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Option Market Making Trading and Risk Analysis for the Financial and Commodity Option Markets (Wiley Finance)
ISBN: 0471578320     Date Published: 1992-10-16     Author(s): Allen Jan Baird
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Hardcover
Wiley
224 Pages
 
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Last Update:
06/20/2013 01:28:53
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Editorial Review - Book Description:
Approaches trading from the viewpoint of market makers and the part they play in pricing, valuing and placing positions. Covers option volatility and pricing, risk analysis, spreads, strategies and tactics for the options trader, focusing on how to work successfully with market makers. Features a special section on synthetic options and the role of synthetic options market making (a role of increasing importance on the trading floor). Contains numerous graphs, charts and tables.
 
Customer Review:
Total Reviews: (10)
  (5)      (2)      (0)      (1)      (2)
(3) Shared
 
32 of 34 People found the following review helpful.

Classic and essential, this and Hull are mandatory, November 15, 2005 ByBachelier ""1004"" (Ile de France) - See all my reviews Amazon Verified Purchase(What's this?) This review is from: Option Market Making: Trading and Risk Analysis for the Financial and Commodity Option Markets (Wiley Finance) (Hardcover) Baird's "Option Market Making" is the *other* essential options book that any serious practitioner should read. Whether you are buy-side or sell-side, or trading your own book, this work is fundamental and extends where Hull leaves off. In short, pricing models do not a bid-offer spread make, and Baird illuminates this dark world with the well-crafted sunshine of expertise, mathematical rigor, and experience. In addition, Baird's prose is clean, clear, readable and lean, without glossing over tough spots or ignoring extremes. Baird's 1993 "Option Market Making" while a bit dated, is becoming recognized as an enduring classic. Not because it is up-to-date with the latest smile dynamics from the research of Avellenada or Rebenato, but because it does what it does very well. Like a classic cookbook such as The Joy of Cooking, this work tells you how to make perfect pot roast, but not the latest slow braised chipolte-rubbed hand-aged hanger steak. Baird's "Option...
 
20 of 21 People found the following review helpful.

Excellent read for the high-level ops trader, October 5, 1999 By A Customer This review is from: Option Market Making: Trading and Risk Analysis for the Financial and Commodity Option Markets (Wiley Finance) (Hardcover) Not for the speculative trader. Baird explains neutrality and hedging scenarios in great detail. Explains some esoteric concepts rarely discussed, such as time spread risk and delta drift. Very succinct explanation on arb spreads and combos, and the tendency to trade to the pin at expiration. Highly recommended.
 
15 of 15 People found the following review helpful.

Excellent work, August 21, 2000 ByZ. Johnson (Kopavogur, Kopavogur Iceland) - See all my reviews This review is from: Option Market Making: Trading and Risk Analysis for the Financial and Commodity Option Markets (Wiley Finance) (Hardcover) Although this book is not for beginners, it doesn't contain any formulas. Instead it focuses on all the complex aspects of making a market for options. I've read this book over and over again on a regular interval to remind me on the way market makers do their practice, and how to avoid the pitfalls in trading against specialists.
 
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