Book 1 — Foreign Exchange Markets Professional Series

FX Cash Products

Spot, Forwards, Swaps & Non-Deliverable Forwards

The definitive practitioner's guide to foreign exchange cash markets. Institutional-grade frameworks for corporate treasurers, FX traders, and risk managers navigating the $7.5 trillion daily FX market.

Chapters 18
Pages ~400
Level Intermediate–Advanced

by Luigi Pascal Rondanini & David Axtell

Coming Soon — Get notified Read Sample Chapters
Foreign Exchange Markets Professional Series

FX Cash Products

Spot, Forwards, Swaps & NDFs

Luigi Pascal Rondanini & David Axtell

Rondanini Publishing

Comprehensive Coverage

What You'll Learn

Five integrated parts covering the complete spectrum of foreign exchange cash markets, from foundational concepts to advanced institutional strategies.

Part I

Market Foundations

Structure, participants, trading sessions, and quotation conventions. Essential groundwork for all subsequent material.

Part II

Spot FX Markets

Trading fundamentals, execution strategies, transaction cost analysis, and operational risk management frameworks.

Part III

FX Forward Contracts

Pricing theory, corporate hedging applications, hedge accounting requirements, and settlement operations.

Part IV

FX Swaps

Structure and mechanics, funding applications, central bank operations, and liquidity management strategies.

Part V

Non-Deliverable Forwards

NDF markets, emerging market microstructure, and NDF-specific risk management frameworks.

Complete Structure

Table of Contents

18 chapters organized across five parts, building from foundations through advanced applications.

PART I
Market Foundations
01Introduction to Foreign Exchange Markets
02Market Structure and Participants
03Currency Quotation Conventions
PART II
Spot FX Markets
04Spot FX Trading Fundamentals
05Transaction Cost Analysis
06Spot FX Risk Management
PART III
FX Forward Contracts
07Forward Contracts — Fundamentals
08Forward Pricing and Interest Rate Parity
09Corporate Hedging Applications
10Hedge Accounting Frameworks
11Settlement and Operations
PART IV
FX Swaps
12FX Swaps — Structure and Mechanics
13Funding Applications
14Central Bank Operations
15Liquidity Management
PART V
Non-Deliverable Forwards
16NDF Markets and Mechanics
17NDF Market Microstructure
18NDF Risk Management
Target Audience

Who Should Read This Book

Written for working professionals who need practical, implementable knowledge.

Corporate Treasurers

Managing FX exposures, implementing hedge programmes, and optimizing funding strategies across currencies.

FX Traders

Executing customer flows, managing trading desks, and implementing market-making strategies.

Risk Managers

Measuring FX risk, implementing controls, and ensuring regulatory compliance across portfolios.

Asset Managers

Implementing currency overlay programmes and hedging international portfolio exposures.

Finance Professionals

Developing expertise for career advancement, CFA/FRM preparation, or transitioning to FX markets.

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FX Cash Products
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Planned: Professional Python Toolkit

Planned to accompany the book at launch:

Pricing Engines Spot, forward, swap & NDF valuation
Risk Analytics VaR, stress testing, Greeks calculation
Hedge Accounting ASC 815 / IFRS 9 effectiveness testing
Jupyter Notebooks Interactive examples & tutorials
Before You Buy

Preview & Resources

Explore sample content and discover additional learning resources.

Sample Chapters

Read Chapters 1-2 free. Explore the writing style and depth of coverage before purchasing.

Interactive Flipbook

Browse the complete table of contents and sample pages in our interactive flipbook viewer.

Python Toolkit Preview

Explore the included code modules, documentation, and sample implementations.

Video Introduction

Watch a 10-minute overview of the book's approach and what you'll learn.
Companion Podcast

The Trading Floor

Dive deeper into FX markets with our companion podcast. Each episode explores key concepts from the book series, featuring real-world case studies, market commentary, and practical insights for working professionals.

Spotify Apple Podcasts YouTube
The Trading Floor FX Markets Podcast
About the Authors
Luigi Pascal Rondanini

Luigi Pascal Rondanini

Luigi Pascal Rondanini is a treasury and risk management consultant based in London, specializing in corporate finance transformation, FX exposure management, and derivatives market structure. His career spans major global banks, hedge funds, and multinational corporations, providing comprehensive perspective on FX markets from multiple participant viewpoints.

Over his career he has advised multinational corporations and financial institutions on streamlining treasury operations, integrating front-to-back systems, and implementing best-practice frameworks for liquidity and foreign-exchange risk.

David Axtell

David Axtell

David Axtell brings extensive experience across institutional FX markets, derivatives trading, and corporate treasury management. His career encompasses senior roles at leading global financial institutions, providing deep expertise in market structure, trading operations, and risk management frameworks.

Together, Luigi and David combine over 70 years of experience across 60+ countries, bridging the gap between academic theory and institutional practice with content that working professionals can implement immediately.

70+ Combined Years Experience
60+ Countries
5 Book Series
Complete Series

Foreign Exchange Markets Professional Series

A comprehensive five-book series covering the complete spectrum of foreign exchange markets.

Book 1

FX Cash Products

Coming Soon

Book 2

FX Derivatives Products

Coming Q1 2026

Book 3

Cross-Currency Swaps

Coming Q2 2026

Book 4

Emerging Market FX

Coming 2027

Book 5

FX Risk Management

Coming 2027