This updated version is an extremely accessible user's guide to the latest financial instruments. Clarifies and simplifies the dizzying proliferation of financial innovations and techniques. Describes specific instruments and compares the risks and rewards associated with them. Coverage includes recent developments in the U.S. markets, applying instruments globally versus domestically, equity derivative and structured note markets. Packed with easy-to-follow charts and tables plus practical end-of-chapter summaries. The 100 page appendix contains bond calculations, FRN valuation formulas, odd period discounting and much more. (text from the publisher)