In recent times, derivatives have been inaccurately labelled the financial weapons of mass destruction responsible for the worst financial crisis in recent history. Inherently complex and perilous for the ill-informed investment professional they can however also be gainfully harnessed. This book is a practical guide to the complexities of exotic products written in simple terms based on the premise that derivatives are not homogenous, and not necessarily dangerous. By exploring common themes behind the construction of various structured products in interest rates, equities and foreign exchange, and investigating the economic environment that promoted the explosive growth of these products, this book will help readers make sense of their relevance in this period of economic uncertainty. Subsequently, by explaining exotic products with simple mathematics, it will aid readers in understanding their potential use in certain investment strategies whilst having a firm control over risk. Exotic products need not be inaccessible. By understanding the products available investors can make informed decisions ensuring features are consistent with their investment objectives and risk preferences. Author Chia Chiang Tan takes readers through the risks and rewards of each product, illustrating when products can damage investment strategies and how to avoid them, leading to suitable, profitable investments. Ultimately, this book will provide practitioners with an understanding of derivatives, enabling them to determine for themselves which products will fit their investment strategy, and how to use them based on the economic environment and inherent risks.

Edited by one of the foremost experts in the field of exotic options, this handbook explains the theoretical foundations, structures, and applications of these exciting new instruments. It provides an in-depth explanation of the latest uses of exotic options by institutional investors and corporate treasurers, as well as the latest thinking on advanced topics.

Smile Pricing Explained provides a clear and thorough explanation of the concepts of smile modelling that are at the forefront of modern derivatives pricing. The key models used in practice are covered, together with numerical techniques and calibration.

The recent financial crisis brought to light many of the misunderstandings and misuses of exotic derivatives. With market participants on both the buy and sell-side having been found guilty of not understanding the products they were dealing with, never before has there been a greater need for clarification and explanation. Exotic Options and Hybrids is a practical guide to structuring, pricing and hedging complex exotic options and hybrid derivatives that will serve readers through the recent crisis, the road to recovery, the next bull market and beyond. Written by experienced practitioners, it focuses on the three main parts of a derivative’s life: the structuring of a product, its pricing and its hedging. Divided into four parts, the book covers a multitude of structures, encompassing many of the most up-to-date and promising products from exotic equity derivatives and structured notes to hybrid derivatives and dynamic strategies. Based on a realistic setting from the heart of the business, inside a derivatives operation, the practical and intuitive discussions of these aspects make these exotic concepts truly accessible. Adoptions of real trades are examined in detail, and all of the numerous examples are carefully selected so as to highlight interesting and significant aspects of the business. The introduction of payoff structures is accompanied by scenario analysis, diagrams and lifelike sample term sheets. Readers learn how to spot where the risks lie to pave the way for sound valuation and hedging of such products. There are also questions and accompanying discussions dispersed in the text, each exploited to illustrate one or more concepts from the context in which they are set. The applications, the strengths and the limitations of various models are highlighted, in relevance to the products and their risks, rather than the model implementations. Models are de-mystified in separately dedicated sections, but their implications are alluded to throughout the book in an intuitive and non-mathematical manner. By discussing exotic options and hybrids in a practical, non-mathematical and highly intuitive setting, this book will blast through the misunderstanding of exotic derivatives, enabling practitioners to fully understand and correctly structure, price and hedge theses products effectively, and stand strong as the only book in its class to make these “exotic” concepts truly accessible.

The book is a step-by-step guide to derivative products. By distilling the complex mathematics and theory that underlie the subject, Chisholm explains derivative products in straightforward terms, focusing on applications and intuitive explanations wherever possible. Case studies and examples of how the products are used to solve real-world problems, as well as an extensive glossary and material on the latest derivative products make this book a must have for anyone working with derivative products.

Demystifying consciousness: how subjective experience can be explained by natural brain and evolutionary processes. Consciousness is often considered a mystery. How can the seemingly immaterial experience of consciousness be explained by the material neurons of the brain? There seems to be an unbridgeable gap between understanding the brain as an objectively observed biological organ and accounting for the subjective experiences that come from the brain (and life processes). In this book, Todd Feinberg and Jon Mallatt attempt to demystify consciousness—to naturalize it, by explaining that the subjective, experiencing aspects of consciousness are created by natural brain processes that evolved in natural ways. Although subjective experience is unique in nature, they argue, it is not necessarily mysterious. We need not invoke the unknown or unknowable to explain its creation. Feinberg and Mallatt flesh out their theory of neurobiological naturalism (after John Searle's biological naturalism) that recognizes the many features that brains share with other living things, lists the neural features unique to conscious brains, and explains the subjective–objective barrier naturally. They investigate common neural features among the diverse groups of animals that have primary consciousness—the type of consciousness that experiences both sensations received from the world and affects such as emotions. They map the evolutionary development of consciousness and find an uninterrupted progression over time, without inserting any mysterious forces or exotic physics. Finally, bridging the previously unbridgeable, they show how subjective experience, although different from objective observation, can be naturally explained.

A food lover's guide to all the best ingredients. Do you want to prepare an Asian meal as delectable as those in restaurants? Are you too intimidated by the exotic ingredients to try? And what's inside those mysterious bottles, bags, and boxes in your local Asian grocery store anyway? This handy Take it With You guide provides the answers. Author Linda Bladholm, who has lived, worked, cooked, and dined in locales as diverse as Singapore, Malaysia, Indonesia, Thailand, Japan, Hong Kong, China, Korea, Laos, and Vietnam, takes you on a tour of a typical Asian grocery store and expertly describes what you'll find. Make Your Next Shopping Trip a Successful and Fascinating Journey. Peppered with over 400 illustrations, plus stories about the ingredients used in every major Asian cuisine, this guidebook identifies and tells you how to use the vast array of meats, fruits, vegetables, noodles, tofu, rice, and delicacies. A bonus section of the author's favorite recipes will help you create savory, authentic dishes that will impress everyone-- and it will open a window onto the remarkable civilizations of the Orient.