FX Cash Products
Spot, Forwards, Swaps & Non-Deliverable Forwards by Luigi Pascal Rondanini & David Axtell
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.
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 β Structure, participants, trading sessions, and quotation conventions.
- Part II: Spot FX Markets β Trading fundamentals, execution strategies, transaction cost analysis, and operational risk management frameworks.
- Part III: FX Forward Contracts β Pricing theory, corporate hedging applications, hedge accounting requirements, and settlement operations.
- Part IV: FX Swaps β Structure and mechanics, funding applications, central bank operations, and liquidity management strategies.
- Part V: Non-Deliverable Forwards β NDF markets, emerging market microstructure, and NDF-specific risk management frameworks.
Table of Contents
17 chapters organized across five integrated parts:
Part I: Market Foundations
- Chapter 1 β Introduction to Foreign Exchange Markets
- Chapter 2 β Market Structure and Participants
- Chapter 3 β Currency Quotation Conventions
Part II: Spot FX Markets
- Chapter 4 β Spot FX Trading Fundamentals
- Chapter 5 β Transaction Cost Analysis
- Chapter 6 β Spot FX Risk Management
Part III: FX Forward Contracts
- Chapter 7 β FX Forward Contracts: Fundamentals
- Chapter 8 β Forward Pricing and Interest Rate Parity
- Chapter 9 β Corporate Hedging Applications
- Chapter 10 β Hedge Accounting Frameworks
- Chapter 11 β Settlement and Operations
Part IV: FX Swaps
- Chapter 12 β FX Swaps: Structure and Mechanics
- Chapter 13 β Funding Applications
- Chapter 14 β Central Bank Operations
- Chapter 15 β Liquidity Management
Part V: Non-Deliverable Forwards
- Chapter 16 β NDF Markets and Mechanics
- Chapter 17 β NDF Risk Management
Read a Sample
Preview the full front matter and Chapter 1 β Introduction to Foreign Exchange Markets in the viewer below. View-only; the sample cannot be downloaded.
Sample includes: title page, copyright, contents, and Chapter 1. Use the buttons to turn pages.
Pricing & Pre-Orders
π Pre-Order Now! All book editions will be delivered on March 31st, 2026. The Python Toolkit is available for immediate download with all book purchases.
Best Value β Book + Toolkit Bundles
eBook + Toolkit
- Complete eBook (PDF + EPUB)
- Full Python Toolkit (instant access)
- eBook delivers March 31st, 2026
- Lifetime updates
Paperback + Toolkit
- Premium paperback
- Free eBook included
- Full Python Toolkit (instant access)
- UK shipping included
- Book ships March 31st, 2026
Hardcover + Toolkit
- Library-quality hardcover
- Free eBook included
- Full Python Toolkit (instant access)
- UK shipping included
- Book ships March 31st, 2026
Books Only
eBook Edition
- Digital delivery (PDF + EPUB)
- Read on any device
- Searchable text
- Lifetime updates
- Delivers March 31st, 2026
Paperback Edition
- High-quality print
- Perfect desk reference
- Free eBook included (instant)
- UK shipping included
- Ships March 31st, 2026
Hardcover Edition
- Durable hardcover binding
- Premium paper stock
- Free eBook included (instant)
- UK shipping included
- Ships March 31st, 2026
Python Toolkit β Standalone
Python Toolkit
- 264 components (87 classes, 159 functions)
- Pricing engines: Spot, Forward, Swap & NDF valuation
- XVA framework: CVA, DVA, FVA, KVA
- SA-CCR capital calculations
- Multi-curve valuation (OIS, basis)
- Stress testing & VaR
- TCA analysis
- IFRS 9 hedge accounting
- Bloomberg/Refinitiv ready
- Interactive configuration UI
- Jupyter notebooks included
What's in the Python Toolkit?
Institutional-grade FX analytics at your fingertips.
Want to try the toolkit before you download it?
Launch the Python Playgroundπ§ Customization Services Available
The Python tools can be customized to match your specific needs. We offer tailored modifications, additional features, and integration services. Contact us for requirements to get a tailored estimate.
About the Authors
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.
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.
Combined 70+ years of institutional FX experience
Foreign Exchange Markets Professional Series
A comprehensive five-book series covering the complete spectrum of foreign exchange markets.
Book 1: FX Cash Products
Current Book
Book 2: FX Derivatives Products
Coming Q2 2026
Book 3: Cross-Currency Swaps
Coming Q1 2027
Book 4: Emerging Market FX
Coming 2027
Book 5: FX Risk Management
Coming 2027
Frequently Asked Questions
When will the physical book be available?
Physical editions (Paperback and Hardcover) will ship on March 31st, 2026. This is a pre-saleβby ordering now, you secure your copy at launch pricing and will be among the first to receive the book. The eBook (included free with physical orders) and Python Toolkit are available for immediate download after purchase.
What Python version is required?
Python 3.9 or higher. The toolkit is tested on Python 3.9, 3.10, 3.11, and 3.12.
Do I need Bloomberg/Refinitiv?
No. The toolkit works with manual data entry or free Yahoo Finance data. Bloomberg and Refinitiv integrations are optional features for institutional users.
What is the refund policy?
Due to the digital nature of our products, all sales are final. We provide comprehensive previews and sample chapters so you can evaluate the content before purchasing. For any technical issues with downloads or access, please contact support@rondanini.com.
Can I use this commercially?
Yes, with proof of purchase. The license allows commercial use within your organization. See the LICENSE file included in the toolkit for full details.
What's included in shipping?
UK shipping is included in the price. International shipping is available at additional cost, calculated at checkout.