FX Cash Products: Spot, Forwards, Swaps & Non-Deliverable Forwards Book 1 of the Foreign Exchange Markets Professional Series
The foreign exchange market is the world's largest and most liquid financial market, with daily turnover exceeding $7.5 trillion. Yet for many professionals entering treasury, trading, or risk management, a rigorous and practical reference covering cash FX instruments has remained elusive - until now.
FX Cash Products is an institutional-grade practitioner's guide to the full spectrum of foreign exchange cash markets. Written by two practitioners with a combined seven decades of experience across bank trading desks, corporate treasuries, and financial advisory, this book bridges the gap between theoretical foundations and the operational realities of today's markets.
Across seventeen chapters and five integrated parts, readers gain comprehensive mastery of:
- FX Market Foundations - market structure, global participants, trading sessions, and quotation mechanics
- Spot FX Markets - trading fundamentals, market microstructure, execution strategies, and transaction cost analysis
- FX Forward Contracts - pricing theory, corporate hedging applications, hedge accounting under IFRS 9 and ASC 815, and settlement operations
- FX Swaps - structure and mechanics, funding and liquidity applications, and central bank swap operations
- Non-Deliverable Forwards - emerging market FX, NDF pricing, and risk management in restricted currency markets
Every chapter is built around real institutional scenarios, worked examples with step-by-step calculations, and direct references to current market practice. A companion Python toolkit provides professional-grade implementations of every key model - from forward pricing to swap valuation - enabling immediate practical application.
Who this book is for: Corporate treasurers managing FX exposures and hedge programmes; FX traders on bank and institutional desks; risk managers implementing controls and regulatory frameworks; asset managers running currency overlay strategies; and finance professionals seeking rigorous, practitioner-tested knowledge for career advancement or professional certification.
FX Cash Products is the definitive desk reference for anyone who works with foreign exchange markets professionally.
Luigi Pascal Rondanini is a financial markets practitioner and management consultant with 38 years of experience, including a decade trading FX, money markets, and derivatives. He is the founder of Rondanini Publishing Ltd.
David Axtell is an FX markets specialist with over 35 years of institutional experience, having held senior roles at NatWest, HSBC Dubai, Qatar National Bank, and SHUAA Capital.
Axtell, David: - David Axtell is a financial markets practitioner with over 35 years of experience in foreign exchange and treasury. His career spans leading institutions across global financial centres, including NatWest in London, HSBC in Dubai, Qatar National Bank, USCB in Riyadh, and SHUAA Capital. A specialist in FX trading, risk management, and treasury advisory, he has worked extensively across European, Middle Eastern, and Asian markets. David is co-author of the Foreign Exchange Markets Professional Series and hosts The Trading Floor podcast. He operates as an independent consultant through axtellconsulting.net.
Mushtaq, Saqlain: - Saqlain is a professional book designer and typesetter with over three years of experience in print and eBook layout, formatting, and design. He has worked across a wide range of titles, delivering polished, publication-ready interiors for independent authors and publishers. His expertise spans both print-on-demand formats and reflowable eBook standards, with a portfolio demonstrating consistent attention to typographic detail and production quality. Saqlain is the interior designer for the Foreign Exchange Markets Professional Series.
Rondanini, Luigi Pascal: - Luigi Pascal Rondanini is a senior treasury systems consultant with 35+ years of FX trading and financial transformation experience. He has advised leading global banks on FX strategy, treasury platforms, and organizational transformation. He is founder of Rondanini Publishing and author of the Foreign Exchange Markets Professional Series.
