Innovations in financial markets have played a crucial role in shaping the economic landscape of the leading and also emerging economies of the world. In the past few decades, capital markets, risk management tools and techniques and financial services have witnessed many successful innovations leading to better integration and greater maturity of world financial markets. These financial innovations have promoted efficiency and growth of financial markets and provided low-cost and effective financial tools and instruments, have created new opportunities and thrown up new challenges for all market participants. The main objective of this book is to cover major innovations in the capital markets, risk management, banking and financial services. The book is divided into four sections. The first section gives an overview of significant innovations and trends in capital markets, risk management and financial services, explores the changing nature of financial markets and discusses a few recommendations for growth through innovations. The second section focuses on the changing scenario in the banking industry and various innovations like ULIPs, prepaid cards, mortgage innovation, microfinance, etc. The third section explores innovations and new developments in capital markets worldwide and covers some significant innovations like a new trading system at NASDAQ, hedge funds, exchange traded funds and real estate investment trusts, etc. Different derivative products which are in the spotlight in risk management are discussed in the last section.
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