Written in an accessible, non-technical style, Futures, Options, and Swaps is the most comprehensive text on derivatives markets available. As the only book to utilize such a reader-friendly, instructive approach, students will find the material readily comprehensible without a professor's guidance, thereby freeing instructors to cover only the vital topics, or to teach a more technical course.

Preface. Acknowledgments. 1. Introduction. 2. Futures Markets. 3. Futures Prices. 4. Using Futures Markets. 5. Interest Rate Futures: An Introduction. 6. Interest Rate Futures: Refinements. 7. Security Futures Products: An Introduction. 8. Security Futures Products: Refinements. 9. Foreign Exchange Futures. 10. The Options Market. 11. Option Payoffs and Option Strategies. 12. Bounds on Option Prices. 13. European Option Pricing. 14. Option Sensitivities and Option Hedging. 15. American Option Pricing. 16. Options on Stock Indexes, Foreign Currency, and Futures. 17. The Options Approach to Corporate Securities. 18. Exotic Options. 19. Interest Rate Options. 20. The Swaps Market: An Introduction. 21. Swaps: Economic Analysis and Pricing. 22. Swaps: Applications. Appendix A: A Summary of Accounting Rules for Derivatives Instruments. Appendix B: The Cumulative Distribution Function for the Standard Normal Random Variable. Index