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    Fundamental theorem of asset pricing

    Is there a BT video on FTAP? I keep getting lost in the notation. Does this theorem essentially say that if if you can specify all of the future values of an asset A in terms of asset B then arbitrage opportunities allow to price asset A based on the risk neutral probabilities embedded in...
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    Feedback on part 1 May 2015 exam

    Does garp only provide a pass/fail? Or will we get the actual questions and answers. Can you request your answers or booklet? The conference room had NO clock. If Garp won't let you wear an ordinary watch then they should supply a clock. I made a huge mistake. I decided to circle and come back...
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    Positive or Negative Carry Roll Trade

    Is there a simple rule for determining whether a roll trade would have positive or negative carry? For example, does a "normal contago" market result automatically result in a negative carry.
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    Relationship between Mac and Mod Duration

    I would like to understand the conceptual relationship between Mac and Mod Duration. Mac Duration is a weighted avg time to repayment. How does multiplying Mac D times (1/(1+y)) result in the percent change in bond price for a 100 bps change in yield (Mod D)? What are the units for the...
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