1. The Significance of the Black-Scholes Option Pricing Model The Black-Scholes model and some of its variants have been widely used by option traders, investment banks, financial managers, insurers, and others. The expansion of derivative instruments has made international financial markets more efficient, but it has also made global markets more volatile.

English title: The Black Swan Subtitle: How to Deal with an Unpredictable Future Author: Nassim Nicholas Taleb Translator: Wan Dan Publisher: CITIC Press Publication Year: 2009-8 ISBN: 9787508616018 Notes: The author uses his own experiences — the Lebanese war, a journalist’s war diary, a stock market crash, Yevgenia’s book — as his entry points, describing from personal experience this world that lives in uncertainty.

1. What a Quant Does A quant’s job is to design and implement mathematical models for finance, including derivative pricing, risk valuation, and predicting market behavior. 2. Types of Quants Desk quant, who develops pricing models used directly by traders. The advantage is being close to the money and the opportunities encountered in trading.

1. Class C Accounts Settlement members of the interbank bond market are divided into Class A members, Class B members, and Class C members. Class A accounts are mainly commercial banks; Class B accounts are rural credit institutions, securities firms, funds, and insurers; Class C accounts are mainly non-financial institutional legal entities, whose trading settlement must be entrusted to a Class A member to handle on their behalf.

Subtitle: Wall Street’s Investment Game English title: Liar’s Poker Author: [US] Michael Lewis Publisher: CITIC Press Publication year: 2007-1 ISBN: 9787508607559