invaluable book
Btw, your FX book great writing: invaluable book. You should be the one writing columns on the FT 😀
Now shipping
Reprinted first edition — proper figures & print quality
The reprinted first edition of FX Cash Products is out now, with corrected figures, proper picture sizing, and improved layout throughout. Thank you for holding us to the standard this subject deserves.
- Where to buy the corrected print: order from IngramSpark using the links on this page (paperback · hardcover), or book+toolkit bundles below.
- Avoid old stock: bookshops and other marketplaces may still hold copies from the earlier print run (with undersized figures). We strongly recommend IngramSpark so you receive the reprinted edition with proper pictures.
- eBook: the updated electronic edition is available now — download immediately from us. It is also available on major marketplaces.
Earlier purchasers: if you bought the previous print edition through a third-party retailer or marketplace, send us proof of purchase and we will apply a £20 discount toward your next title in the Foreign Exchange Markets Professional Series (Books 2–5). (Orders placed directly with us are handled separately — please contact us and we will make it right.) Email info@rondanini.com with your order confirmation.
Order the reprinted edition
Book 1 • Foreign Exchange Markets Professional Series
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.
17
Chapters
~400
Pages
Press Release
FOR IMMEDIATE RELEASE — 31 March 2026
Rondanini Publishing Releases FX Cash Products: Spot, Forwards, Swaps & Non-Deliverable Forwards
The inaugural volume of the Foreign Exchange Markets Professional Series is now available direct on this page, in print via IngramSpark, and on major marketplaces.
LONDON, ENGLAND — Rondanini Publishing Ltd today announces the publication of FX Cash Products: Spot, Forwards, Swaps & Non-Deliverable Forwards, Book 1 of the Foreign Exchange Markets Professional Series. The book is co-authored by Luigi Pascal Rondanini and David Axtell, two practitioners with a combined eight decades of experience in global financial markets.
The Foreign Exchange Markets Professional Series is designed for corporate treasurers, FX traders, risk managers, and asset managers who require institutional-grade reference material grounded in live market practice. Book 1 covers the full spectrum of FX cash instruments — spot, outright forwards, FX swaps, and non-deliverable forwards — through 17 chapters across five structured parts, accompanied by worked examples, Python toolkit references, and regulatory context.
“This series bridges a gap that has existed in professional financial education for too long,” said Luigi Pascal Rondanini. “Practitioners need depth, not simplification. Every chapter is written from the trading desk and the treasury function outward, not from the textbook inward.”
David Axtell, co-author and FX practitioner with a career spanning NatWest London, HSBC Dubai, Qatar National Bank, and SHUAA Capital, added: “The FX market is one of the most liquid and technically demanding in the world. This book gives readers the analytical rigour to operate within it with confidence.”
Book Details
- Title: FX Cash Products: Spot, Forwards, Swaps & Non-Deliverable Forwards
- Series: Foreign Exchange Markets Professional Series, Book 1 of 5
- Authors: Luigi Pascal Rondanini and David Axtell
- Publisher: Rondanini Publishing Ltd
- Publication Date: 31 March 2026
- Print ISBN: Available via IngramSpark
- eBook ISBN: Available direct from Rondanini
- Format: Print and eBook
- Available at: www.rondanini.com/cashfx (direct), IngramSpark (print), and major marketplaces
- Website: www.rondanini.com
About the Authors
Luigi Pascal Rondanini is the founder of Rondanini Publishing Ltd and a Management Consultant specialising in corporate treasury at Zanders. He brings 38 years of financial markets experience including a decade trading FX, money markets, derivatives, and fixed income securities.
David Axtell is an FX practitioner with 35 years of experience across NatWest London, HSBC Dubai, Qatar National Bank, USCB Riyadh, and SHUAA Capital. He is also the host of The Trading Floor podcast.
About Rondanini Publishing Ltd
Rondanini Publishing Ltd produces institutional-grade financial education for working practitioners. Its publishing programme includes the Foreign Exchange Markets Professional Series and over 120 professional mini manuals available at learn.rondanini.com. The company is based in the United Kingdom.
Media Contact
Rondanini Publishing Ltd
info@rondanini.com
www.rondanini.com
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.
- 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.
Figures Reference — Free Download
The 33 figures in this book are designed as visual summaries — each one consolidates a chapter's key concepts into a single reference diagram. They complement the text rather than carry it, but they deserve to be read clearly.
In a 6×9 paperback, the level of detail packed into each figure pushes against the limits of the format. For that reason I have prepared a free companion document — FX Cash Products: Figures & Tables Reference — containing all 33 figures reproduced at full size, in full vector quality.
It costs nothing, requires no registration, and is yours to keep and annotate as you see fit.
Download Figures Reference PDF
Luigi Pascal Rondanini
Table of Contents
17 chapters organized across five integrated parts:
Part I: Market Foundations
- Chapter 1 — Introduction to Foreign Exchange Markets
- Chapter 2 — Market Structure and Participants
- Chapter 3 — Currency Quotation Conventions
Part II: Spot FX Markets
- Chapter 4 — Spot FX Trading Fundamentals
- Chapter 5 — Transaction Cost Analysis
- Chapter 6 — Spot FX Risk Management
Part III: FX Forward Contracts
- Chapter 7 — FX Forward Contracts: Fundamentals
- Chapter 8 — Forward Pricing and Interest Rate Parity
- Chapter 9 — Corporate Hedging Applications
- Chapter 10 — Hedge Accounting Frameworks
- Chapter 11 — Settlement and Operations
Part IV: FX Swaps
- Chapter 12 — FX Swaps: Structure and Mechanics
- Chapter 13 — Funding Applications
- Chapter 14 — Central Bank Operations
- Chapter 15 — Liquidity Management
Part V: Non-Deliverable Forwards
- Chapter 16 — NDF Markets and Mechanics
- Chapter 17 — NDF Risk Management
Read a Sample
Preview the full front matter and Chapter 1 — 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.
Loading sample…
What Readers Are Saying
Reader comments from LinkedIn and Amazon. The Amazon review includes a response from the authors.
★★★★★
an FX standard text
It seems like I will be the first reviewer for this book, so I'll try to give some sort of general overview.
First let's talk about the worst parts, just to get them out of the way. The diagrams are all too small — ideally they should be full page, but alas they are about 30% of the size they should be. Reading the text on some diagrams is only possible with a smartphone.
Second point is repetition. Here is what we will tell you, here it is, this is what we just went over… simply not needed.
Some equations are not well formatted, but I'd assume the reader has met the topics before.
As an overview, the first 100 pages are actually on FX. The remainder of the book is TCA, VaR, ALM, but there is some NDF discussed again.
I would say the biggest issue people have with FX as a beginner is quote basis. So I'm going to give the book four stars as it is the foundation for everything else. Topics like USD/JPY quotes in Japan are not touched on. But the walkthrough is better than the CFA standard texts. Swaps I would think of as two forwards, rather than a spot and forward. There is also that rare three-currency FX swap.
I enjoyed reading about RFQ, RFS as well as the discussion on pair liquidity by venue. I leave the book wanting to read more about NDF wrong-way risk and carry trades. It seems the author is going to publish another book on basis trading, so it will make a nice complement.
Pricing
📚 Reprinted first edition — proper figures & print quality. Order via IngramSpark below to receive the corrected print with proper pictures. Bookshops and other marketplaces may still hold earlier stock from the first run. Book + toolkit bundles remain available direct from Rondanini. The updated eBook is available for immediate download here, and also on major marketplaces. Reprinted edition on IngramSpark: paperback · hardcover.
Best Value — Book + Toolkit Bundles
eBook + Toolkit
£59.99
Save £24.99 (was £84.98)
- Complete eBook (PDF + EPUB)
- Full Python Toolkit (instant access)
- eBook available immediately (PDF + EPUB)
- Lifetime updates
Paperback + Toolkit
£79.99
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- Premium paperback
- Free eBook included
- Full Python Toolkit (instant access)
- UK shipping included
- Print ships after order (typical dispatch within a few business days)
Book only — print distributor (IngramSpark)
Paperback (IngramSpark) · £51.99
Hardcover + Toolkit
£99.99
Premium • Save £24.99
- Library-quality hardcover
- Free eBook included
- Full Python Toolkit (instant access)
- UK shipping included
- Print ships after order (typical dispatch within a few business days)
Book only — print distributor (IngramSpark)
Hardcover (IngramSpark) · £67.99
Important notes for buyers
A note for international orders
Print book-only orders go via IngramSpark. Book + toolkit bundles ordered on this site are fulfilled by Rondanini (print via IngramSpark). Depending on your country, customs duties or import charges may apply on delivery. These are set by your local authority and are outside our control. Please factor this in when ordering.
Bought elsewhere? You can still get the bundle at the same price.
If you purchased the print edition through Amazon, IngramSpark, or another marketplace and would like to add the Python toolkit bundle, contact us directly. We charge only the difference between what you paid for print and the matching book + toolkit bundle price shown in the bundles above—so your total is the same as if you had bought that bundle from us. We match the format you bought (paperback vs hardcover) to the corresponding print bundle.
This offer applies to print editions only and requires proof of purchase—a screenshot or PDF of your marketplace order confirmation is sufficient. It does not apply to eBook-only purchases.
To claim, email orders@rondanini.com with your order confirmation attached or linked.
Books Only — Direct or IngramSpark
eBook Edition
Buy Direct
£34.99
PDF + EPUB formats
- Digital delivery (PDF + EPUB)
- Instant download
- Searchable text
- Lifetime updates
Also available on major marketplaces.
Paperback Edition
IngramSpark Share
£51.99
Premium print · distributor fulfilment
- High-quality print
- Perfect desk reference
- Reprinted first edition with corrected figures
- Ships from IngramSpark
Also available on major marketplaces. Marketplace stock may still be earlier print runs.
Hardcover Edition
IngramSpark Share
£67.99
Library-quality binding · distributor fulfilment
- Durable hardcover binding
- Premium paper stock
- Reprinted first edition with corrected figures
- Ships from IngramSpark
Also available on major marketplaces.
Python Toolkit — Standalone
Python Toolkit
£49.99
Institutional-grade FX analytics — Instant Download
- 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 Playground
Pricing Engines
Spot, Forward, Swap & NDF valuation
Valuation
Mark-to-market, Greeks (Δ, BPV, θ), XVA (CVA, DVA, FVA), Multi-curve
Analytics
VaR (3 types), Stress tests, TCA analysis, Scenarios
Regulatory
SA-CCR capital, Basel III, FRTB scenarios
Data Integration
Bloomberg ready, Refinitiv ready, Yahoo (free)
Accounting
IFRS 9, ASC 815, Effectiveness
🔧 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 Options
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 I receive my order?
Reprinted edition (direct orders): corrected paperback and hardcover ordered from this site typically dispatch within a few business days (UK shipping included where stated). The updated eBook and Python Toolkit are available for immediate download after purchase.
Where to get the corrected print: we recommend ordering from IngramSpark (links below). Other bookshops and marketplaces may still ship copies from the earlier print run until their stock turns over. Book + toolkit bundles remain available direct from Rondanini. Print is also available on major marketplaces.
IngramSpark — reprinted first edition: paperback · hardcover.
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.