Introduction to Financial TechnologyThe financial technology environment is a dynamic, high-pressured, fast-paced world in which developing fast and efficient buy-and-sell order processing systems and order executing (clearing and settling) systems is of primary importance. The orders involved come from an ever-changing network of people (traders, brokers, market makers) and technology. To prepare people to succeed in this environment, seasoned financial technology veteran Roy Freedman presents both the technology and the finance side in this comprehensive overview of this dynamic area. He covers the broad range of topics involved in this industry--including auction theory, databases, networked computer clusters, back-office operations, derivative securities, regulation, compliance, bootstrap statistics, optimization, and risk management—in order to present an in-depth treatment of the current state-of-the-art in financial technology. Each chapter concludes with a list of exercises; a list of references; a list of websites for further information; and case studies.
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From inside the book
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Page ix
... mathematics in the book is at an introductory level for technologists and financial professionals. Finance requires mathematical representations. Notation is crucial and could be something as simple as a colon or a decimal point ...
... mathematics in the book is at an introductory level for technologists and financial professionals. Finance requires mathematical representations. Notation is crucial and could be something as simple as a colon or a decimal point ...
Page x
... . Heinrich Guggenheimer, my teacher, gave me an understanding of the legacy of mathematics and technology. He has been an inspiration to me for many years. Joseph Mathai, my friend and colleague, worked with me on. x. Preface.
... . Heinrich Guggenheimer, my teacher, gave me an understanding of the legacy of mathematics and technology. He has been an inspiration to me for many years. Joseph Mathai, my friend and colleague, worked with me on. x. Preface.
Page 1
... mathematical, statistical, computing, and economic models with news and analytical systems; these are further integrated with message, transaction, order processing, and payment systems. Financial systems perform their activities in ...
... mathematical, statistical, computing, and economic models with news and analytical systems; these are further integrated with message, transaction, order processing, and payment systems. Financial systems perform their activities in ...
Page 6
... mathematical theory of gambling systems. Doob defined a martingale as a fair coinflipping game, where a player starts off with some money and wins a dollar for each head and loses a dollar for each tail. In a fair game, the expected ...
... mathematical theory of gambling systems. Doob defined a martingale as a fair coinflipping game, where a player starts off with some money and wins a dollar for each head and loses a dollar for each tail. In a fair game, the expected ...
Page 7
... mathematical and financial roots almost a century later. During the development of the atomic bomb, physicists created a mathematical model for neutron diffusion based on partial differential equations. Solving these equations was one ...
... mathematical and financial roots almost a century later. During the development of the atomic bomb, physicists created a mathematical model for neutron diffusion based on partial differential equations. Solving these equations was one ...
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Common terms and phrases
Acme acronym algorithm Amsterdam Stock Exchange application Babylonian banks broker builtin cash flows cell Chappe telegraph Clearing Corporation Clearing House client codes communication Company component continuous compounding count basis CUSIP database decimal delivery denoted diagram digits dollars electronic example execution Fedwire Figure financial products financial systems financial technology formula forward rates function futures contracts identify interest rate Internet interpolation investment investors ISBN languages manna market data vendors market maker mathematical maturity Merrill Lynch months Morse telegraph MuPAD Nasdaq notation Note NYSE operators options patent payment portfolio present value probability processing programming protocol quotes reports represented risk router routing rules securities sell shares specified spot rate spreadsheet standard Stock Exchange strike price tally sticks ticker symbol today’s trading transactions voltage wire yield curve York zero coupon zero coupon bond
Popular passages
Page 15 - LISTEN, my children, and you shall hear Of the midnight ride of Paul Revere, On the eighteenth of April, in Seventyfive ; Hardly a man is now alive Who remembers that famous day and year. He said to his friend, "If the British march By land or sea from the town to-night, Hang a lantern aloft in the belfry arch Of the North Church tower as a signal light, — One, if by land, and two, if by sea ; And I on the opposite shore will be, Ready to ride and spread the alarm Through every Middlesex village...
Page 30 - Remember that money is of a prolific generating nature. Money can beget money, and its offspring can beget more, and so on. Five shillings turned is six ; turned again it is seven and threepence ; and so on till it becomes a hundred pounds. The more there is of it, the more it produces every turning, so that the profits rise quicker and quicker. He that kills a breeding sow, destroys all her offspring to the thousandth generation. He that murders a crown, destroys all that it might have produced,...
Page 30 - Remember, that time is money. He that can earn ten shillings a day by his labour, and goes abroad, or sits idle, one half of that day, though he spends but sixpence during his diversion or idleness, ought not to reckon that the only expense; he has really spent, or rather thrown away, five shillings besides.
Page 30 - ... his diversion, or idleness, ought not to reckon that the only expense ; he has really spent, or rather thrown away, five shillings besides. Remember that credit is money. If a man lets his money lie in my hands after it is due, he gives me the interest, or so much as I can make of it, during that time. This amounts to a considerable sum where a man has good and large credit, and makes good use of it.
Page 30 - They give the title of merchant to every trader; who Rate their Goods according to the time and spetia they pay in: viz. Pay, mony, Pay as mony, and trusting. Pay is Grain, Pork, Beef, &c. at the prices sett by the General Court that Year; mony is pieces of Eight, Ryalls, or Boston or Bay shillings (as they call them,) or Good hard money, as sometimes silver coin is termed by them; also Wampom, viz'- Indian beads wch serves for change.
Page 17 - The first letter is kappa. This being in the second division is on tablet number two, and, therefore, he must raise two torches on the left, so that the receiver may know that he has to consult the second tablet. He will now raise five torches on the right, to indicate that it is kappa, this being the fifth letter in the second division, and the receiver of the signal will note this down on his writing tablet. The dispatcher will then raise four torches on the left as rho belongs to the fourth division,...
Page 302 - Insider trading" refers generally to the act of purchasing or selling securities, in breach of a fiduciary duty or other relationship of trust and confidence, while in possession of material nonpublic information about an issuer or the trading market for an issuer's securities.
Page 62 - FIPS specifications are drafted by the National Institute of Standards and Technology (NIST), formerly known as the National Bureau of Standards (NBS).