The Complete Arbitrage Deskbook

Written specifically for traders, risk managers, brokers, regulators, and anyone looking for a comprehensive overview of the field of equity arbitrage, this groundbreaking reference provides:  Details of the financial instruments used in equity arbitrage--stocks, futures, money markets, and indices  Explanations of financial valuation and risk analysis, tailored to the characteristics of the underlying position and market environment  Examples of actual arbitrage situations--presenting a real-life snapshot of equity arbitrage in action

The Complete Arbitrage Deskbook is the only book to combine operational details with practical analysis of modern equity arbitrage. Concise in explanation yet comprehensive in scope, it provides an integrated overview of both the practices and the possibilities of the modern equity arbitrage marketplace.

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All Customer Reviews
Average Customer Review:
0 of 0 people found the following review helpful:

Good info, overly complex, not focused, 2008-08-18
This was a dense book, not really the easiest to read, but was full of good information. For those looking for an introduction to equity arbitrage, just read the first section. Supposedly it's focused on equity arbitrage, but there's a lot of information about fixed income, which is interesting to know but really should have been edited out and put into a totally other book.

It's a pretty technical book, so if you don't have a background in the concepts involved, don't start with this book. There are a lot of equations in this book, and terminology that's not defined. (To be fair, Ms. Reverre's introduction states that she's directing the book to a junior trader, so it's fair for her to assume that the reader has already been through the introductary books.) I would rather these have been left out... from what I could tell, the equations are just enough to give you a flavor without enough to actually be usable.

Overall, definitely an informative book, and one to read and keep nearby for reference.


0 of 0 people found the following review helpful:

Pay attention in class....., 2008-07-04
As a professional in the ETF business I highly recommend this book. The math is a little tough at points (makes me wish I studied with more conviction) but well worth the time it takes to assess. As a desk top reference book it's a must have. Some of the subject matter is for the hardcore Quant however, that's what makes it appealing to read and consequently study.


1 of 5 people found the following review helpful:

At least the author is funny, 2007-01-15
Quote, page 21:

"The strong [efficient market hypothesis], which has been made illegal in some countries by laws against insider trading, states that..."

unquote.

Now, personally I don't agree with the strong EMH, but that is has been made illegal is indeed news. Buffett and Munger must be smiling.

Unclear thinking = unclear writing.

One star.




8 of 8 people found the following review helpful:

Difficult, but comprehensive read, 2006-12-24
The Arbitrage Deskbook is thorough guide to arbitrage trading strategies. It is extremely comprehensive, covering arbitrage in all markets - from equities, to bonds, to commodity futures, and more. Most important is that it gets the reader to think like an arbitrageur and recognize the arbitrage opportunities presented by different situations.

This book is so comprehensive, that it does sacrifice some depth for breadth. Many complicated math problems are glossed over; it is difficult to understand some concepts thoroughly because the examples are not explained to great detail. If you see an important section, I suggest rereading it several times for better understanding.

In general, the author seems to expect the reader to have intermediate to advanced academic knowledge of finance. Familiarity with financial math and formulas will make this book easier to read. I suggest having some introductory college-level finance courses before reading, because the formulas presented may seem very cryptic if you've never seen them before reading this book.

In general, I think this is a great tool as a reference and for getting familiar with arbitrage. Don't expect to know everything by reading through it one time - there is too much information to remember on a single pass. Rather, try using this to learn how an arbitrageur seeks opportunity and then reference the topics later as you need them (i.e. keep this deskbook on your desk!). This is a great read for any student interested in entering proprietary trading or hedge funds.


0 of 2 people found the following review helpful:

The best on Arbitrage!, 2006-10-26
This book is very detailed. It's a good book focusing on all aspects of arbitrage. The most interesting section to me was the part where it focuses on financial markets and currency trading and such. However, the author covers every aspect of arbitrage beautifully and includes real life examples of what might happen if any of the possible strategies were to be used.

Be forewarned that you must have a thorough understanding of calculus to get much use from this.

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