The Repo Handbook (Securities Institute Global Capital Markets)

During the GFC every bank was using repo to raise liquidity, but this was more with their central bank. At the same time, central banks were increasing the range of assets that could be repoed. This highlighted the importance of the repo market to me, but at the same time I don't believe there are many true repo traders around.How can one profitably trade from repo, i.e. know what assets will trade 'special'? After all, repo existed well before the GFC but to understand how to make real money from this market does not come down to simply working with your central bank. For this reason I needed to know more, and it is always best to ask someone who has worked in this market.I have read Moorad Choudhry's "Bond and Money Markets" and "Bank Asset Liability Management" books (both of which I highly recommend), so knowing his experience and clear explanations, with real market examples (i.e. there are a lot of bloomberg screen dumps in all his books) made it an easy choice to purchase this repo book over others.The "Repo Handbook" starts with a market background of bonds and money markets and evolves into the functions of repo, covering trading, hedging and it's involvement with ALM. I personally prefer the trading examples as I feel one can understand Repo's uses as a market, rather than just reading a few formulas.Once again Choudhry has written a very practical and essential book for today's market.

Very well written and very accessible, a must read for anyone in the business.The fixed income subject is notorious for not having any good text books. This one proves that theory wrong.The author goes through the basics of bond mathematics and pricing to the background and internal workings of the repo and sec lending markets.He explains everything in detail but he keeps the language simple and easily understandable for newbies and amateurs.There are some fascinating anecdotes and historical background that keep things interesting, and this doesn't let the math make the book too dry.

outstanding-moorad knows his stuff and gives an excellent explanation of in depth banking-repos-interest rates-how the modern monetary system works. this book is not easy to understand or for beginners-a strong foundation in the current monetary structure-both domestic and global-will help a lot. moorad does outstanding in giving and explaining his first account knowledge of our current global banking system with its investments and finance

Clear, concise explanation of both the theory and the mechanics of repurchase agreements. The book shows both sides of the trade, i.e. lending the security or investing cash, and makes distinctions between repos and a securities lending desk.

I like this book. Fundamental knowledge of money market and repo instruments are explained in great details. And it is beyond just a 'handbook'. It covers practical topics such as trading and hedging strategies for repo, and institutional implications in repo trading. Strongly recommend this book for all the people interested in repo market, whether you are a beginner, or experienced practitioner.