Magazine article The CPA Journal

Derivatives: A Comprehensive Resource for Options, Futures, Interest Rate Swaps, and Mortgage Securities

Magazine article The CPA Journal

Derivatives: A Comprehensive Resource for Options, Futures, Interest Rate Swaps, and Mortgage Securities

Article excerpt

By Fred D. Arditt, Harvard Business School Press $45, 416pp, ISBN.' -87584-560-6

Reviewed by Viva Hammer, Esq, Price Waterhouse LLP

Derivatives: A Comprehensive Resource for Options, Futures, Interest Rate Swaps, and Mortgage Securities is an excellent introduction to the "D subject which many people dread. As well as dealing with the conventional subjects of options, futures, and swaps, Fred D. Arditti also gives a thorough explanation of the world of mortgage-backed securities, which is unusual for such a text.

Although Arditti is probably one of the oldest comers to this area, having been chief economist at the Chicago Mercantile Exchange, senior executive in the investment and brokerage business, and now professor of finance at DePaul University, he writes with sufficient clarity that any intelligent layperson can understand the concepts he outlines. His introduction to options, for example, is filled with definitions and terminology commonly used in the field, which can be overwhelming, but if followed carefully, and not skimmed, is an excellent foundation on its own for beginning literacy in this area.

Derivatives has many excellent illustrative and numerical examples, clarifying diagrams, statistical tables, and flowcharts to help explain the theory behind the concepts. …

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