Finance and accounting

THOMAS H. KEE Jr. is President and CEO of Stock Traders Daily. His reports and analysis are currently featured by Reuters Research for their institutional clients. Kee writes a monthly column for MarketWatch and provides economic analysis and forecasting to a variety of institutional and retail clients. He had worked with Smith Barney, A.G. Edwards, and Morgan Stanley before founding Stock Traders Daily in January of 2000.

Emile Woolf is a Fellow of the ICAEW, the CCA, the Chartered Institute of Management, and the IIA. He is also a founder member of the Academy of Experts. From 1984 to 2008, he was a partner in Kingston Smith (chartered accountants) with special responsibility for litigation, and has given evidence at trial on over 30 occasions. He is a frequent contributor to the professional press, and has written several books. He is founder of the Emile Woolf Colleges - now one of

Acknowledgements xix

1 The Origins and Growth of the Market 1

Definitions 1

Derivatives Building Blocks 1

Market Participants 3

Supporting Organizations 4

Early Origins of Derivatives 5

Derivatives in the USA 6

Overseas Developments, Innovation and Expansion 7

An Example of Recent Innovation: Weather

In Warrior Trading, Clifford Bennett, one of today's leading currency forecasters, outlines a p

Wo zeigt sich bereits heute eine Haftungsunion?.- Inwiefern ist der Wiederaufbaufonds die Blaupause für einen fiskalisch-zentralistischen Europäischen Währungsfonds?.- Kommt ein Schuldenerlass?.- Sind griechische „Geuros“ und italienische „Minibots“ als Regierungsgeld die Lösung?.- Warum stellen nationale Parallelwährungen und ein wertbesicherter Euro mit Kaufkraftgarantie eine konstruktive Alternative dar?

Rechtsanwalt und Fachanwalt für Steuerrecht Prof. Dr. Florian Haase, M.I.Tax, ist Partner und Niederlassungsleiter im Hamburger Büro der internationalen Rechtsanwalts- und Steuerberatungsgesellschaft Rödl & Partner sowie Inhaber der Professur für Steuerrecht, insbesondere Internationales und Europäisches Steuerrecht, an der HSBA Hamburg School of Business Administration.

Steuerberaterin Dr. Katrin Dorn is

The Janus Factor vii

Introduction xiii

Acknowledgments xv

Chapter 1 Foundations 1

Serendipity 2

The Data Set 5

Reasons and Causes 6

Befuddled 7

Which Way is Up? 9

Chapter 2 The Assignment 13

Measuring Risk: Offense and Defense 14

Picturing Offe