Debt securities, derivatives and complex transactions
Many people begin their day seeing or hearing overnight news through television, radio or the web. Whenever ﬁ nance is mentioned the narrative will focus on home or foreign stock markets: ‘How did the Dow close?’; ‘Where is the Nikkei?’ Equity markets and prominent share prices form the universe of ﬁ nance for many observers, at least outside personal concerns of consumer credit, pensions or bank deposits. Chapter 9 deals with this area of popular attention. Here we look at markets and instruments that are mysteries to many outside the ﬁ nancial sector, despite being subtly inﬂ uential in their lives to a greater extent than equities or stock markets, and explain the operation of generic examples of these important transactions.