Foreword xxviii
Acknowledgements xxxii
1 The City of London 7
Introduction; The City defined; Financial markets; The City as a world leader; No gain without pain; Markets are people; The future; The next step
2 The Bank of England 17
Introduction; Origin; Role; Lender of last resort; More crisis reactions; Liquidity provision; Helping the government packages; Profit from the crisis; The future
3 Commercial banking 27
Introduction; Overview; History; Commercial banks in operation; Structured investment vehicles; Building societies; Raising capital; Credit collection Bad loans; Capital adequacy; The financial crisis
4 Introduction to equities 41
Introduction; Shares; Market indices; Stockbrokers; The next step
5 How to value shares 46
Introduction; Analysts' forecasts; Ratios; Discounted cash flow analysis; Market influencers
6 New share issues 52
Introduction; Capital raising
7 Investment banking 58
Introduction; Overview; Initial public offering; Specialist types of share issues; Bond issues; Mergers and acquisitions; The future
8 Introduction to derivatives 68
Introduction; Cash and derivatives; Four types of derivative and transactions; Hedging and speculation; On-exchange versus OTC derivatives; Clearing and settlement; The credit crisis; European regulation
9 Derivatives for retail investors 78
Introduction; Options; Futures; Warrants; Financial spread betting; Contracts for difference
10 Wholesale market participants 86
Introduction; Banks; Investors; Inter-dealer brokers
11 Interest rate products 89
Introduction; Money markets; The interbank market; Debt securities; Repos; Interest rate derivatives; Index swaps; Forward rate agreements; Interest rate forwards; Government bonds; Yields and redemption; Market Size; Borrowing and the economy
12 Credit products 98
Introduction; Overview; Bonds; Credit derivatives; The future
13 Commodities 110
Introduction; Overview; The range of commodities - hard; The range of commodities - soft, The investment case for commodities, Regulation
14 Foreign exchange 121
Introduction; Global overview; The participants; Exchange rates; Supply and demand; Transaction types; Default risk; Further research
15 The London Stock Exchange and its trading systems 131
Introduction; Overview; Trading; Market makers; Users
16 Share trading venues and exchanges 143
Introduction; Overview; Exchanges; Multilateral trading facilities; Systematic internalizers; Dark liquidity pools; Consolidation
17 Post-trade services 148
Introduction; Overview; Clearing; Settlement; Safekeeping and custody; A changing competitive environment; Cross-border players; The future
18 Investors 162
Introduction; Retail investors; Institutional investors; The future
19 Pooled investments 168
Introduction; Investment funds; Investment strategies; Investment companies Exchange-traded funds; Hedge funds; Money market funds
20 Analysts and research 178
Introduction; fundamental analysis; Others
21 Financial communications 185
Introduction; Public relations; Investor relations; Corporate information flow; Journalists
22 UK financial services regulation 194
Introduction; Overview; The Financial Services Act; The Financial Services Authority; The FSA in transition; The future
23 European and global regulation 204
Introduction; European legislation so far; Europe in transition; Global regulation
24 Financial fraud 216
Introduction; Overview; Government initiatives; Specialist areas of fraud; Fraud busters; The future
25 Money laundering 228
Introduction; Overview; know your customer; Action against money launderers; The size of the problem; Global cooperation
26 Overview of corporate governance 235
Introduction; The concept; The Cadbury Code; The Greenbury Committee; The Combined Code; The Turnbull Report; OECD Principles of Corporate Goverance; Directors' Remuneration Report Regulations; Higgs and Smith; The Revised Combined Code; Listing Rules; The Myners Report; Developments across Europe; The financial crisis; The Walker Review; The 2009 Review of the Combined Code; The future
27 Accounting and governance issues 247
Introduction; Accounting scandals; The Sarbanes-Oxley Act; European auditing and disclosure rules; Business review; International Financial Reporting Standards
28 Insurance and the London companies market 256
Introduction; Insurance overview; London; More about the London market; Regulatory developments; The future
29 Insurance: Lloyd's of London 266
Introduction; Overview; How Lloyd's works; Financial strength; International progress; The future
30 Reinsurance 278
Introduction; Overview; Reinsurance contracts; Retrocession; Specialist forms of reinsurance; Reinsurance reassessed; International regulatory developments; Dispute resolution
31 Retail insurance, savings and domestic property 287
Introduction; The regulator's view; Products; General insurance; How the products are sold; Complaints and compensation
32 Pensions in flux 296
Introduction; Overview; The basic state pension; Occupational and personal pensions; Annuities and unsecured pensions
33 The shipping industry 316
Introduction; Overview; Financial crisis; Regulation of FFAs; Regulation of shipping; Global issues; Climate change; Piracy; The future
34 Catching the Iceland chill 327
Introduction; Internet accounts; The crisis; Lansbanki reimbursement issues; Action against Kaupthing; Flaws in cross-border regulation; The banking crisis; New and old banks; Towards resolution; Two of the recommendations; Conclusion
35 Islamic finance 336
Introduction; Overview; Sectors and products; Developing Islamic finance; the financial crisis and after; The future
36 Ethics and integrity 345
Introduction; Conceptual uncertainty; Putting ethics into practice; The way forward
37 Final word 350
Appendix 1: Useful websites 353
Appendix 2: Further reading 359
References 365
Index 376
Index of advertisers 386
