Zur Risikosteuerung steht den Banken und Sparkassen eine Vielzahl von Kassainstrumenten und Derivaten zur Verfügung. Dieses Buch zeigt, dass sich die auf den ersten Blick komplexen Produktstrukturen aus einfachen Grundbausteinen zusammensetzen. In kompakter Form stellen die Autoren die wesentlichen Aspekte aller relevanten Absicherungsinstrumente mit ihren spezifischen Gefahren- und Gewinnpotenzialen vor. Mit Hilfe einer Vielzahl praxisorientierter Beispiele veranschaulichen sie konkret die Auswirkungen ihres Einsatzes auf die Bilanz und die Erfolgsrechnung einer Bank. Auf diese Weise wird das Risikomanagement auch für die Leser transparent, die selbst keine Experten im Derivategeschäft sind, aufgrund ihrer Verantwortung aber Entscheidungen der Spezialisten mit tragen müssen.

The book is the Proceedings of the Conference ENUMATH 2003, the 5th European Conference on Numerical Mathematics, concerned with most recent achievements in scientific computing, computational mathematics, numerical analysis and their applications. These proceedings contain a selection of invited plenary lectures, papers presented in minisymposia and contributed papers. All contributions to these proceedings have been reviewed by members of the Scientific Committee. Attention is paid to theoretical aspects of new numerical techniques and algorithms, as well as to applications, for example in fluid dynamics, electromagnetic fields, structural mechanics, free boundary problems. The book will be very useful for a wide range of readers, giving them an excellent overview of the most modern methods, techniques, algorithms and results in numerical mathematics, scientific computing and their applications.

These proceedings collect the major part of the lectures given at ENU­ MATH2003, the European Conference on Numerical Mathematics and Ad­ vanced Applications, held in Prague, Czech Republic, from 18 August to 22 August, 2003. The importance of numerical and computational mathematics and sci­ entific computing is permanently growing. There is an increasing number of different research areas, where numerical simulation is necessary. Let us men­ tion fluid dynamics, continuum mechanics, electromagnetism, phase transi­ tion, cosmology, medicine, economics, finance, etc. The success of applications of numerical methods is conditioned by changing its basic instruments and looking for new appropriate techniques adapted to new problems as well as new computer architectures. The ENUMATH conferences were established in order to provide a fo­ rum for discussion of current topics of numerical mathematics. They seek to convene leading experts and young scientists with special emphasis on con­ tributions from Europe. Recent results and new trends are discussed in the analysis of numerical algorithms as well as in their applications to challenging scientific and industrial problems. The first ENUMATH conference was organized in Paris in 1995, then the series continued by the conferences in Heidelberg 1997, Jyvaskyla 1999 and Ischia Porto 2001. It was a great pleasure and honour for the Czech numerical community that it was decided at Ischia Porto to organize the ENUMATH2003 in Prague. It was the first time when this conference crossed the former Iron Courtain and was organized in a postsocialist country.

These proceedings collect the major part of the lectures given at ENU­ MATH2003, the European Conference on Numerical Mathematics and Ad­ vanced Applications, held in Prague, Czech Republic, from 18 August to 22 August, 2003. The importance of numerical and computational mathematics and sci­ entific computing is permanently growing. There is an increasing number of different research areas, where numerical simulation is necessary. Let us men­ tion fluid dynamics, continuum mechanics, electromagnetism, phase transi­ tion, cosmology, medicine, economics, finance, etc. The success of applications of numerical methods is conditioned by changing its basic instruments and looking for new appropriate techniques adapted to new problems as well as new computer architectures. The ENUMATH conferences were established in order to provide a fo­ rum for discussion of current topics of numerical mathematics. They seek to convene leading experts and young scientists with special emphasis on con­ tributions from Europe. Recent results and new trends are discussed in the analysis of numerical algorithms as well as in their applications to challenging scientific and industrial problems. The first ENUMATH conference was organized in Paris in 1995, then the series continued by the conferences in Heidelberg 1997, Jyvaskyla 1999 and Ischia Porto 2001. It was a great pleasure and honour for the Czech numerical community that it was decided at Ischia Porto to organize the ENUMATH2003 in Prague. It was the first time when this conference crossed the former Iron Courtain and was organized in a postsocialist country.

Zur Risikosteuerung steht den Banken und Sparkassen eine Vielzahl von Kassainstrumenten und Derivaten zur Verfügung. Dieses Buch zeigt, dass sich die auf den ersten Blick komplexen Produktstrukturen aus einfachen Grundbausteinen zusammensetzen. In kompakter Form stellen die Autoren die wesentlichen Aspekte aller relevanten Absicherungsinstrumente mit ihren spezifischen Gefahren- und Gewinnpotenzialen vor. Mit Hilfe einer Vielzahl praxisorientierter Beispiele veranschaulichen sie konkret die Auswirkungen ihres Einsatzes auf die Bilanz und die Erfolgsrechnung einer Bank. Auf diese Weise wird das Risikomanagement auch für die Leser transparent, die selbst keine Experten im Derivategeschäft sind, aufgrund ihrer Verantwortung aber Entscheidungen der Spezialisten mit tragen müssen.

The book is the Proceedings of the Conference ENUMATH 2003, the 5th European Conference on Numerical Mathematics, concerned with most recent achievements in scientific computing, computational mathematics, numerical analysis and their applications. These proceedings contain a selection of invited plenary lectures, papers presented in minisymposia and contributed papers. All contributions to these proceedings have been reviewed by members of the Scientific Committee. Attention is paid to theoretical aspects of new numerical techniques and algorithms, as well as to applications, for example in fluid dynamics, electromagnetic fields, structural mechanics, free boundary problems. The book will be very useful for a wide range of readers, giving them an excellent overview of the most modern methods, techniques, algorithms and results in numerical mathematics, scientific computing and their applications.

These proceedings collect the major part of the lectures given at ENU­ MATH2003, the European Conference on Numerical Mathematics and Ad­ vanced Applications, held in Prague, Czech Republic, from 18 August to 22 August, 2003. The importance of numerical and computational mathematics and sci­ entific computing is permanently growing. There is an increasing number of different research areas, where numerical simulation is necessary. Let us men­ tion fluid dynamics, continuum mechanics, electromagnetism, phase transi­ tion, cosmology, medicine, economics, finance, etc. The success of applications of numerical methods is conditioned by changing its basic instruments and looking for new appropriate techniques adapted to new problems as well as new computer architectures. The ENUMATH conferences were established in order to provide a fo­ rum for discussion of current topics of numerical mathematics. They seek to convene leading experts and young scientists with special emphasis on con­ tributions from Europe. Recent results and new trends are discussed in the analysis of numerical algorithms as well as in their applications to challenging scientific and industrial problems. The first ENUMATH conference was organized in Paris in 1995, then the series continued by the conferences in Heidelberg 1997, Jyvaskyla 1999 and Ischia Porto 2001. It was a great pleasure and honour for the Czech numerical community that it was decided at Ischia Porto to organize the ENUMATH2003 in Prague. It was the first time when this conference crossed the former Iron Courtain and was organized in a postsocialist country.

These proceedings collect the major part of the lectures given at ENU­ MATH2003, the European Conference on Numerical Mathematics and Ad­ vanced Applications, held in Prague, Czech Republic, from 18 August to 22 August, 2003. The importance of numerical and computational mathematics and sci­ entific computing is permanently growing. There is an increasing number of different research areas, where numerical simulation is necessary. Let us men­ tion fluid dynamics, continuum mechanics, electromagnetism, phase transi­ tion, cosmology, medicine, economics, finance, etc. The success of applications of numerical methods is conditioned by changing its basic instruments and looking for new appropriate techniques adapted to new problems as well as new computer architectures. The ENUMATH conferences were established in order to provide a fo­ rum for discussion of current topics of numerical mathematics. They seek to convene leading experts and young scientists with special emphasis on con­ tributions from Europe. Recent results and new trends are discussed in the analysis of numerical algorithms as well as in their applications to challenging scientific and industrial problems. The first ENUMATH conference was organized in Paris in 1995, then the series continued by the conferences in Heidelberg 1997, Jyvaskyla 1999 and Ischia Porto 2001. It was a great pleasure and honour for the Czech numerical community that it was decided at Ischia Porto to organize the ENUMATH2003 in Prague. It was the first time when this conference crossed the former Iron Courtain and was organized in a postsocialist country.