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Fuel Hedging and Risk Management de Simo M Dafir

Fuel Hedging and Risk Management

Autor Simo M Dafir, Vishnu N Gajjala
en Limba Engleză Hardback – 25 apr 2016

Credibilitatea autorilor acestui volum, Simo M Dafir și Vishnu N Gajjala, este ancorată în ani de experiență practică în diviziile de structurare și tranzacționare ale unor instituții financiare de elită precum Merrill Lynch. Ne-a atras atenția modul în care aceștia reușesc să transforme complexitatea piețelor de energie într-un cadru de lucru riguros pentru consumatorul corporativ. Subliniem faptul că, spre deosebire de manualele teoretice, această lucrare publicată de Wiley funcționează ca un ghid aplicat pentru navigatorii piețelor volatile de combustibil. Suntem de părere că valoarea adăugată rezidă în abordarea integrată a riscului. Nu sunt analizate doar instrumentele derivate de tip „vanilla”, ci și produsele exotice, oferind în același timp intuiție asupra dinamicii curbelor forward. Cititorul care a aplicat ideile din Understanding Risk Management and Hedging in Oil Trading de Chris Heilpern va găsi aici completarea necesară prin explorarea aprofundată a efectelor de ordinul doi, cum ar fi riscul de credit, apelurile în marjă și ajustările de valoare (CVA, DVA, FVA). În timp ce Energy Price Risk de T. James oferă o privire de ansamblu asupra întregului complex energetic, volumul de față excelează prin specificitatea soluțiilor destinate companiilor aeriene și transportatorilor maritimi. Structura narativă a cărții ghidează cititorul prin procesul de design al programului de hedging, execuție și, crucial, monitorizarea post-tranzacționare. Studiile de caz incluse nu sunt simple anexe, ci piloni care demonstrează cum o strategie corectă poate preveni transformarea unei idei bune într-un rezultat financiar dezastruos din cauza lipsei de lichiditate sau a nepotrivirii activelor și pasivelor.

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Specificații

ISBN-13: 9781119026723
ISBN-10: 1119026725
Pagini: 320
Dimensiuni: 172 x 251 x 27 mm
Greutate: 0.68 kg
Editura: Wiley
Locul publicării:Chichester, United Kingdom

Public țintă

Primary: Risk managers: Commodity Risk Manager, Operational Risk Analyst, Operational Risk Manager, Commodity Trading and Risk Management Specialist, Senior Risk Manager Fuel Procurement. Secondary: Commodity traders and procurement specialists at major corporate fuel consumers: Senior Manager Procurement Commodities Risk, Commodity Buyer, Commodity Manager Crude, Physical Crude Settlements Manager, Senior Commodity Buyer.

De ce să citești această carte

Această carte este indispensabilă managerilor de risc și directorilor financiari din industriile dependente de consumul masiv de combustibil. Veți învăța să construiți programe de hedging rezistente la condiții de piață extreme și să gestionați riscurile de contrapartidă utilizând metrici moderne. Este instrumentul ideal pentru a transforma gestionarea prețului energiei dintr-o incertitudine într-un avantaj competitiv strategic.

Despre autor

Simo M Dafir este un expert recunoscut în structurarea produselor pe mărfuri, cu o carieră solidă construită în bănci de investiții de top. Experiența sa anterioară ca trader de derivate de credit și produse exotice îi oferă o perspectivă unică asupra intersecției dintre piețele de energie și riscul de credit financiar. Vishnu N Gajjala completează această viziune cu o expertiză profundă în managementul riscului, ambii autori fiind recunoscuți pentru capacitatea de a face conceptele matematice complexe accesibile departamentelor de achiziții și consiliilor de administrație.

Descriere scurtă

A hands-on guide to navigating the new fuel markets Fuel Hedging and Risk Management: Strategies for Airlines, Shippers and Other Consumers provides a clear and practical understanding of commodity price dynamics, key fuel hedging techniques, and risk management strategies for the corporate fuel consumer. It covers the commodity markets and derivative instruments in a manner accessible to corporate treasurers, financial officers, risk managers, commodity traders, structurers, as well as quantitative professionals dealing in the energy markets. The book includes a wide variety of key topics related to commodities and derivatives markets, financial risk analysis of commodity consumers, hedge program design and implementation, vanilla derivatives and exotic hedging products. The book is unique in providing intuitive guidance on understanding the dynamics of forward curves and volatility term structure for commodities, fuel derivatives valuation and counterparty risk concepts such as CVA, DVA and FVA. Fully up-to-date and relevant, this book includes comprehensive case studies that illustrate the hedging process from conception to execution and monitoring of hedges in diverse situations. This practical guide will help the reader: * Gain expert insight into all aspects of fuel hedging, price and volatility drivers and dynamics. * Develop a framework for financial risk analysis and hedge programs. * Navigate volatile energy markets by employing effective risk management techniques. * Manage unwanted risks associated with commodity derivatives by understanding liquidity and credit risk calculations, exposure optimization techniques, credit charges such as CVA, DVA, FVA, etc. Praise for Fuel Hedging and Risk Management "Risk Management is an art, not a science, but it certainly helps to know a lot of science. In this book, the authors provide an excellent overview of both qualitative and quantitative aspects of risk management and how to design and implement effective win-win fuel oil hedging strategies that will achieve the desired objectives under normal and extreme market conditions. In addition to discussing key foundational issues, the book also discusses a framework to understand and manage hugely important second-order effects, such as credit risk or margin calls or asset-liability mismatches, which have the potential to turn a good idea into a bad outcome. A must read for anyone in the finance department of a corporate, trade house, or financial firm involved in fuel oil hedging." --Diego Parrilla, Former Global Head of Commodity Solutions and Head of Commodities, Bank of America "This book provides highly useful insights into hedging and risk management methodologies, as well as theory, for the users of energy products. Dafir provides intuition stemming from not just top-tier commodity structuring expertise, but also broader insight from his earlier experience as a credit derivatives and exotics trader." --Mitch Matharu, former Head of Structuring, Merrill Lynch "An Absolute Must Read. From the fundamentals of oil markets to the key points in negotiating a credit agreement and minimizing hedging costs, passing by the subtleties of implied volatility surface construction and its implications in derivatives pricing, this book offers you the indispensable practitioner's toolbox, useful whether you are a novice or a seasoned fuel trader." --Frederic Cogny, Global Head of Commodities Structured Products Trading, Standard Chartered Bank "In this book, Dafir blends his deep knowledge of the commodity markets and the vagaries of the financial market with his incredible mathematical ability to explore fuel hedging in a manner accessible to Fuel Procurement Departments, CFOs and board members." --Mark Long, Former Head and Managing Director of Merrill Lynch Commodities Asia ". . . This book is a hands-on guide for anyone interested in "Fuel Hedging and Risk Management", including lawyers involved in the execution of commodities hedging transactions and related ISDA and CSA negotiations." --Justin Boyd, Former Head of Financial Markets Legal, Standard Chartered Bank

Notă biografică

SIMO MOHAMED DAFIR is a Managing Director at Volguard, a financial consulting firm specializing in Capital Markets, Wealth Management and Derivatives. He has over fourteen years of experience during which he has held senior positions in a number of major international banks in Hong Kong and Singapore. He was the Regional Head of Commodity Structuring at Standard Chartered Bank, Head of Commodity Exotics and Hybrids at Merrill Lynch Asia, and Trader of Credit Derivatives at Credit Suisse. He is also Professor of Global Financial Markets at Sorbonne Assas International Law School and an expert witness for financial markets litigations. Dafir started his career in Aerospace and Telecom at the European Space Agency and Alcatel. He holds an MBA from INSEAD, a Post Graduate Research Degree from the National Polytechnic Institute of Toulouse, an MSc in Automation from ENSEEIHT and a Bachelor's degree in Mathematics. VISHNU N. GAJJALA is a commodity derivatives expert at Volguard, where he oversees the financial market analytics business. He has held positions in commodities structuring and sales at institutions including Standard Chartered Bank and Merrill Lynch, where he developed customized strategies for commodity hedgers and investors, including airlines, mining companies, trading houses, private banks and sovereign wealth funds. He holds a Bachelor's degree in Electrical Engineering from IIT Madras and an MBA from IIM Bangalore. Vishnu currently resides in Singapore.