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href="https://az.wikipedia.org/wiki/Maliyy%C9%99_m%C3%BCh%C9%99ndisliyi" title="Maliyyə mühəndisliyi – Azerbaijani" lang="az" hreflang="az" data-title="Maliyyə mühəndisliyi" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%A4%D0%B8%D0%BD%D0%B0%D0%BD%D1%81%D0%BE%D0%B2%D0%BE_%D0%B8%D0%BD%D0%B6%D0%B5%D0%BD%D0%B5%D1%80%D1%81%D1%82%D0%B2%D0%BE" title="Финансово инженерство – Bulgarian" lang="bg" hreflang="bg" data-title="Финансово инженерство" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Enginyeria_financera" title="Enginyeria financera – Catalan" lang="ca" hreflang="ca" data-title="Enginyeria financera" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%A7%CF%81%CE%B7%CE%BC%CE%B1%CF%84%CE%BF%CE%BF%CE%B9%CE%BA%CE%BF%CE%BD%CE%BF%CE%BC%CE%B9%CE%BA%CE%AE_%CE%BC%CE%B7%CF%87%CE%B1%CE%BD%CE%B9%CE%BA%CE%AE" title="Χρηματοοικονομική μηχανική – Greek" lang="el" hreflang="el" data-title="Χρηματοοικονομική μηχανική" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Ingenier%C3%ADa_financiera" title="Ingeniería financiera – Spanish" lang="es" hreflang="es" data-title="Ingeniería financiera" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D9%85%D9%87%D9%86%D8%AF%D8%B3%DB%8C_%D8%A7%D9%85%D9%88%D8%B1_%D9%85%D8%A7%D9%84%DB%8C" title="مهندسی امور مالی – Persian" lang="fa" hreflang="fa" data-title="مهندسی امور مالی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-gl mw-list-item"><a href="https://gl.wikipedia.org/wiki/Enxe%C3%B1ar%C3%ADa_financeira" title="Enxeñaría financeira – Galician" lang="gl" hreflang="gl" data-title="Enxeñaría financeira" data-language-autonym="Galego" data-language-local-name="Galician" class="interlanguage-link-target"><span>Galego</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EA%B8%88%EC%9C%B5%EA%B3%B5%ED%95%99" title="금융공학 – Korean" lang="ko" hreflang="ko" data-title="금융공학" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%B5%E0%A4%BF%E0%A4%A4%E0%A5%8D%E0%A4%A4%E0%A5%80%E0%A4%AF_%E0%A4%87%E0%A4%82%E0%A4%9C%E0%A5%80%E0%A4%A8%E0%A4%BF%E0%A4%AF%E0%A4%B0%E0%A5%80" title="वित्तीय इंजीनियरी – Hindi" lang="hi" hreflang="hi" data-title="वित्तीय इंजीनियरी" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Teknik_finansial" title="Teknik finansial – Indonesian" lang="id" hreflang="id" data-title="Teknik finansial" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-is mw-list-item"><a href="https://is.wikipedia.org/wiki/Fj%C3%A1rm%C3%A1laverkfr%C3%A6%C3%B0i" title="Fjármálaverkfræði – Icelandic" lang="is" hreflang="is" data-title="Fjármálaverkfræði" data-language-autonym="Íslenska" data-language-local-name="Icelandic" class="interlanguage-link-target"><span>Íslenska</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Ingegneria_finanziaria" title="Ingegneria finanziaria – Italian" lang="it" hreflang="it" data-title="Ingegneria finanziaria" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Kejuruteraan_kewangan" title="Kejuruteraan kewangan – Malay" lang="ms" hreflang="ms" data-title="Kejuruteraan kewangan" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E9%87%91%E8%9E%8D%E5%B7%A5%E5%AD%A6" title="金融工学 – Japanese" lang="ja" hreflang="ja" data-title="金融工学" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/In%C5%BCynieria_finansowa" title="Inżynieria finansowa – Polish" lang="pl" hreflang="pl" data-title="Inżynieria finansowa" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Engenharia_financeira" title="Engenharia financeira – Portuguese" lang="pt" hreflang="pt" data-title="Engenharia financeira" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Inginerie_financiar%C4%83" title="Inginerie financiară – Romanian" lang="ro" hreflang="ro" data-title="Inginerie financiară" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%A4%D0%B8%D0%BD%D0%B0%D0%BD%D1%81%D0%BE%D0%B2%D1%8B%D0%B9_%D0%B8%D0%BD%D0%B6%D0%B8%D0%BD%D0%B8%D1%80%D0%B8%D0%BD%D0%B3" title="Финансовый инжиниринг – Russian" lang="ru" hreflang="ru" data-title="Финансовый инжиниринг" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Finans_m%C3%BChendisli%C4%9Fi" title="Finans mühendisliği – Turkish" lang="tr" hreflang="tr" data-title="Finans mühendisliği" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%A4%D1%96%D0%BD%D0%B0%D0%BD%D1%81%D0%BE%D0%B2%D0%B8%D0%B9_%D1%96%D0%BD%D0%B6%D0%B8%D0%BD%D1%96%D1%80%D0%B8%D0%BD%D0%B3" title="Фінансовий інжиніринг – Ukrainian" lang="uk" hreflang="uk" data-title="Фінансовий інжиніринг" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-ur mw-list-item"><a href="https://ur.wikipedia.org/wiki/%D9%85%D8%A7%D9%84%DB%8C%D8%A7%D8%AA%DB%8C_%DB%81%D9%86%D8%AF%D8%B3%DB%8C%D8%A7%D8%AA" title="مالیاتی ہندسیات – Urdu" lang="ur" hreflang="ur" data-title="مالیاتی ہندسیات" data-language-autonym="اردو" 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a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><table class="sidebar nomobile nowraplinks plainlist"><tbody><tr><td class="sidebar-pretitle">Part of a series on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Financial_market" title="Financial market">Financial markets</a></th></tr><tr><td class="sidebar-image"><span class="notpageimage" typeof="mw:File"><a href="/wiki/File:Philippine-stock-market-board.jpg" class="mw-file-description"><img alt="Looking up at a computerized stocks-value board at the Philippine Stock Exchange" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/200px-Philippine-stock-market-board.jpg" decoding="async" width="200" height="150" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/300px-Philippine-stock-market-board.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/400px-Philippine-stock-market-board.jpg 2x" data-file-width="640" data-file-height="480" /></a></span></td></tr><tr><td class="sidebar-above" style="padding-bottom:0.7em;"> <ul><li><a href="/wiki/Market_(economics)" title="Market (economics)">Public market</a></li> <li><a href="/wiki/Exchange_(organized_market)" title="Exchange (organized market)">Exchange</a> <b>·</b> <a href="/wiki/Security_(finance)" title="Security (finance)">Securities</a></li></ul></td></tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Bond_market" title="Bond market">Bond market</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Bond_valuation" title="Bond valuation">Bond valuation</a></li> <li><a href="/wiki/Corporate_bond" title="Corporate bond">Corporate bond</a></li> <li><a href="/wiki/Fixed_income" title="Fixed income">Fixed income</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government bond</a></li> <li><a href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</a></li> <li><a href="/wiki/Municipal_bond" title="Municipal bond">Municipal bond</a></li> <li><br /><a href="/wiki/Securitization" title="Securitization">Securitization</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Stock_market" title="Stock market">Stock market</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Common_stock" title="Common stock">Common stock</a></li> <li><a href="/wiki/Growth_stock" title="Growth stock">Growth stock</a></li> <li><a href="/wiki/Preferred_stock" title="Preferred stock">Preferred stock</a></li> <li><a href="/wiki/Registered_share" title="Registered share">Registered share</a></li> <li><a href="/wiki/Shareholder" title="Shareholder">Shareholder</a></li> <li><a href="/wiki/Stock" title="Stock">Stock</a></li> <li><a href="/wiki/Stockbroker" title="Stockbroker">Stockbroker</a></li> <li><a href="/wiki/Stock_certificate" title="Stock certificate">Stock certificate</a></li> <li><a href="/wiki/Stock_exchange" title="Stock exchange">Stock exchange</a></li> <li><a href="/wiki/Watered_stock" title="Watered stock">Watered stock</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> Other markets</th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <div style="display:inline-block; padding:0.2em 0.4em; line-height:1.2em; line-height:1.25em;"><a href="/wiki/Derivatives_market" title="Derivatives market">Derivatives</a> <div class="hlist"><ul><li>(<a href="/wiki/Credit_derivative" title="Credit derivative">Credit derivative</a></li><li><a href="/wiki/Futures_exchange" title="Futures exchange">Futures exchange</a></li><li><a href="/wiki/Hybrid_security" title="Hybrid security">Hybrid security</a>)</li></ul></div> </div> <div style="display:inline-block; padding:0.2em 0.4em; line-height:1.2em; line-height:1.25em;padding-bottom:0.25em;"><a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">Foreign exchange</a> <div class="hlist"><ul><li>(<a href="/wiki/Currency" title="Currency">Currency</a></li><li><a href="/wiki/Exchange_rate" title="Exchange rate">Exchange rate</a>)</li></ul></div> </div> <ul><li><a href="/wiki/Commodity_market" title="Commodity market">Commodity</a></li> <li><a href="/wiki/Exchange-traded_fund" title="Exchange-traded fund">ETF</a></li> <li><a href="/wiki/Money_market" title="Money market">Money</a></li> <li><a href="/wiki/Mutual_fund" title="Mutual fund">Mutual fund</a></li> <li><a href="/wiki/Option_(finance)" title="Option (finance)">Option</a></li> <li><a href="/wiki/Real_estate" title="Real estate">Real estate</a></li> <li><a href="/wiki/Reinsurance" title="Reinsurance">Reinsurance</a></li> <li><a href="/wiki/Structured_product" title="Structured product">Structured product</a></li> <li><a href="/wiki/Swap_(finance)" title="Swap (finance)">Swap (finance)</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">Over-the-counter (off-exchange)</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <div class="hlist"><ul><li><a href="/wiki/Forward_contract" title="Forward contract">Forwards</a></li><li><a href="/wiki/Option_(finance)" title="Option (finance)">Options</a></li></ul></div> <div class="hlist"><ul><li><a href="/wiki/Spot_market" title="Spot market">Spot market</a></li><li><a href="/wiki/Swap_(finance)" title="Swap (finance)">Swaps</a></li></ul></div></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Trader_(finance)" title="Trader (finance)">Trading</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Financial_market_participants" title="Financial market participants">Participants</a></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">Regulation</a></li> <li><a href="/wiki/Clearing_(finance)" title="Clearing (finance)">Clearing</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> Related areas</th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Alternative_investment" title="Alternative investment">Alternative investment</a></li> <li><a href="/wiki/Angel_investor" title="Angel investor">Angel investor</a></li> <li><a href="/wiki/Asset_(economics)" title="Asset (economics)">Asset (economics)</a></li> <li><a href="/wiki/Asset_pricing" title="Asset pricing">Asset pricing</a></li> <li><a href="/wiki/Bank" title="Bank">Banks and banking</a></li> <li><a href="/wiki/Bull_(stock_market_speculator)" title="Bull (stock market speculator)">Bull</a></li> <li><a href="/wiki/Climate_finance" title="Climate finance">Climate finance</a></li> <li><a href="/wiki/Diversification_(finance)" title="Diversification (finance)">Diversification (finance)</a></li> <li><a href="/wiki/Eco-investing" title="Eco-investing">Eco-investing</a></li> <li><a href="/wiki/Environmental_finance" title="Environmental finance">Environmental finance</a></li> <li><a href="/wiki/Environmental,_social,_and_governance" title="Environmental, social, and governance">ESG</a></li> <li><a href="/wiki/Finance" title="Finance">Financial</a> <ul><li><a href="/wiki/Financial_analysis" title="Financial analysis">analysis</a></li> <li><a href="/wiki/Financial_analyst" title="Financial analyst">analyst</a></li> <li><a href="/wiki/Financial_asset" title="Financial asset">asset</a></li> <li><a href="/wiki/Financial_betting" title="Financial betting">betting</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">corporate</a></li> <li><a href="/wiki/Financial_crime" title="Financial crime">crime</a></li> <li><a href="/wiki/Financial_forecast" title="Financial forecast">forecast</a></li> <li><a href="/wiki/Personal_finance" title="Personal finance">personal</a></li> <li><a href="/wiki/Public_finance" title="Public finance">public</a></li> <li><a href="/wiki/Financial_services" title="Financial services">services</a></li></ul></li> <li><a href="/wiki/Fintech" title="Fintech">Fintech</a></li> <li><a href="/wiki/Greenwashing" title="Greenwashing">Greenwashing</a></li> <li><a href="/wiki/Growth_investing" title="Growth investing">Growth investing</a></li> <li><a href="/wiki/Impact_investing" title="Impact investing">Impact investing</a></li> <li><a href="/wiki/Investment_management" title="Investment management">Investment management</a></li> <li><a href="/wiki/Market_risk" title="Market risk">Market risk</a></li> <li><a href="/wiki/Market_trend" title="Market trend">Market trend</a></li> <li><a href="/wiki/Speculative_attack" title="Speculative attack">Speculative attack</a></li> <li><a href="/wiki/Sustainable_development_goals" class="mw-redirect" title="Sustainable development goals">Sustainable development goals</a></li> <li><a href="/wiki/Sustainable_finance" title="Sustainable finance">Sustainable finance</a></li></ul></td> </tr><tr><td class="sidebar-navbar" style="border-top:1px solid #aaa;"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_markets" title="Template:Financial markets"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_markets" title="Template talk:Financial markets"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_markets" title="Special:EditPage/Template:Financial markets"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <table class="wikitable floatright" width="250"> <tbody><tr style="text-align:center;"> <td>Fields </td></tr> <tr> <td> <p>The main applications of financial engineering<sup id="cite_ref-Capiski_1-0" class="reference"><a href="#cite_note-Capiski-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Ruppert_2-0" class="reference"><a href="#cite_note-Ruppert-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> are to: </p> <ul><li><a href="/wiki/Arbitrage" title="Arbitrage">Arbitrage</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a></li> <li><a href="/wiki/Derivative_(finance)" title="Derivative (finance)">Derivatives pricing</a></li> <li><a href="/wiki/Market_maker" title="Market maker">Execution</a></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">Financial regulation</a></li> <li><a href="/wiki/Investment_management" title="Investment management">Portfolio management</a></li> <li><a href="/wiki/Risk_management" title="Risk management">Risk management</a></li> <li><a href="/wiki/Structured_product" title="Structured product">Structured products</a></li> <li>International finance and financial administration</li> <li><a href="/wiki/Valuation_of_options" title="Valuation of options">Valuation of options</a></li></ul> </td></tr></tbody></table> <p><b>Financial engineering</b> is a multidisciplinary field involving <a href="/wiki/Financial_theory" class="mw-redirect" title="Financial theory">financial theory</a>, methods of <a href="/wiki/Engineering" title="Engineering">engineering</a>, tools of <a href="/wiki/Mathematics" title="Mathematics">mathematics</a> and the practice of <a href="/wiki/Mathematical_programming" class="mw-redirect" title="Mathematical programming">programming</a>.<sup id="cite_ref-IEOR_3-0" class="reference"><a href="#cite_note-IEOR-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> It has also been defined as the application of technical methods, especially from <a href="/wiki/Mathematical_finance" title="Mathematical finance">mathematical finance</a> and <a href="/wiki/Computational_finance" title="Computational finance">computational finance</a>, in the practice of <a href="/wiki/Finance" title="Finance">finance</a>.<sup id="cite_ref-Beder_4-0" class="reference"><a href="#cite_note-Beder-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>Financial engineering plays a key role in a bank's <a href="/wiki/Investment_banking#Sales_and_trading" title="Investment banking">customer-driven derivatives business</a><sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> — delivering bespoke <a href="/wiki/Over-the-counter_(finance)#Contracts" title="Over-the-counter (finance)">OTC-contracts</a> and <a href="/wiki/Exotic_derivative" title="Exotic derivative">"exotics"</a>, and implementing various <a href="/wiki/Structured_products" class="mw-redirect" title="Structured products">structured products</a> — which encompasses quantitative modelling, quantitative programming and <a href="/wiki/Risk_management" title="Risk management">risk managing</a> financial products in compliance with the regulations and <a href="/wiki/Basel_Accords" title="Basel Accords">Basel</a> capital/liquidity requirements. </p><p>An older use of the term "financial engineering" that is less common today is aggressive restructuring of corporate <a href="/wiki/Balance_sheet" title="Balance sheet">balance sheets</a>.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (June 2023)">citation needed</span></a></i>]</sup> Mathematical finance is the application of <a href="/wiki/Mathematics" title="Mathematics">mathematics</a> to finance.<sup id="cite_ref-Dubil_6-0" class="reference"><a href="#cite_note-Dubil-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Computational finance and mathematical finance are both subfields of financial engineering.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (October 2019)">citation needed</span></a></i>]</sup> Computational finance is a field in computer science and deals with the data and algorithms that arise in financial modeling. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Discipline">Discipline</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_engineering&action=edit&section=1" title="Edit section: Discipline"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Financial engineering draws on tools from <a href="/wiki/Applied_mathematics" title="Applied mathematics">applied mathematics</a>, <a href="/wiki/Computer_science" title="Computer science">computer science</a>, <a href="/wiki/Statistics" title="Statistics">statistics</a> and <a href="/wiki/Economic_theory" class="mw-redirect" title="Economic theory">economic theory</a>.<sup id="cite_ref-IAFE_7-0" class="reference"><a href="#cite_note-IAFE-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> In the broadest sense, anyone who uses technical tools in finance could be called a financial engineer, for example any <a href="/wiki/Computer_programmer" class="mw-redirect" title="Computer programmer">computer programmer</a> in a <a href="/wiki/Bank" title="Bank">bank</a> or any <a href="/wiki/Statistician" title="Statistician">statistician</a> in a government economic bureau.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> However, most practitioners restrict the term to someone educated in the full range of tools of modern finance and whose work is informed by financial theory.<sup id="cite_ref-Neftci_9-0" class="reference"><a href="#cite_note-Neftci-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> It is sometimes restricted even further, to cover only those originating new financial products and strategies.<sup id="cite_ref-Dubil_6-1" class="reference"><a href="#cite_note-Dubil-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>Despite its name, financial engineering does not belong to any of the <a href="/wiki/Fields_of_engineering" class="mw-redirect" title="Fields of engineering">fields</a> in traditional professional engineering even though many financial engineers have studied engineering beforehand and many universities offering a postgraduate degree in this field require applicants to have a background in engineering as well.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> In the United States, the <a href="/wiki/Accreditation_Board_for_Engineering_and_Technology" class="mw-redirect" title="Accreditation Board for Engineering and Technology">Accreditation Board for Engineering and Technology</a> (ABET) does not accredit financial engineering degrees.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> In the United States, financial engineering programs are accredited by the <i>International Association of Quantitative Finance</i>.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Quantitative_analyst" class="mw-redirect" title="Quantitative analyst">Quantitative analyst</a> ("Quant") is a broad term that covers any person who uses math for practical purposes, including financial engineers. Quant is often taken to mean "financial quant", in which case it is similar to financial engineer.<sup id="cite_ref-Haug_14-0" class="reference"><a href="#cite_note-Haug-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> The difference is that it is possible to be a theoretical quant, or a quant in only one specialized niche in finance, while "financial engineer" usually implies a practitioner with broad expertise.<sup id="cite_ref-Lindsey_15-0" class="reference"><a href="#cite_note-Lindsey-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p><p>"<a href="/wiki/Rocket_scientist" class="mw-redirect" title="Rocket scientist">Rocket scientist</a>" (<a href="/wiki/Aerospace_engineer" class="mw-redirect" title="Aerospace engineer">aerospace engineer</a>) is an older term, first coined in the development of rockets in WWII (<a href="/wiki/Wernher_von_Braun" title="Wernher von Braun">Wernher von Braun</a>), and later, the <a href="/wiki/NASA" title="NASA">NASA</a> space program; it was adapted by the first generation of financial quants who arrived on <a href="/wiki/Wall_Street" title="Wall Street">Wall Street</a> in the late 1970s and early 1980s.<sup id="cite_ref-Derman_16-0" class="reference"><a href="#cite_note-Derman-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> While basically synonymous with financial engineer, it implies adventurousness and fondness for <a href="/wiki/Disruptive_innovation" title="Disruptive innovation">disruptive innovation</a>.<sup id="cite_ref-Brown_17-0" class="reference"><a href="#cite_note-Brown-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> Financial "rocket scientists" were usually trained in applied mathematics, <a href="/wiki/Statistics" title="Statistics">statistics</a> or finance and spent their entire careers in risk-taking.<sup id="cite_ref-Brown1_18-0" class="reference"><a href="#cite_note-Brown1-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> They were not hired for their mathematical talents, they either worked for themselves or applied mathematical techniques to traditional financial jobs.<sup id="cite_ref-Neftci_9-1" class="reference"><a href="#cite_note-Neftci-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Brown_17-1" class="reference"><a href="#cite_note-Brown-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> The later generation of financial engineers were more likely to have PhDs in mathematics, <a href="/wiki/Physics" title="Physics">physics</a>, electrical and computer engineering, and often started their careers in academics or non-financial fields.<sup id="cite_ref-Stefanica_19-0" class="reference"><a href="#cite_note-Stefanica-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Criticisms">Criticisms</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_engineering&action=edit&section=2" title="Edit section: Criticisms"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Financial_mathematics#Criticism" class="mw-redirect" title="Financial mathematics">Financial mathematics § Criticism</a>, and <a href="/wiki/Financial_economics#Challenges_and_criticism" title="Financial economics">Financial economics § Challenges and criticism</a></div> <p>One of the prominent critics of financial engineering is <a href="/wiki/Nassim_Taleb" class="mw-redirect" title="Nassim Taleb">Nassim Taleb</a>, a professor of financial engineering at <a href="/wiki/Polytechnic_Institute_of_New_York_University" class="mw-redirect" title="Polytechnic Institute of New York University">Polytechnic Institute of New York University</a><sup id="cite_ref-Taleb_21-0" class="reference"><a href="#cite_note-Taleb-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> who argues that it replaces common sense and leads to disaster. A series of economic collapses has led many governments to argue a return to "real" <a href="/wiki/Engineering" title="Engineering">engineering</a> from financial engineering. A gentler criticism came from <a href="/wiki/Emanuel_Derman" title="Emanuel Derman">Emanuel Derman</a><sup id="cite_ref-Derman1_22-0" class="reference"><a href="#cite_note-Derman1-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> who heads a financial engineering degree program at Columbia University. He blames over-reliance on models for financial problems; see <a href="/wiki/Financial_Modelers%27_Manifesto" title="Financial Modelers' Manifesto">Financial Modelers' Manifesto</a>. </p><p>Many other authors have identified specific problems in financial engineering that caused catastrophes: </p> <ul><li><a href="/wiki/Aaron_Brown_(financial_author)" title="Aaron Brown (financial author)">Aaron Brown</a><sup id="cite_ref-Brown2_23-0" class="reference"><a href="#cite_note-Brown2-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> named confusion between quants and regulators over the meaning of "capital"</li> <li><a href="/wiki/Felix_Salmon" title="Felix Salmon">Felix Salmon</a><sup id="cite_ref-Salmon_24-0" class="reference"><a href="#cite_note-Salmon-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> gently pointed to the <a href="/wiki/Copula_(probability_theory)#Quantitative_finance" class="mw-redirect" title="Copula (probability theory)">Gaussian copula</a> (see <a href="/wiki/David_X._Li#CDOs_and_Gaussian_copula" title="David X. Li">David X. Li § CDOs and Gaussian copula</a>)</li> <li><a href="/wiki/Ian_Stewart_(mathematician)" title="Ian Stewart (mathematician)">Ian Stewart</a><sup id="cite_ref-Stewart_25-0" class="reference"><a href="#cite_note-Stewart-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> criticized the <a href="/wiki/Black-Scholes_formula" class="mw-redirect" title="Black-Scholes formula">Black-Scholes formula</a></li> <li>Pablo Triana<sup id="cite_ref-Triana_26-0" class="reference"><a href="#cite_note-Triana-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> (<a href="/wiki/Value_at_risk#Criticism" title="Value at risk">along with others</a> including Taleb and Brown) dislikes <a href="/wiki/Value_at_risk" title="Value at risk">value at risk</a></li> <li><a href="/wiki/Scott_Patterson_(author)" title="Scott Patterson (author)">Scott Patterson</a><sup id="cite_ref-Patterson_27-0" class="reference"><a href="#cite_note-Patterson-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Patterson1_28-0" class="reference"><a href="#cite_note-Patterson1-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> accused quantitative traders and later high-frequency traders.</li></ul> <p>The <a href="/wiki/Financial_innovation" title="Financial innovation">financial innovation</a> often associated with financial engineers was mocked by former chairman of the Federal Reserve <a href="/wiki/Paul_Volcker" title="Paul Volcker">Paul Volcker</a> in 2009 when he said it was a code word for risky securities, that brought no benefits to society. For most people, he said, the advent of the <a href="/wiki/Automated_teller_machine" class="mw-redirect" title="Automated teller machine">ATM</a> was more crucial than any <a href="/wiki/Asset-backed_security" title="Asset-backed security">asset-backed bond</a>.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Education">Education</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_engineering&action=edit&section=3" title="Edit section: Education"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Outline_of_finance#Education" title="Outline of finance">Outline of finance § Education</a>, and <a href="/wiki/Quantitative_analysis_(finance)#Education" title="Quantitative analysis (finance)">Quantitative analysis (finance) § Education</a></div> <p>The first <a href="/wiki/Master_of_Financial_Engineering" class="mw-redirect" title="Master of Financial Engineering">Master of Financial Engineering</a> degree programs were set up in the early 1990s. The number and size of programs has grown rapidly, to the extent that some now use the term "financial engineer" to refer to a graduate in the field.<sup id="cite_ref-IAFE_7-1" class="reference"><a href="#cite_note-IAFE-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> The financial engineering program at <a href="/wiki/Polytechnic_Institute_of_New_York_University" class="mw-redirect" title="Polytechnic Institute of New York University">New York University Polytechnic School of Engineering</a> was the first curriculum to be certified by the <a href="/wiki/International_Association_of_Financial_Engineers" class="mw-redirect" title="International Association of Financial Engineers">International Association of Financial Engineers</a>.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> The number, and variation, of these programs has grown over the decades subsequent (see <a href="/wiki/Master_of_Quantitative_Finance#History" title="Master of Quantitative Finance">Master of Quantitative Finance § History</a>); and lately includes undergraduate study, as well as <a href="/wiki/Professional_certification_in_financial_services" title="Professional certification in financial services">designations</a> such as the <a href="/wiki/Certificate_in_Quantitative_Finance" class="mw-redirect" title="Certificate in Quantitative Finance">Certificate in Quantitative Finance</a>. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_engineering&action=edit&section=4" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col"> <ul><li><a href="/wiki/Actuarial_science" title="Actuarial science">Actuarial science</a></li> <li><a href="/wiki/Computational_finance" title="Computational finance">Computational finance</a></li> <li><a href="/wiki/Financial_modeling" title="Financial modeling">Financial modeling</a></li> <li><a href="/wiki/List_of_finance_topics" class="mw-redirect" title="List of finance topics">List of finance topics</a></li> <li><a href="/wiki/Mathematical_finance" title="Mathematical finance">Mathematical finance</a></li> <li><a href="/wiki/Quantitative_analyst" class="mw-redirect" title="Quantitative analyst">Quantitative analyst</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_engineering&action=edit&section=5" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-Capiski-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-Capiski_1-0">^</a></b></span> <span class="reference-text">Marek Capiski and Tomasz Zastawniak, <i>Mathematics for Finance: An Introduction to Financial Engineering</i>, Springer (November 25, 2010) 978-0857290816</span> </li> <li id="cite_note-Ruppert-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-Ruppert_2-0">^</a></b></span> <span class="reference-text">David Ruppert, <i>Statistics and Data Analysis for Financial Engineering</i>, Springer (November 17, 2010) 978-1441977861</span> </li> <li id="cite_note-IEOR-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-IEOR_3-0">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://ieor.columbia.edu/ms-financial-engineering">"MS in Financial Engineering"</a>. Columbia University Department of Industrial Engineering and Operations Research. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170119053357/http://ieor.columbia.edu/ms-financial-engineering">Archived</a> from the original on 2017-01-19<span class="reference-accessdate">. Retrieved <span class="nowrap">2017-01-18</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=MS+in+Financial+Engineering&rft.pub=Columbia+University+Department+of+Industrial+Engineering+and+Operations+Research&rft_id=http%3A%2F%2Fieor.columbia.edu%2Fms-financial-engineering&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+engineering" class="Z3988"></span></span> </li> <li id="cite_note-Beder-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-Beder_4-0">^</a></b></span> <span class="reference-text">Tanya S. Beder and Cara M. Marshall, <i>Financial Engineering: The Evolution of a Profession</i>, Wiley (June 7, 2011) 978-0470455814</span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text">Qu, Dong (2016). <i><a rel="nofollow" class="external text" href="https://www.amazon.com/gp/product/1118632621?keywords=dong%20qu&qid=1444725736&ref_=sr_1_2&sr=8-2">Manufacturing and Managing Customer-Driven Derivatives</a></i>. Wiley. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-118-63262-8" title="Special:BookSources/978-1-118-63262-8">978-1-118-63262-8</a>.</span> </li> <li id="cite_note-Dubil-6"><span class="mw-cite-backlink">^ <a href="#cite_ref-Dubil_6-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Dubil_6-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Robert Dubil, <i>Financial Engineering and Arbitrage in the Financial Markets</i>, Wiley (October 11, 2011) 978-0470746011</span> </li> <li id="cite_note-IAFE-7"><span class="mw-cite-backlink">^ <a href="#cite_ref-IAFE_7-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-IAFE_7-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20120630202827/http://www.iafeguide.org/financial-engineer.php">"What is Financial Engineering?"</a>. International Association of Financial Engineers. Archived from <a rel="nofollow" class="external text" href="http://www.iafeguide.org/financial-engineer.php">the original</a> on 2012-06-30<span class="reference-accessdate">. Retrieved <span class="nowrap">2012-07-22</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=What+is+Financial+Engineering%3F&rft.pub=International+Association+of+Financial+Engineers&rft_id=http%3A%2F%2Fwww.iafeguide.org%2Ffinancial-engineer.php&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+engineering" class="Z3988"></span></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text">Ali N. Akansu and Mustafa U. Torun. 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Lindsey and Barry Schachter (editors), <i>How I Became a Quant: Insights from 25 of Wall Street's Elite</i>, Wiley (August 3, 2009) 978-0470452578</span> </li> <li id="cite_note-Derman-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-Derman_16-0">^</a></b></span> <span class="reference-text">Emanuel Derman, <i>My Life as a Quant: Reflections on Physics and Finance</i>, Wiley (September 16, 2004) 978-0471394204</span> </li> <li id="cite_note-Brown-17"><span class="mw-cite-backlink">^ <a href="#cite_ref-Brown_17-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Brown_17-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Aaron Brown, <i>Red-Blooded Risk: The Secret History of Wall Street</i>, Wiley (October 11, 2011) 978-1118043868</span> </li> <li id="cite_note-Brown1-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-Brown1_18-0">^</a></b></span> <span class="reference-text">Aaron Brown, <i>The Poker Face of Wall Street</i>, Wiley (March 31, 2006) 978-0470127315</span> </li> <li id="cite_note-Stefanica-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-Stefanica_19-0">^</a></b></span> <span class="reference-text">Dan Stefanica, <i>A Primer for the Mathematics of Financial Engineering</i>, FE Press (April 4, 2008) 978-0979757600</span> </li> <li id="cite_note-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-20">^</a></b></span> <span class="reference-text">Akansu, Ali N.; Kulkarni, Sanjeev R.; Malioutov, Dmitry M., Eds. (2016), Financial Signal Processing and Machine Learning, Hoboken, NJ: Wiley-IEEE Press, <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-118-74567-0" title="Special:BookSources/978-1-118-74567-0">978-1-118-74567-0</a></span> </li> <li id="cite_note-Taleb-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-Taleb_21-0">^</a></b></span> <span class="reference-text">Nassim Nicholas Taleb, <i>The Black Swan: The Impact of the Highly Improbable</i>, Random House (April 17, 2007) 978-1400063512</span> </li> <li id="cite_note-Derman1-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-Derman1_22-0">^</a></b></span> <span class="reference-text">Emanuel Derman, <i>Models.Behaving.Badly.: Why Confusing Illusion with Reality Can Lead to Disaster, on Wall Street and in Life</i>, Free Press (July 24, 2012) 978-1439164990</span> </li> <li id="cite_note-Brown2-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-Brown2_23-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.minyanville.com/business-news/markets/articles/quants-quant-traders-trading-quantitative-traders/7/9/2012/id/42227">"<i>Whodunit? Rocket Scientists on Wall Street</i>"</a>. Minyanville. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120711201635/http://www.minyanville.com/business-news/markets/articles/quants-quant-traders-trading-quantitative-traders/7/9/2012/id/42227">Archived</a> from the original on 2012-07-11<span class="reference-accessdate">. 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Retrieved <span class="nowrap">2012-07-22</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=The+Mathematical+Equation+that+Caused+the+Banks+to+Crash&rft.date=2012-02-12&rft.aulast=Stewart&rft.aufirst=Ian&rft_id=https%3A%2F%2Fwww.theguardian.com%2Fscience%2F2012%2Ffeb%2F12%2Fblack-scholes-equation-credit-crunch&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+engineering" class="Z3988"></span></span> </li> <li id="cite_note-Triana-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-Triana_26-0">^</a></b></span> <span class="reference-text">< Pablo Triana, The Number That Killed Us: A Story of Modern Banking, Flawed Mathematics, and a Big Financial Crisis <i>, Wiley (December 6, 2011) 978-0470529737</i></span> </li> <li id="cite_note-Patterson-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-Patterson_27-0">^</a></b></span> <span class="reference-text">< Scott Patterson, <i>The Quants: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It</i>, Crown Business (February 2, 2010) 978-0307453372</span> </li> <li id="cite_note-Patterson1-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-Patterson1_28-0">^</a></b></span> <span class="reference-text">< Scott Patterson, <i> Dark Pools: High-Speed Traders, A.I. Bandits, and the Threat to the Global Financial System</i>, Crown Business (June 12, 2012) 978-0307887177</span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20130928083853/http://uk.reuters.com/article/2009/02/20/usa-economy-volcker-idUKN2029103720090220">"Crisis may be worse than Depression, Volcker says"</a>. Reuters. Feb 20, 2009. Archived from <a rel="nofollow" class="external text" href="http://uk.reuters.com/article/usa-economy-volcker-idUKN2029103720090220">the original</a> on 2013-09-28<span class="reference-accessdate">. Retrieved <span class="nowrap">2013-09-05</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Crisis+may+be+worse+than+Depression%2C+Volcker+says&rft.date=2009-02-20&rft_id=http%3A%2F%2Fuk.reuters.com%2Farticle%2Fusa-economy-volcker-idUKN2029103720090220&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+engineering" class="Z3988"></span></span> </li> <li id="cite_note-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-30">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.poly.edu/academics/departments/finance">"{title}"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130410150319/http://www.poly.edu/academics/departments/finance">Archived</a> from the original on 2013-04-10<span class="reference-accessdate">. Retrieved <span class="nowrap">2013-04-25</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=%7Btitle%7D&rft_id=http%3A%2F%2Fwww.poly.edu%2Facademics%2Fdepartments%2Ffinance&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+engineering" class="Z3988"></span></span> </li> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://archive.poly.edu/fe/people/faculty/adjunct/index.php">"The Department of Finance and Risk Engineering"</a>. Polytechnic Institute of NYU. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140104064953/http://engineering.nyu.edu/academics/departments/finance?old=fe%2Fpeople%2Ffaculty%2Fadjunct%2Findex.php">Archived</a> from the original on 2014-01-04<span class="reference-accessdate">. Retrieved <span class="nowrap">2012-05-09</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+Department+of+Finance+and+Risk+Engineering&rft.pub=Polytechnic+Institute+of+NYU&rft_id=http%3A%2F%2Farchive.poly.edu%2Ffe%2Fpeople%2Ffaculty%2Fadjunct%2Findex.php&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+engineering" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_engineering&action=edit&section=6" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBederMarshall2011" class="citation book cs1">Beder, Tanya S.; Marshall, Cara M. (2011). <i>Financial Engineering: The Evolution of a Profession</i>. John Wiley & Sons.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Financial+Engineering%3A+The+Evolution+of+a+Profession&rft.pub=John+Wiley+%26+Sons&rft.date=2011&rft.aulast=Beder&rft.aufirst=Tanya+S.&rft.au=Marshall%2C+Cara+M.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+engineering" class="Z3988"></span></li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output 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