Average Reviews:
(More customer reviews)Having worked on Wall Street for 7 years, this is the book I wish I had when I started. It gives exactly the right level of depth in each of the product areas you will encounter on the Equity side of Sales & Trading.
If you are an experienced trader on a particular desk the explanations will seem elementary. But as a basis for understanding all the various desks on the trading floor this is perfect.
There are also very useful sections on how to read company balance sheets and announcements and macro economic announcements. Crucially these sections concentrate on what you need to know as a salesperson or a trader and not what you need to be an accountant or an economist. Consequently a lot of unnecessary complication and depth is stripped away to make these concepts much easier to follow.
This book should not just be considered by traders and sales people - it is very relevant to anyone working in middle office or IT/Operations functions too.
Read this book cover to cover and you will finally understand in detail why it is the traders ask you to make available functions that show the future basis calculation or ask you to create or redeem an ETF.
One point to note is this book is limited to products found on an Equity trading floor. There is no coverage of Fixed Income products (Bonds, Foreign Exchange, Commodities). A similar book for those areas would be most welcome.
Click Here to see more reviews about: The Practical Guide to Wall Street: Equities and Derivatives (Wiley Finance)
The Practical Guide to Wall Street is an indispensable resource for anyone who aspires to a front-office sales or trading position on Wall Street and an essential desk reference for market practitioners and those who interact with this exciting but widely misunderstood industry. Written by an experienced trader in a clear, conversational style and assuming no previous background in finance, The Practical Guide to Wall Street provides a thorough schooling in the core curriculum of the equity and equity derivatives sales and trading business - exactly what you would learn from sitting beside the traders at a tier-one Wall Street investment bank (except that in practice, traders rarely have time to provide such detailed explanations!) Topics covered include:
Clear, detailed and intuitive explanations of all major products, their function, pricing and risks (several of which are unavailable anywhere else despite producing billions of dollars in annual revenue for Wall St.)
The layout of the trading floor, the roles and responsibilities of the different sales and trading groups and how they interact to service the client business
An overview of the structure of the macro-economy and the trader's perspective on the significance of economic data releases and their impact on the financial markets
A review of those concepts from fundamental valuation and financial statement analysis of greatest relevance on the trading floor (as opposed to abstract valuation models)
Practical details of the structure and functioning of the equity and derivative markets including translations of trader jargon, Bloomberg tips, market conventions, liquidity and risk considerations and much more…
This book provides the first comprehensive explanation of all aspects of the functioning of the equities division, with information, details and insights previously only available to those who already worked on a trading floor. The availability of this material in a format accessible to non-professionals fundamentally changes the level of industry knowledge employers in the financial services industry can expect of new hires.
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