Business Reference and Services Section of RUSA presents
BRASS 2005 Annual Program
Beyond Stocks and Bonds:
Learning about Futures, Options, Derivatives, and More
June 27, 2005
Chicago, IL
Bibliography of Resources & Glossary
Compiled by BRASS 2005 Annual Program Planning Committee:
Amia Baker
Anne Bradley
Linda Dausch
Lynda Duke
Holly Eggleson
Linda Heichman
Susan Shultz
Kaiping Zhang, Chair
Glossary compiled by Linda Heichman
Contents:
Getting Started2
Statistical Sources2
Reference Works3
Dictionaries 4
Online Glossaries4
Web Resources5
Journals7
Magazines8
Books8
GETTING STARTED
Chisholm, Andrew. Derivatives Demystified: A Step-by Step Guide to Forwards, Futures, Swaps and Options. Hoboken, NJ: John Wiley & Sons, 2004. ISBN:047009382X (pbk), $79.95.
Chisholm presents derivative products in a clear and understandable way without complex mathematical explanations. He uses case studies and examples of practical applications to shed light on how derivatives are used in many areas of business today.
This book would be an excellent resource for derivative novices.
Liaw, K. Thomas, & Moy, Ronald. The Irwin Guide to Stocks, Bonds, Futures, and Options: A Comprehensive Guide to Wall Street's Markets. New York, NY: McGraw-Hill Professional, 2001. ISBN: 0071359478, $27.95.
This is a comprehensive guide to all major investments and their markets written in clear and accessible language.
Niederhoffer, Victor. Education of a Speculator. New York, NY: John Wiley & Sons, 1998. ISBN: 0471249483 (pbk), $19.95.
A recollection of a life of ups and, more often, downs, involving losses of seven- and eight- figure amounts. This controversial speculator compares trading to the arts of chess, checkers, fishing, poker, tennis, painting, and music in a highly entertaining autobiography.
Schwager, Jack. The New Market Wizards: Interviews with Top Traders, New York, NY: HarperBusiness, 1994. ISBN: 0887306675 (pbk), $17.00.
Interviews with seventeen of the world’s best traders. Real life conversations with background explanatory text from the author make commodity futures, currencies, and options trading come boldly alive. Much here for the general reader.
Wasendorf, Russell R. All About Futures: the Easy Way to Get Started, 2nd ed. New York, NY: McGraw Hill, 2001. ISBN: 0071341706, $16.95.
This book provides an in-depth description of options and futures. It also gives an overview of some of the larger and more active markets, describing supply and demand and key issues for particular contracts. The book is written in non-technical language that makes it very easy to read and comprehend.
“What You Should Know Before You Trade.” Commodity Futures Trading Commission: United States, September 17, 2004. .
This webpage provides a very basic description of options and futures and how they are traded.
STATISTICAL SOURCES
CRB Commodity Yearbook. New York, NY: John Wiley & Sons, Commodity Research Bureau. Updated annually. ISBN: 0471707686 (2005 ed.), $200.00.
This is an indispensable resource for commodity and futures market information and data. A brief profile is provided for each of 100+ commodities which discusses economic, political, or weather events that have recently impacted each specific commodity. While the quantitative data will differ somewhat for specific commodities, typical selections include production, consumption, prices, and exports.
STATISTICAL SOURCES CONTINUED
Annual Reportof the Commodity Futures Trading Commission. Washington, DC: The Commission. Updated annually. Latest issue:
Archives back to 1996:
Futures and options statistics by major commodity groups and by exchanges. Also includes a list of futures and options contracts authorized for trading by the CFTC. (Note: Look under Commission Reports.)
Value Line Daily Options Survey. New York, NY: Value Line Publishing, 48 times a year (issued on 1st 4 Mondays of each month). ISSN: 1082-0051. Online also available.
This resource covers 10,000 stock and stock index options. It gives the expiration date, strike price, option ticker, bid and ask price, etc. It also gives recommendations for buying and selling.
Wall Street Journal.New York, NY: Dow Jones & Company. ISSN: 0099-9660. Online also available.
The Money & Investing Section is an excellent source for futures prices.
REFERENCE WORKS
Catania, Patrick & Rose, Frank (eds.).Commodity Trading Manual.Chicago, IL: Chicago Board of Trade, 2000. ISBN: 1888998148, $55.00.
This is a good resource for understanding commodity trading in the futures industry.
Some of the specific topics covered are the historical evolution of the industry, price analysis, hedging, options, the underlying markets, and an overview of how an exchange operates.
Fabozzi, Frank J. The Handbook of Fixed Income Securities, 7th ed. New York, NY: McGraw-Hill Companies, 2005. ISBN: 0071440992, $129.95.
Provides current analysis on all major fixed income markets and includes information on derivative instruments and their portfolio management applications.
Handbook of World Stock, Derivative and Commodity Exchanges. Datchworth, UK: MondoVisione. Updated annually. $847. Online also available.
This resource covers 106 countries and 251 exchanges providing information such as contracts offered, contract units and months, last trading day, maturity date, settlement details, trading hours, etc. This book has had many corporate authors, such as Hewlett Packard, Compaq, Morgan Stanley, and Bridge. It is also available in electronic format through the publisher and in the Factiva database.
Johnson, Philip McBride & Hazen, Thomas Lee. Derivatives Regulation. New York, NY: Aspen Publishers, 2004. ISBN: 0735533369, $395.00.
Three-volume set on the regulation of derivative securities from a legal perspective. Overview of derivatives markets, marketing effects, offenses and remedies. Includes chapters on the Commodities Futures Trading Commission and an appendix which reprints Commodities Exchange Act.
Moss, Rita W. Strauss's Handbook of Business Information: A Guide for Librarians, Students, and Researchers, 2nd ed. Westport, CT: Libraries Unlimited, 2003. ISBN: 1563085208, $85.00.
This popular reference tool is divided into two sections. The first seven chapters cover business information by format. The second part of the book covers specific topics within the area of business. Chapter 15 is devoted to futures and options.
DICTIONARIES
Gastineau, Gary & Kritzman, Mark. Dictionary of Financial Risk Management, 3rd ed. Hoboken, NJ: John Wiley & Sons, 2001. ISBN: 1883249570, $49.95.
Lynn, Guy. A Dictionary of Futures, Options and the Stock Market: 12000 Terms Currently Used in the USA, UK and Canada. San Leandro, CA: Mason Publishing, 2004. ISBN: 0974418439, $24.50.
The New York Times Dictionary of Money and Investing: The Essential A-to-Z Guide to the Language of the New Market. New York, NY: Henry Holt & Company, 2002.ISBN:080506933X, $17.00.
Shim, Jae & Constas, Michael. Encyclopedic Dictionary of International Finance and Banking. New York, NY: St. Lucie Press, 2001. ISBN: 1574442910, $64.95.
Useful dictionary for all types of financial definitions. Particularly effective definitions of derivatives and financial derivatives with examples and chart of general characteristics of major types of financial derivatives.
Webber, Alan. Dictionary of Futures & Options: 1500 International Terms Defined and Explained. Cambridge, UK: Probus Publishing Company, 1994. ISBN:1557385955, $40.00.
ONLINE GLOSSARIES
ALTAVEST Worldwide Trading, Inc.
Chicago Board of Trade Glossary
CFTC Glossary: A Guide to the Language of the Futures Industry
The Center Online Glossary
Yahoo! Finance Options Glossary
Commodity Market futures & Options Terms & Definitions
Barkley's Comprehensive Financial Glossary
CBOE Glossary
WEB RESOURCES
Commodities and Futures
Commodity Futures Trading Commission
Commodity Futures Trading Commission (CFTC) is an independent agency with the mandate to regulate commodity futures and options markets in the United States. The website has links to all domestic exchanges, market analysis, market surveillance, and market research.
FAOSTAT Agriculture Data
Made available by the Food & Agriculture Organization of the United Nations, FAOSTAT provides statistical compilation on agricultural production and trade on both a worldwide and country-by-country basis for all types of crops, livestock, irrigation, land use, fertilizer, pesticide consumption, and agricultural machinery.
Anne Burden’s FuturesGuide, Inc.
Has articles, time-delayed current prices and prices for the latest month.
Futures Industry Association
Trade association for professionals in the futures industry.
Institute for Financial Markets
Non-profit association that focuses on education for professionals involved in trading futures and options. Provides data for a fee on their website. Also publishes the Futures and Options Fact Book, a comprehensive fee-based web resource guide to worldwide exchanges and financial contracts.
INO – Investment News Online
Provides tools for futures and options traders. A comprehensive futures site which also provides end-of-day quotes and charts (intra-day, daily, & weekly) on all major U.S. commodity exchanges.
National Futures Association
Any firm or individual engaging in futures transactions with the public is required to be registered with both the Commodity Futures Trading Commission (CFTC) and the NFA.
Because the NFA is involved in regulation of the industry, there is important information included in their site. In addition to information about doing business in this industry such as regulations, compliance, dispute resolution and registration, there are also valuable publications for the public linked under Investor Services.
Options Industry Council
This website is an educational resource for the options industry. It provides free resources such as software, classes and calculators.
Commodities and Futures Web Resources Continued
Stock and Commodity Exchanges
Composed by business librarians from Rutgers University, “This Webguide lists stock and commodity exchanges, including those dealing in futures, options, and derivatives, as well as sources for market and stock prices and reports.” Other links include related dictionaries and encyclopedias, annual reports, economic data sources, and regulatory agencies.
Derivatives
Derivatives Portal
Full-text searchable, free portal of information on derivatives compiled by financial professionals. Includes links to relevant books, articles, periodicals, and websites. Includes abstracts of books and articles, annotated websites, glossary and discussion forum.
NumaWeb: Internet Resource Center for Derivatives
Financial portal site offering a strategy guide, financial software directory, glossary, book list and many derivative-related links.
International Swaps and Derivatives Association
The ISDA is a global trade association for the derivatives industry. They cover swaps and options across all asset classes (interest rate, currency, commodity and energy, credit and equity).
Securities Exchanges
Australian Stock Exchange (ASX)
“ASX operates Australia’s primary national stock exchange for equities, derivatives and fixed interest securities. It also provides comprehensive market data and information to a range of users. All these operations are underpinned by comprehensive high-quality information technology systems.”
Chicago Board of Trade (CBOT)
The Chicago Board of Trade, founded in 1848, is the world’s oldest futures and futures-options exchange. This site provides information about the exchange, quotes on the options and futures traded, market information, calendars, and information on its electronic trading platform. It includes a glossary of terms ( From the home page of the Chicago Board of Trade, mouse over to “Education” and select “Glossary”.
Chicago Board Options Exchange (CBOE)
Founded as the first U.S. options exchange, CBOE provides comprehensive options trading information.
Securities Exchanges Web Resources Continued
Chicago Mercantile Exchange (CME)
Chicago Mercantile Exchange Inc., the largest futures exchange in the United States and the largest futures clearinghouse in the world for the trading of futures and options on futures contracts, has four major product areas: interest rates, stock indexes, foreign exchange and agricultural commodities.
Euronext.liffe
Euronext.liffe, the world’s leading exchange for euro short-term interest rate derivatives and equity options, offers a greater choice of derivatives products, futures and options on short- and long-term interest rate products, on equities, indices, government bonds and commodities.
Bolsas y Mercados Españoles (BME) Spanish Exchanges
Bolsas y Mercados Españoles (BME) integrates the companies that direct and manage the securities markets and financial systems in Spain.
Philadelphia Stock Exchange
The Philadelphia Stock Exchange (PHLX) was the first securities exchange established in the United States. Over 2,000 stocks, more than 1,500 equity options, 22 sectors index options and multiple currency pairs are traded on PHLX. The website provides updated contract specifications on PHLX's exclusive products, current news releases, and text from key PHLX publications and newsletters.
South African Futures Exchange
Established in the late 1980s, the South African Futures Exchange trades both financial and agricultural derivatives. The website offers trade price data and daily statistics.
JOURNALS
Journal of Derivatives.New York, NY: Institutional Investor, Inc. Quarterly. ISSN: 1074-1240, $370.00/year.
Review of Derivatives Research. Boston, MA: Kluwer Academic Publishers. 3 issues a year. ISSN: 1380-6645 (Paper) 1573-7144 (Online), $296-356/year.
Abstracts available online:
Journal of Alternative Investments. New York, NY: Institutional Investor, Inc., Quarterly. ISSN: 1520-3255, $540/year.
The Journal of Futures Markets. New York, NY: Published by J. Wiley in affiliation with the Center for the Study of Futures Markets, Columbia University.Monthly. ISSN: 0270-7314, $1600.00 minimum/year.
MAGAZINES
Derivatives Week. New York, NY: Institutional Investor, Inc. Weekly. ISSN: 1075-2412, $2195.00/year.
Futures. Cedar Falls, IA: Commodities Magazine. Monthly, with 2 issues in January. ISSN: 0746-2468, $39.00/year.
Futures Magazine SourceBook. Special Issue of Futures Magazine (January). Listing of U.S. and International futures/options firms, exchanges, including listed contracts and industry organizations.
Futures Industry: The Magazine of the Futures Industry Association. Washington, DC: Futures Industry Association. Bimonthly. ISSN: 1065-6855, free online at
BOOKS
Commodities and Futures and Options
Bernstein, Jake & Bernstein, Jacob. Profit in the Futures Markets!: Insights and Strategies for Futures and Options Trading. New York, NY: Bloomberg Press, 2002. ISBN: 1576601188, $34.95.
A layman’s guide on a very basic and non-theoretical level. Covers fundamental versus technical analysis, trend lines, cycles, seasonality, computerized trading systems, contrary thinking, misconceptions, and artificial intelligence. Emphasis on discipline in addition to learning from profits and losses as keys to success. Stresses that futures trading is not investing. It is high risk speculation for high rewards. Risk management outlined here reduces odds on losing all starting capital.
Burghardt, Galen. The Eurodollar Futures and Options Handbook: Co-Published with the Chicago Mercantile Exchange, New York, NY: McGraw-Hill, 2003. ISBN: 0071418555, $70.00.
An excellent work that thoroughly explains Eurodollar futures and options.
Carter, Colin A. Futures and Options Markets: An Introduction. Englewood Cliffs, NJ: Prentice-Hall, 2002. ISBN: 0135983681, $97.00.
Concise textbook with extensive real-world examples.
Hull, John C. Fundamentals of Futures and Options Markets. Englewood Cliffs, NJ: Prentice-Hall, 2004. ISBN: 0131445650, $125.00.
Undergraduate and graduate textbook for business students with little mathematical background. In addition to his analysis of futures and forward markets, options, swaps, interest rate futures, and stock options, Hull also discusses nonstandard and innovative products such as mortgage-backed securities and weather, energy, and insurance derivatives. Includes quiz and suggestions for further reading after each chapter.
Kolb, Robert W. Futures, Options, and Swaps, 4th ed. Malden, MA: Blackwell, 2002. ISBN:063123240, $102.95.
This textbook provides a basic understanding of futures, options and swaps. Material includes explanation and examples of interest rate, foreign currency and stock index futures and exotic and interest rate options. Text includes exercises.
Commodities and Futures and Options Books Continued
Veale, Stuart. Stocks, Bonds, Options, Futures, 2nd ed. New York, NY: Prentice Hall Press, 2001. ISBN: 0735201757, $20.00.
Thorough explanation and overview of the securities industry and derivatives markets by Stuart Veale, Prudential Securities Senior Vice President of Portfolio and Strategy. Easy-to-read practitioner approach to investing. Suitable for public, academic and corporate libraries.
Derivatives
Arditti, Fred. Derivatives: A Comprehensive Resource for Options, Futures, Interest Rate Swaps, and Mortgage Securities. Boston, MA: Harvard Business School Press, 1996. ISBN: 0875845606, $60.00.
Basic introduction to options, futures, swaps and derivatives. Contains primer on terminology and an extensive discussion of mortgage derivatives as well as references and suggested reading.
Banks, Erik. Exchange-traded Derivatives. Hoboken, NJ: John Wiley & Sons, 2003. ISBN: 0470848413, $95.00.
Overview of the global listed futures and options markets and how individual exchanges and products are adapting to a rapidly changing environment. More suited to trading professionals than academics.
Baz, Jamil. Financial Derivatives: Pricing, Applications, and Mathematics. New York, NY: Cambridge University Press, 2004. ISBN: 052181510X, $42.99.
Technical overview of the principles of financial derivatives pricing. Includes chapters on the basic calculus, pricing techniques, and mathematical topics related to derivatives.
Chance, Don. An Introduction to Derivatives and Risk Management, 6th ed. Mason, OH: Thomson/South-Western, 2004. ISBN: 032417800X, $133.95.
Introductory textbook on derivatives including overview of financial markets, important concepts in derivatives and roles and criticisms of derivative markets. Thorough discussions of options, forwards and futures.
Das, Satyajit.Swaps/Financial Derivatives: Products, Pricing, Applications and Risk Management, 3rd ed. Hoboken, NJ: John Wiley & Sons, 2004. ISBN: 0470821094, $395.00.
Four-volume set on many aspects of derivatives, financial models and risk management.
Dubrovsky, David & Miller, Thomas. Derivatives: Valuation and Risk Management. New York, NY: Oxford University Press, 2002. ISBN: 0195114701, $79.95.
Text which provides students with an overview of essential risk management skills and discusses derivative instruments in detail. Includes financial modeling software Fincad XL-Dubofsky/Miller Edition.
Francis, Jack, Toy, William & Whittaker, Gregg (eds.). The Handbook of Equity Derivatives, reviseded. New York, NY: John Wiley & Sons, 2000. ISBN: 0471326038, $105.00.