WILEY Trading Fixed Income and FX in Emerging Markets: A Practitioner′s Guide

Buen libro.

I recently got this book, and I've enjoyed it so far! It's written in a very practical way and there are lots of very useful takeaways for participants in EMFX/fixed income markets, whether you invest on a discretionary basis or systematic basis. Many of the points it makes, are things I've rarely seen written in books (typically, it'll be stuff you'll only pick up after many years on the job and through your own research work). These points, include, for example, understanding the different relationship between EMFX vs. yields, compared to G10 FX vs. yields. Often the differences between G10 and EM are underappreciated by quants, and can result in costly mistakes, when developing trading strategies, by simply copying a G10 strategy into EM, without appreciating the differences. Reading this book would prevent you from making such mistakes! It discusses the interplay between getting the macro view right and understanding local markets, when trading EM, as well as the factors which drive EM (eg. growth, technicals etc.) and ways to trade particular events which often occur in EM, like central bank intervention, emergency hikes etc. It has a nice discussion on the relative sensitivity of various EM regions to external factors, such as strength of EUR, commodities etc. and shows how these can be used to overweight/underweight exposure to different regions. Many of the points are made with a thorough look at historical data, including in many cases, trading strategies (which has given me many ideas for developing my own trading strategies in EM!) - which is incredibly valuable in my view. Despite working in FX markets for over 15 years developing systematic trading strategies, I've learnt a lot from the book and I would very much recommend it for anyone who works in FX (and EM rates). Even if you're an EM specialist, there's more than enough to help you understand EM better over the coming years.

Love this book. Written by practitioners for practitioners. Written in a very readable manner, and quickly gets one up to speed on what factors to focus on for which EM asset macro class. Confirms what I already intuitively knew from my few years in the market via empirical back tests of different trading strategies. But also opened my eyes to new factors / nuances that I never considered. I also like that it was written fairly recently, as so much has changed in the structure of financial markets over the past decade. Now I just wish they would write another book on DM Macro :)

Essential reading for anyone interested in EM and macro investing. Written by one of the most respected analysis in the profession.

A good practical guide for PMs. I especially liked the chapter on Chinese FX and FI markets. A very good book not only on EM FX and FI. It is also the first book that provides guidance on how to look at EM local currency regarding a broader portfolio view/construction.