and index Strukturiertes Finanzprodukt (DE-588)4656104-3 gnd rswk-swf Finanzintermediation (DE-588)4368756-8 gnd rswk-swf Risikomanagement (DE-588)4121590-4 gnd rswk-swf Finanztechnologie (DE-588)1115819186 gnd rswk-swf Künstliche Intelligenz (DE-588)4033447-8 gnd rswk-swf Vermögensverwaltung (DE-588)4063089-4 gnd rswk-swf Kapitalmarkt (DE-588)4029578-3 gnd rswk-swf Finance Capital market Kapitalmarkt (DE-588)4029578-3 s Finanzintermediation (DE-588)4368756-8 s Strukturiertes Finanzprodukt (DE-588)4656104-3 s Vermögensverwaltung (DE-588)4063089-4 s Risikomanagement (DE-588)4121590-4 s Finanztechnologie (DE-588)1115819186 s Künstliche Intelligenz (DE-588)4033447-8 s b DE-604 Raboun, Amine Verfasser aut Erscheint auch als Online-Ausgabe 978-981-12-5258-7 Erscheint auch als Online-Ausgabe 978-981-12-5259-4 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=033885141&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Lehalle, Charles-Albert Raboun, Amine Financial markets in practice from post-crisis intermediation to FinTechs Strukturiertes Finanzprodukt (DE-588)4656104-3 gnd Finanzintermediation (DE-588)4368756-8 gnd Risikomanagement (DE-588)4121590-4 gnd Finanztechnologie (DE-588)1115819186 gnd Künstliche Intelligenz (DE-588)4033447-8 gnd Vermögensverwaltung (DE-588)4063089-4 gnd Kapitalmarkt (DE-588)4029578-3 gnd |
| subject_GND | (DE-588)4656104-3 (DE-588)4368756-8 (DE-588)4121590-4 (DE-588)1115819186 (DE-588)4033447-8 (DE-588)4063089-4 (DE-588)4029578-3 |
| title | Financial markets in practice from post-crisis intermediation to FinTechs |
| title_auth | Financial markets in practice from post-crisis intermediation to FinTechs |
| title_exact_search | Financial markets in practice from post-crisis intermediation to FinTechs |
| title_exact_search_txtP | Financial markets in practice from post-crisis intermediation to FinTechs |
| title_full | Financial markets in practice from post-crisis intermediation to FinTechs Charles-Albert Lehalle, Amine Raboun |
| title_fullStr | Financial markets in practice from post-crisis intermediation to FinTechs Charles-Albert Lehalle, Amine Raboun |
| title_full_unstemmed | Financial markets in practice from post-crisis intermediation to FinTechs Charles-Albert Lehalle, Amine Raboun |
| title_short | Financial markets in practice |
| title_sort | financial markets in practice from post crisis intermediation to fintechs |
| title_sub | from post-crisis intermediation to FinTechs |
| topic | Strukturiertes Finanzprodukt (DE-588)4656104-3 gnd Finanzintermediation (DE-588)4368756-8 gnd Risikomanagement (DE-588)4121590-4 gnd Finanztechnologie (DE-588)1115819186 gnd Künstliche Intelligenz (DE-588)4033447-8 gnd Vermögensverwaltung (DE-588)4063089-4 gnd Kapitalmarkt (DE-588)4029578-3 gnd |
| topic_facet | Strukturiertes Finanzprodukt Finanzintermediation Risikomanagement Finanztechnologie Künstliche Intelligenz Vermögensverwaltung Kapitalmarkt |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=033885141&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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