From Instruments To Strategies

Name: From Instruments To Strategies
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ISBN: 9781800619395

How Derivatives Are Used In Practice

Frank J Fabozzi (Johns Hopkins Carey Business School, Usa)

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Hardback

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English

World Scientific Europe Ltd
09 April 2026

Corporate finance; Investment & securities

Summary
Details

This book is an application-first, practice-grounded guide to derivatives. Its aim is to show how derivatives are used by asset management firms, corporations, and commercial and investment banks to solve real financial problems without turning the reader into a pricing specialist. It emphasizes application over abstraction while still covering valuation frameworks in their practical context.

The book adopts a modular structure that lets readers engage with derivatives from multiple entry points. Part 1 examines why organizations adopt derivatives, establishing the conceptual foundations that govern their use and misuse. Part 2 surveys the major derivative instruments and market structures, including forwards, futures, swaps, options, and structured and credit products. Part 3 turns to derivative strategies, covering speculative and hedging applications, portfolio integration, and backtesting, and reframes earlier concepts in terms of implementation and real-world applications. Part 4 examines institutional practice across corporate treasury, commercial banking, and investment banking, showing how identical instruments serve different purposes across balance sheets and client settings. Part 5 develops no-arbitrage valuation for forwards and futures, the probabilistic foundations of option pricing, discrete-time lattice methods, the Black-Scholes-Merton framework, and swap valuation, emphasizing assumptions, limitations, and market realities.

Pedagogically, From Instruments to Strategies builds intuition before formalism. Market structure essentials, such as clearing, daily mark-to-market, and margining for exchange-traded derivatives, are presented to link theory with trading mechanics. The objective is to demystify derivatives, not as villains or saviors, but as tools whose impact depends on how they are used.

By: Frank J Fabozzi (Johns Hopkins Carey Business School Usa)
Imprint: World Scientific Europe Ltd
Country of Publication: United Kingdom
ISBN: 9781800619395
ISBN 10: 1800619391
Pages: 558
Publication Date: 09 April 2026
Audience: College/higher education , Professional and scholarly , Primary , Undergraduate
Format: Hardback
Publisher's Status: Active