Beyond Stocks and Bonds: Learning about Futures, Options, Derivatives, and More
Annual BRASS program
June 27, 2005
Bibliography of Resources & Glossary
Compiled by BRASS 2005 Annual Program Planning Committee
Kaiping Zhang, Chair
Glossary compiled by
- Chisholm, Andrew. Derivatives Demystified: A Step-by Step Guide to Forwards, Futures, Swaps and Options. Hoboken, NJ: John Wiley & Sons, 2004. ISBN: 047009382X (pbk), $79.95.
Chisholm presents derivative products in a clear and understandable way without complex mathematical explanations. He uses case studies and examples of practical applications to shed light on how derivatives are used in many areas of business today. This book would be an excellent resource for derivative novices.
- Liaw, K. Thomas, & Moy, Ronald. The Irwin Guide to Stocks, Bonds, Futures, and Options: A Comprehensive Guide to Wall Street's Markets. New York, NY: McGraw-Hill Professional, 2001. ISBN: 0071359478, $27.95.
This is a comprehensive guide to all major investments and their markets written in clear and accessible language.
- Niederhoffer, Victor. Education of a Speculator. New York, NY: John Wiley & Sons, 1998. ISBN: 0471249483 (pbk), $19.95.
A recollection of a life of ups and, more often, downs, involving losses of seven- and eight-figure amounts. This controversial speculator compares trading to the arts of chess, checkers, fishing, poker, tennis, painting, and music in a highly entertaining autobiography.
- Schwager, Jack. The New Market Wizards: Interviews with Top Traders. New York, NY: HarperBusiness, 1994. ISBN: 0887306675 (pbk), $17.00.
Interviews with seventeen of the world’s best traders. Real life conversations with background explanatory text from the author make commodity futures, currencies, and options trading come boldly alive. Much here for the general reader.
- Wasendorf, Russell R. All About Futures: the Easy Way to Get Started, 2nd ed. New York, NY: McGraw Hill, 2001. ISBN: 0071341706, $16.95.
This book provides an in-depth description of options and futures. It also gives an overview of some of the larger and more active markets, describing supply and demand and key issues for particular contracts. The book is written in non-technical language that makes it very easy to read and comprehend.
- " What You Should Know Before You Trade. " Commodity Futures Trading Commission: United States, September 17, 2004. http://purl.access.gpo.gov/GPO/LPS20858.
This webpage provides a very basic description of options and futures and how they are traded.
- CRB Commodity Yearbook. New York, NY: John Wiley & Sons, Commodity Research Bureau. Updated annually. ISBN: 0471707686 (2005 ed.), $200.00.
This is an indispensable resource for commodity and futures market information and data. A brief profile is provided for each of 100+ commodities which discusses economic, political, or weather events that have recently impacted each specific commodity. While the quantitative data will differ somewhat for specific commodities, typical selections include production, consumption, prices, and exports.
Annual Report of the Commodity Futures Trading Commission. Washington, DC: The Commission. Updated annually. Latest issue:
Archives back to 1996: http://purl.access.gpo.gov/GPO/LPS37345.
Futures and options statistics by major commodity groups and by exchanges. Also includes a list of futures and options contracts authorized for trading by the CFTC. (Note: Look under Commission Reports.)
- Value Line Daily Options Survey. New York, NY: Value Line Publishing, 48 times a year (issued on 1st 4 Mondays of each month). ISSN: 1082-0051. Online also available.
This resource covers 10,000 stock and stock index options. It gives the expiration date, strike price, option ticker, bid and ask price, etc. It also gives recommendations for buying and selling.
- Wall Street Journal. New York, NY: Dow Jones & Company. ISSN: 0099-9660. Online also available.
The Money & Investing Section is an excellent source for futures prices.
- Catania, Patrick & Rose, Frank (eds.). Commodity Trading Manual. Chicago, IL: Chicago Board of Trade, 2000. ISBN: 1888998148, $55.00.
This is a good resource for understanding commodity trading in the futures industry. Some of the specific topics covered are the historical evolution of the industry, price analysis, hedging, options, the underlying markets, and an overview of how an exchange operates.
- Fabozzi, Frank J. The Handbook of Fixed Income Securities, 7th ed. New York, NY: McGraw-Hill Companies, 2005. ISBN: 0071440992, $129.95.
Provides current analysis on all major fixed income markets and includes information on derivative instruments and their portfolio management applications.
- Handbook of World Stock, Derivative and Commodity Exchanges. Datchworth, UK: MondoVisione. Updated annually. $847. Online also available.
This resource covers 106 countries and 251 exchanges providing information such as contracts offered, contract units and months, last trading day, maturity date, settlement details, trading hours, etc. This book has had many corporate authors, such as Hewlett Packard, Compaq, Morgan Stanley, and Bridge. It is also available in electronic format through the publisher and in the Factiva database.
- Johnson, Philip McBride & Hazen, Thomas Lee. Derivatives Regulation. New York, NY: Aspen Publishers, 2004. ISBN: 0735533369, $395.00.
Three-volume set on the regulation of derivative securities from a legal perspective. Overview of derivatives markets, marketing effects, offenses and remedies. Includes chapters on the Commodities Futures Trading Commission and an appendix which reprints Commodities Exchange Act.
- Moss, Rita W. Strauss's Handbook of Business Information: A Guide for Librarians, Students, and Researchers, 2nd ed. Westport, CT: Libraries Unlimited, 2003. ISBN: 1563085208, $85.00.
This popular reference tool is divided into two sections. The first seven chapters cover business information by format. The second part of the book covers specific topics within the area of business. Chapter 15 is devoted to futures and options.
Gastineau, Gary & Kritzman, Mark. Dictionary of Financial Risk Management, 3rd ed. Hoboken, NJ: John Wiley & Sons, 2001. ISBN: 1883249570, $49.95.
Lynn, Guy. A Dictionary of Futures, Options and the Stock Market: 12000 Terms Currently Used in the USA, UK and Canada. San Leandro, CA: Mason Publishing, 2004. ISBN: 0974418439, $24.50.
The New York Times Dictionary of Money and Investing: The Essential A-to-Z Guide to the Language of the New Market. New York, NY: Henry Holt & Company, 2002. ISBN: 080506933X, $17.00.
- Shim, Jae & Constas, Michael. Encyclopedic Dictionary of International Finance and Banking. New York, NY: St. Lucie Press, 2001. ISBN: 1574442910, $64.95.
Useful dictionary for all types of financial definitions. Particularly effective definitions of derivatives and financial derivatives with examples and chart of general characteristics of major types of financial derivatives.
Webber, Alan. Dictionary of Futures & Options: 1500 International Terms Defined and Explained. Cambridge, UK: Probus Publishing Company, 1994. ISBN: 1557385955, $40.00.
ALTAVEST Worldwide Trading, Inc.
Chicago Board of Trade Glossary
CFTC Glossary: A Guide to the Language of the Futures Industry
The Center Online Glossary
Yahoo! Finance Options Glossary
Commodity Market Futures & Options Terms & Definitions
Barkley's Comprehensive Financial Glossary
Commodities and Futures
Commodity Futures Trading Commission
Commodity Futures Trading Commission (CFTC) is an independent agency with the mandate to regulate commodity futures and options markets in the United States. The website has links to all domestic exchanges, market analysis, market surveillance, and market research.
FAOSTAT Agriculture Data
Made available by the Food & Agriculture Organization of the United Nations, FAOSTAT provides statistical compilation on agricultural production and trade on both a worldwide and country-by-country basis for all types of crops, livestock, irrigation, land use, fertilizer, pesticide consumption, and agricultural machinery.
Anne Burden’s FuturesGuide, Inc.
Has articles, time-delayed current prices and prices for the latest month.
Futures Industry Association
Trade association for professionals in the futures industry.
Institute for Financial Markets
Non-profit association that focuses on education for professionals involved in trading futures and options. Provides data for a fee on their website. Also publishes the Futures and Options Fact Book, a comprehensive fee-based web resource guide to worldwide exchanges and financial contracts.
INO – Investment News Online
Provides tools for futures and options traders. A comprehensive futures site which also provides end-of-day quotes and charts (intra-day, daily, & weekly) on all major U.S. commodity exchanges.
National Futures Association
Any firm or individual engaging in futures transactions with the public is required to be registered with both the Commodity Futures Trading Commission (CFTC) and the NFA. Because the NFA is involved in regulation of the industry, there is important information included in their site. In addition to information about doing business in this industry such as regulations, compliance, dispute resolution and registration, there are also valuable publications for the public linked under Investor Services.
Options Industry Council
This website is an educational resource for the options industry. It provides free resources such as software, classes and calculators.
Stock and Commodity Exchanges
Composed by business librarians from Rutgers University, "This Webguide lists stock and commodity exchanges, including those dealing in futures, options, and derivatives, as well as sources for market and stock prices and reports." Other links include related dictionaries and encyclopedias, annual reports, economic data sources, and regulatory agencies.
Full-text searchable, free portal of information on derivatives compiled by financial professionals. Includes links to relevant books, articles, periodicals, and websites. Includes abstracts of books and articles, annotated websites, glossary and discussion forum.
NumaWeb: Internet Resource Center for Derivatives
http://www.numa.com/index.htm Financial portal site offering a strategy guide, financial software directory, glossary, book list and many derivative-related links.
International Swaps and Derivatives Association
http://www.isda.org/index.html The ISDA is a global trade association for the derivatives industry. They cover swaps and options across all asset classes (interest rate, currency, commodity and energy, credit and equity).
Australian Stock Exchange (ASX)
"ASX operates Australia’s primary national stock exchange for equities, derivatives and fixed interest securities. It also provides comprehensive market data and information to a range of users. All these operations are underpinned by comprehensive high-quality information technology systems."
Chicago Board of Trade (CBOT)
The Chicago Board of Trade, founded in 1848, is the world’s oldest futures and futures-options exchange. This site provides information about the exchange, quotes on the options and futures traded, market information, calendars, and information on its electronic trading platform. It includes a glossary of terms ( http://www.cbot.com/cbot/pub/page/0,3181,1059,00.html). From the home page of the Chicago Board of Trade, mouse over to "Education" and select "Glossary".
Chicago Board Options Exchange (CBOE)
Founded as the first U.S. options exchange, CBOE provides comprehensive options trading information.
Chicago Mercantile Exchange (CME)
Chicago Mercantile Exchange Inc., the largest futures exchange in the United States and the largest futures clearinghouse in the world for the trading of futures and options on futures contracts, has four major product areas: interest rates, stock indexes, foreign exchange and agricultural commodities.
Euronext.liffe, the world’s leading exchange for euro short-term interest rate derivatives and equity options, offers a greater choice of derivatives products, futures and options on short- and long-term interest rate products, on equities, indices, government bonds and commodities.
Bolsas y Mercados Españoles (BME) Spanish Exchanges
Bolsas y Mercados Españoles (BME) integrates the companies that direct and manage the securities markets and financial systems in Spain.
Philadelphia Stock Exchange
The Philadelphia Stock Exchange (PHLX) was the first securities exchange established in the United States. Over 2,000 stocks, more than 1,500 equity options, 22 sectors index options and multiple currency pairs are traded on PHLX. The website provides updated contract specifications on PHLX's exclusive products, current news releases, and text from key PHLX publications and newsletters.
South African Futures Exchange
Established in the late 1980s, the South African Futures Exchange trades both financial and agricultural derivatives. The website offers trade price data and daily statistics.
Journal of Derivatives. New York, NY: Institutional Investor, Inc. Quarterly. ISSN: 1074-1240, $370.00/year.
Review of Derivatives Research. Boston, MA: Kluwer Academic Publishers. 3 issues a year. ISSN: 1380-6645 (Paper) 1573-7144 (Online), $296-356/year.
Abstracts available online: http://www.springerlink.com/link.asp?id=102989
Journal of Alternative Investments. New York, NY: Institutional Investor, Inc., Quarterly. ISSN: 1520-3255, $540/year.
The Journal of Futures Markets. New York, NY: Published by J. Wiley in affiliation with the Center for the Study of Futures Markets, Columbia University. Monthly. ISSN: 0270-7314, $1600.00 minimum/year.MAGAZINES
Derivatives Week. New York, NY: Institutional Investor, Inc. Weekly. ISSN: 1075-2412, $2195.00/year.
Futures. Cedar Falls, IA: Commodities Magazine. Monthly, with 2 issues in January. ISSN: 0746-2468, $39.00/year.
Futures Magazine SourceBook. Special Issue of Futures Magazine (January). Listing of U.S. and International futures/options firms, exchanges, including listed contracts and industry organizations.
Futures Industry: The Magazine of the Futures Industry Association. Washington, DC: Futures Industry Association. Bimonthly. ISSN: 1065-6855, free online at http://www.futuresindustry.org/fimagazi-1929.aspBOOKS
Commodities and Futures and Options
- Bernstein, Jake & Bernstein, Jacob. Profit in the Futures Markets!: Insights and Strategies for Futures and Options Trading. New York, NY: Bloomberg Press, 2002. ISBN: 1576601188, $34.95.
A layman’s guide on a very basic and non-theoretical level. Covers fundamental versus technical analysis, trend lines, cycles, seasonality, computerized trading systems, contrary thinking, misconceptions, and artificial intelligence. Emphasis on discipline in addition to learning from profits and losses as keys to success. Stresses that futures trading is not investing. It is high risk speculation for high rewards. Risk management outlined here reduces odds on losing all starting capital.
- Burghardt, Galen. The Eurodollar Futures and Options Handbook: Co-Published with the Chicago Mercantile Exchange, New York, NY: McGraw-Hill, 2003. ISBN: 0071418555, $70.00.
An excellent work that thoroughly explains Eurodollar futures and options.
- Carter, Colin A. Futures and Options Markets: An Introduction. Englewood Cliffs, NJ: Prentice-Hall, 2002. ISBN: 0135983681, $97.00.
Concise textbook with extensive real-world examples.
- Hull, John C. Fundamentals of Futures and Options Markets. Englewood Cliffs, NJ: Prentice-Hall, 2004. ISBN: 0131445650, $125.00.
Undergraduate and graduate textbook for business students with little mathematical background. In addition to his analysis of futures and forward markets, options, swaps, interest rate futures, and stock options, Hull also discusses nonstandard and innovative products such as mortgage-backed securities and weather, energy, and insurance derivatives. Includes quiz and suggestions for further reading after each chapter.
- Kolb, Robert W. Futures, Options, and Swaps, 4th ed. Malden, MA: Blackwell, 2002. ISBN: 063123240, $102.95.
This textbook provides a basic understanding of futures, options and swaps. Material includes explanation and examples of interest rate, foreign currency and stock index futures and exotic and interest rate options. Text includes exercises.
- Veale, Stuart. Stocks, Bonds, Options, Futures, 2nd ed. New York, NY: Prentice Hall Press, 2001. ISBN: 0735201757, $20.00.
Thorough explanation and overview of the securities industry and derivatives markets by Stuart Veale, Prudential Securities Senior Vice President of Portfolio and Strategy. Easy-to-read practitioner approach to investing. Suitable for public, academic and corporate libraries.
- Arditti, Fred. Derivatives: A Comprehensive Resource for Options, Futures, Interest Rate Swaps, and Mortgage Securities. Boston, MA: Harvard Business School Press, 1996. ISBN: 0875845606, $60.00.
Basic introduction to options, futures, swaps and derivatives. Contains primer on terminology and an extensive discussion of mortgage derivatives as well as references and suggested reading.
- Banks, Erik. Exchange-traded Derivatives. Hoboken, NJ: John Wiley & Sons, 2003. ISBN: 0470848413, $95.00.
Overview of the global listed futures and options markets and how individual exchanges and products are adapting to a rapidly changing environment. More suited to trading professionals than academics.
- Baz, Jamil. Financial Derivatives: Pricing, Applications, and Mathematics. New York, NY: Cambridge University Press, 2004. ISBN: 052181510X, $42.99.
Technical overview of the principles of financial derivatives pricing. Includes chapters on the basic calculus, pricing techniques, and mathematical topics related to derivatives.
- Chance, Don. An Introduction to Derivatives and Risk Management, 6th ed. Mason, OH: Thomson/South-Western, 2004. ISBN: 032417800X, $133.95.
Introductory textbook on derivatives including overview of financial markets, important concepts in derivatives and roles and criticisms of derivative markets. Thorough discussions of options, forwards and futures.
- Das, Satyajit. Swaps/Financial Derivatives: Products, Pricing, Applications and Risk Management, 3rd ed. Hoboken, NJ: John Wiley & Sons, 2004. ISBN: 0470821094, $395.00.
Four-volume set on many aspects of derivatives, financial models and risk management.
- Dubrovsky, David & Miller, Thomas. Derivatives: Valuation and Risk Management. New York, NY: Oxford University Press, 2002. ISBN: 0195114701, $79.95.
Text which provides students with an overview of essential risk management skills and discusses derivative instruments in detail. Includes financial modeling software Fincad XL-Dubofsky/Miller Edition.
- Francis, Jack, Toy, William & Whittaker, Gregg (eds.). The Handbook of Equity Derivatives, revised ed. New York, NY: John Wiley & Sons, 2000. ISBN: 0471326038, $105.00.
Collection of essays by financial professionals and professors of economics, finance, and other business disciplines. Topics include historical discussion of derivatives, derivative structures, and accounting, tax and regulatory issues. Also includes essays on options, security design, futures, financial instruments and other related securities topics.
- Heath, Robert. Statistical Measurement of Financial Derivatives. International Monetary Fund working paper Washington, DC: International Monetary Fund, 1998. Available free online: http://www.imf.org/external/pubs/cat/longres.cfm?sk=2514.0
This report is a "clarification and amplification of the international standards for the statistical measurement of financial derivatives."
- Hull, John. Options, Futures, and Other Derivatives, 4th ed. Upper Saddle River, NJ: Prentice Hall, 2000. ISBN: 0130224448, $150.00.
Textbook for upper division finance students which provides text, exercises, assignments and suggestions for further reading. Explains the basic types of derivatives, pricing strategies, hedging, and estimation.
- Johnson, Philip McBride. Derivatives: A Manager's Guide to the World's Most Powerful Financial Instruments. New York, NY: McGraw Hill, 1999. ISBN: 007134506X, $34.95.
Managerial introduction to derivative securities written for the corporate executive who manages derivatives and securities traders.
- Kolb, Robert & Overdahl, James. Financial Derivatives, 3rd ed. New York, NY: John Wiley & Sons, 2004. ISBN: 0471232327, $35.00.
Broad working knowledge of derivatives conveyed in a non-mathematical way. Introduces financial derivatives and their importance to risk management in a corporate setting.
- Konishi, Atsuo & Dattatreya, Ravi. The Handbook of Derivative Instruments: Investment Research, Analysis, and Portfolio Applications, 2nd ed. Chicago, IL: Irwin Professional Publishers, 1996. ISBN: 1557388679, $80.00.
One of the most comprehensive resources on derivatives. Divided into a discussion of derivatives by type: interest rate, equity, and currency. Also includes in-depth treatment of risk management and investment, hedging and trading strategies.
- Mathieson, Donald. Emerging Local Securities and Derivatives Markets. Washington, DC: International Monetary Fund, 2004. ISBN: 1589062914, $42.00.
This 94-page report prepared by the IMF looks at the development of local security and derivatives markets in emerging economies. It examines two important dimensions of this phenomenon: related policy issues and the growth of these markets. The chapter on derivatives discusses how these financial instruments impact capital flow to emerging markets and what role derivatives have played in recent financial crisis in some of these countries.
- McDonald, Robert. Derivatives Markets. Boston, MA: Addison Wesley, 2003. ISBN: 0201729601, $135.00.
Well-written and easy to understand this book relates concepts to everyday occurrences. McDonald covers trading strategies and the basics of futures, options, swaps and risk management. Later chapters of the book discuss advanced topics. Unique to this derivative publication is the economic perspective of derivative markets that Dr. McDonald provides.
- Nielsen, Lars Tyge. Pricing and Hedging of Derivative Securities. New York, NY: Oxford University Press, 1999. ISBN: 0198776195, $74.50.
Introduction to the theory of pricing and hedging of derivative securities. Includes chapters on Gaussian, Black-Scholes and Martingale valuation strategies. Each chapter concludes with exercises; suggested solutions to exercises are included at the end of the book. Suitable for graduate and advanced undergraduate students and for trading professionals and academic researchers.
- Questa, Giorgio. Fixed Income Analysis for the Global Financial Market. New York, NY: John Wiley & Sons, 1999. ISBN: 0471246530, $69.95.
This book clarifies the building blocks underlying the pricing and risk analysis of fixed-income securities and derivatives using mathematics to simplify financial engineering concepts. Three broad sections divided into 19 chapters: Part I Short-Term Money Market Instruments, Part II Long-Term Securities, Futures and Swaps, Part III Options. Includes exercises.
- Schinasi, Garry, et al. Modern Banking and OTC Derivatives Markets: the Transformation of Global Finance and Its Implications for Systematic Risk (International Monetary Fund Occasional Paper No. 203). Washington, DC: International Monetary Fund, 2000. ISBN: 1557759995, $20.00 (pbk).
Brief but useful guide on OTC derivatives markets. Sections on key features of the OTC derivatives market, regulatory implications, financial stability. Includes glossary, references, statistics up to 1999, tables and charts.
- Smith, D.L. A CPA's Guide to High Risk Investment Strategies: Derivatives, Options, Straddles and Other Hedges. New York, NY: American Institute of Certified Public Accountants, 1998. ISBN: 0870512285, $45.00.
Derivatives from an accounting/taxation perspective. Includes overview of securities defined as derivatives, factors affecting price, taxation and definitions of specific securities according to the Internal Revenue Code.
- Steinherr, Alfred. Derivatives: The Wild Beast of Finance: A Path to Effective Globalisation, revised ed. New York, NY: John Wiley & Sons, 2000. ISBN: 047182240X, $39.95. Also available through NetLibrary.
Readable summary of derivatives, beginning with a history of the evolution of finance, derivatives and their correlation to risk markets, public policy issues and the future of finance. Intriguing treatment of an often dry subject. Complete with extensive footnotes, graphs and tables.
- Tavakoli, Janet. Credit Derivatives & Synthetic Structures: A Guide to Instruments and Applications, 2nd ed. New York, NY: John Wiley & Sons, 2001. ISBN: 047141266X, $75.00.
Non-technical work on credit derivatives and their applications written in easy to understand language.
Unless otherwise noted, all definitions taken from The Economist Dictionary of Business by Graham Bannock, Evan Davis, Paul Trott, and Mark Uncles. Princeton, NJ: Bloomberg Press, 2003.
|arbitrage||exploitation of differences between the prices of financial assets, currencies or commodities within or between markets by buying where prices are low and selling where they are higher|
|call||a type of option where the right is to buy|
|cashcommodity 1||the actual physical commodity someone is buying|
|commodity||raw materials, or primary products, used in manufacturing and industrial processing, consumed in their natural form; those commodities traded in commodity markets|
|contract||agreements to buy or sell a security or commodity at a specified price and date|
|derivative||a generic term for futures, options and swaps, instruments derived from conventional direct dealings in securities, currencies and commodities|
|exchange rate||price (rate) at which one currency is exchanged for another currency|
|exercise price 2||total amount of aggregate exercise price paid in exercise of an option; also called strike price|
|forward||prospective amount of a currency or commodity obtained by a contract between a buyer and seller|
|future||vehicle for the purchase and sale of commodities and financial instruments at a date in the future; fixed and binding contract for a standard amount to be sold at a fixed price at a fixed future date|
|hedge||transaction tending to the opposite effect of another transaction|
|option||a contract giving its beneficiary the right to buy or sell a financial instrument or commodity at a specified price within a specified period|
|over-the-counter 1||A market where products such as stocks, foreign currencies, and other cash items are bought and sold by telephone and other means of communications. Also known as OTC|
|par 1||face value of a security|
|premium 2||amount of money an option writer receives for an over-the-counter put or call; the price of an exchange—listed option|
|put||a type of option where the right is to sell|
|strike price 2||see exercise price|
|swap||a transaction whereby a security of a certain value is sold to a buyer in exchange for the purchase, from the buyer, of a security having the same value|
|CBOE||Chicago Board Options Exchange|
|CBOT||Chicago Board of Trade|
|CFTC||Commodity Futures Trading Commission|
|FOREX||foreign exchange market|
|SEC||Securities and Exchange Commission|
1 Chicago Board of Trade glossary
2Dictionary of Financial Risk Management by Gary L. Gastineau or Mark P. Kritzman. New Hope, PA: Frank J. Fabozzi Associates, 1999.
Beyond Stocks and Bonds: Learning about Futures, Options, Derivatives, and More
BRASS Program, ALA Annual Conference, June 27, 2005
- Ganly presentation
- McDonald presentation
- Moss presentation
- Moss Selected Web Sites
- Bibliography of Resources and Glossary
Disclaimer : This publication has been placed on the web for the convenience of BRASS members. Information and links will not be updated. Posted 15 September 2005.