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This page intentionally left blank
 I N T E R E S T R AT E S A N D C O U P O N B O N D S
IN QUANTUM FINANCE

The economic crisis of 2008 has shown that the capital markets need new theoretical
and mathematical concepts to describe and price financial instruments.
Focusing on interest rates and coupon bonds, this book does not employ stochas-
tic calculus – the bedrock of the present day mathematical finance – for any of
the derivations. Instead, it analyzes interest rates and coupon bonds using quantum
finance. The Heath–Jarrow–Morton model and the Libor Market Model are gener-
alized by realizing the forward and Libor interest rates as an imperfectly correlated
quantum field. Theoretical models have been calibrated and tested using bond and
interest rates market data.
Building on the principles formulated in the author’s previous book (Quantum
Finance, Cambridge University Press, 2004), this ground-breaking book brings
together a diverse collection of theoretical and mathematical interest rate models. It
will interest physicists and mathematicians researching in finance, and professionals
working in the finance industry.

Belal E. Baaquie is Professor of Physics in the Department of Physics at the

National University of Singapore. He obtained his B.S. from Caltech and his Ph.D.
from Cornell University. His specialization is in quantum field theory, and he has
spent the last ten years applying quantum mathematics, and quantum field theory
in particular, to quantitative finance. Professor Baaquie is an affiliated researcher
with the Risk Management Institute, Singapore, and is a founding Editor of the
International Journal of Theoretical and Applied Finance. His pioneering book
Quantum Finance has created a new branch of research in theoretical and applied
finance.

Cover illustrations: Shanghai skyline and the Bund.

I N T E R E S T R AT E S A N D C O U P O N
BONDS IN QUANTUM FINANCE

BELAL E. BAAQUIE
National University of Singapore
CAMBRIDGE UNIVERSITY PRESS
Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore,
São Paulo, Delhi, Dubai, Tokyo

Cambridge University Press

The Edinburgh Building, Cambridge CB2 8RU, UK

Published in the United States of America by Cambridge University Press, New York

www.cambridge.org
Information on this title: www.cambridge.org/9780521889285

© B. E. Baaquie 2010

This publication is in copyright. Subject to statutory exception and to the

provision of relevant collective licensing agreements, no reproduction of any part
may take place without the written permission of Cambridge University Press.
First published in print format 2009

ISBN-13 978-0-511-63434-5 eBook (EBL)

ISBN-13 978-0-521-88928-5 Hardback

Cambridge University Press has no responsibility for the persistence or accuracy

of urls for external or third-party internet websites referred to in this publication,
and does not guarantee that any content on such websites is, or will remain,
accurate or appropriate.
 This book is dedicated to my wife Najma Sultana Baaquie,
my son Arzish Falaqul Baaquie, and my daughter Tazkiah Faizaan Baaquie.
Their precious love, affection, support, and optimism
have made this book possible.
 Contents

Prologue page xv
Acknowledgements xviii

1 Synopsis 1

2 Interest rates and coupon bonds 3

2.1 Introduction 3
2.2 Expanding global money capital 4
2.3 New centers of global finance 8
2.4 Interest rates 9
2.5 Three definitions of interest rates 10
2.6 Coupon and zero coupon bonds 12
2.7 Continuous compounding: forward interest rates 14
2.8 Instantaneous forward interest rates 16
2.9 Libor and Euribor 18
2.10 Simple interest rate 20
2.11 Discrete discounting: zero coupon yield curve 22
2.12 Zero coupon yield curve and interest rates 26
2.13 Summary 28
2.14 Appendix: De-noising financial data 29

3 Options and option theory 32

3.1 Introduction 32
3.2 Options 34
3.3 Vanilla options 36
3.4 Exotic options 37
3.5 Option pricing: arbitrage 39
3.6 Martingales and option pricing 40

vii
viii Contents

3.7 Choice of numeraire 42

3.8 Hedging 42
3.9 Delta-hedging 44
3.10 Black–Scholes equation 46
3.11 Black–Scholes path integral 48
3 .1 2 Path integration and option price 52
3.13 Path integration: European call option 54
3 .1 4 Option price: volatility expansion 56
3.15 Derivatives and the real economy 59
3.16 Summary 62

4 Interest rate and coupon bond options 63

4.1 Introduction 63
4.2 Interest rate swaps 65
4.3 Interest rate caps and floors 70
4.4 Put–call parity for caplets and floorlets 73
4.5 Put–call: empirical Libor caplet and floorlet 75
4.6 Coupon bond options 76
4.7 Put–call parity for European bond option 77
4.8 American coupon bond option put–call
inequalities 78
4.9 Interest rate swaptions 79
4.10 Interest rate caps and swaptions 82
4.11 Heath–Jarrow–Morton path integral 83
4.12 HJM coupon bond European option price 85
4.13 Summary 89

5 Quantum field theory of bond forward interest rates 91

5.1 Introduction 91
5.2 Bond forward interest rates: a quantum field 92
5.3 Forward interest rates: Lagrangian and action 94
5.4 Velocity quantum field A(t , x) 98
5.5 Generating functional for A(t , x): propagator 100
5.6 Future market time 101
5.7 Stiff propagator 102
5.8 Integral condition for interest rates’ martingale 103
5.9 Pricing kernel and path integration 105
5.10 Wilson expansion of quantum field A(t , x) 108
5.11 Time evolution of a bond 110
5.12 Differential martingale condition for bonds 112
 Contents ix

5.13 HJM limit of forward interest rates 114

5.14 Summary 115

6 Libor Market Model of interest rates 117

6.1 Introduction 117
6.2 Libor and zero coupon bonds 119
6.3 Libor Market Model and quantum finance 121
6.4 Libor Martingale: forward bond numeraire 123
6.5 Time evolution of Libor 125
6 .6 Volatility γ (t, x) for positive Libor 126
6.7 Forward bond numeraire: Libor drift ζ (t, Tn ) 127
6.8 Libor dynamics and correlations 132
6.9 Logarithmic Libor rates φ(t , x) 134
6.10 Lagrangian and path integral for φ(t , x) 139
6.11 Libor forward interest rates fL (t, x) 141
6.12 Summary 144
6.13 Appendix: Limits of the Libor Market Model 146
6.14 Appendix: Jacobian of AL (t, x) → φ(t, x) 148

7 Empirical analysis of forward interest rates 150

7.1 Introduction 151
7.2 Interest rate correlation functions 152
7 .3 Interest rate volatility 153
7.4 Empirical normalized propagators 155
7.5 Empirical stiff propagator 157
7 .6 Empirical stiff propagator: future market time 159
7.7 Empirical analysis of the Libor Market Model 163
7 .8 Stochastic volatility υ(t , x) 166
7.9 Zero coupon yield curve and covariance 169
7.10 Summary 173

8 Libor Market Model of interest rate options 176

8.1 Introduction 176
8.2 Quantum Libor Market Model: Black caplet 178
8 .3 Volatility expansion for Libor drift 180
8.4 Zero coupon bond option 182
8.5 Libor Market Model coupon bond option price 185
8.6 Libor Market Model European swaption price 189
8.7 Libor Asian swaption price 192
x Contents

8.8 BGM–Jamshidian swaption price 197

8.9 Summary 202

9 Numeraires for bond forward interest rates 204

9.1 Introduction 205
9.2 Money market numeraire 206
9.3 Forward bond numeraire 206
9.4 Change of numeraire 207
9.5 Forward numeraire 208
9.6 Common Libor numeraire 210
9.7 Linear pricing a mid-curve caplet 213
9.8 Forward numeraire and caplet price 214
9.9 Common Libor measure and caplet price 215
9.10 Money market numeraire and caplet price 216
9.11 Numeraire invariance: numerical example 218
9.12 Put–call parity for numeraires 219
9.13 Summary 222

10 Empirical analysis of interest rate caps 223

10.1 Introduction 223
10.2 Linear and Black caplet prices 225
10.3 Linear caplet price: parameters 227
10.4 Linear caplet price: market correlator 231
10.5 Effective volatility: parametric fit 233
10.6 Pricing an interest rate cap 235
10.7 Summary 236

11 Coupon bond European and Asian options 239

11.1 Introduction 239
11.2 Payoff function’s volatility expansion 240
11.3 Coupon bond option: Feynman expansion 243
11.4 Cumulant coefficients 247
11.5 Coupon bond option: approximate price 249
11.6 Zero coupon bond option price 252
11.7 Coupon bond Asian option price 254
11.8 Coupon bond European option: HJM limit 258
11.9 Coupon bond option: BGM–Jamshidian limit 260
11.10 Coupon bond Asian option: HJM limit 262
11.11 Summary 263
 Contents xi

11.12 Appendix: Coupon bond option price 264

11.13 Appendix: Zero coupon bond option price 267

12 Empirical analysis of interest rate swaptions 268

12.1 Introduction 268
12.2 Swaption price 269
12.3 Swaption price ‘at the money’ 271
12.4 Volatility and correlation of swaptions 272
12.5 Data from swaption market 274
12.6 Zero coupon yield curve 275
12.7 Evaluating I : the forward bond correlator 276
12.8 Empirical results 279
12.9 Swaption pricing and HJM model 281
12.10 Summary 281

13 Correlation of coupon bond options 283

13.1 Introduction 283
13.2 Correlation function of coupon bond options 284
13.3 Perturbation expansion for correlator 285
13.4 Coefficients for martingale drift 288
13.5 Coefficients for market drift 293
13.6 Empirical study 295
13.7 Summary 300
13.8 Appendix: Bond option auto-correlation 300

14 Hedging interest rate options 304

14.1 Introduction 305
14.2 Portfolio for hedging a caplet 306
14.3 Delta-hedging interest rate caplet 307
14.4 Stochastic hedging 308
14.5 Residual variance 312
14.6 Empirical analysis of stochastic hedging 315
14.7 Hedging caplet with two futures for interest rate 317
14.8 Empirical results on residual variance 319
14.9 Summary 320
14.10 Appendix: Residual variance 321
14.11 Appendix: Conditional probability for interest rate 322
14.12 Appendix: Conditional probability – two interest rates 325
14.13 Appendix: HJM limit of hedging functions 327
xii Contents

15 Interest rate Hamiltonian and option theory 329

15.1 Introduction 329
15.2 Hamiltonian and equity option pricing 330
15.3 Equity Hamiltonian and martingale condition 332
15.4 Pricing kernel and Hamiltonian 333
15.5 Hamiltonian for Black–Scholes equation 335
15.6 Interest rate state space Vt 337
15.7 Interest rate Hamiltonian 339
15.8 Interest rate Hamiltonian: martingale condition 343
15.9 Numeraire and Hamiltonian 346
15.10 Hamiltonian and Libor Market Model drift 347
15.11 Interest rate Hamiltonian and option pricing 353
15.12 Bond evolution operator 356
15.13 Libor evolution operator 360
15.14 Summary 363

16 American options for coupon bonds and interest rates 365

16.1 Introduction 366
16.2 American equity option 367
16.3 American caplet and coupon bond options 372
16.4 Forward interest rates: lattice theory 375
16.5 American option: recursion equation 378
16.6 Forward interest rates: tree structure 382
16.7 American option: numerical algorithm 383
16.8 American caplet: numerical results 388
16.9 Numerical results: American coupon bond option 390
16.10 Put–call for American coupon bond option 394
16.11 Summary 397

17 Hamiltonian derivation of coupon bond options 399

17.1 Introduction 400
17.2 Coupon bond European option price 400
17.3 Coupon bond barrier eigenfunctions 406
17.4 Zero coupon bond barrier option price 407
17.5 Barrier function 410
17.6 Barrier linearization 413
17.7 Overcomplete barrier eigenfunctions 416
17.8 Coupon bond barrier option price 420
17.9 Barrier option: limiting cases 424
 Contents xiii

17.10 Summary 427

17.11 Appendix: Barrier option coefficients 428

Epilogue 433

A Mathematical background 436

A.1 Dirac-delta function 436
A.2 Martingale 439
A.3 Gaussian integration 441
A.4 White noise 446
A.5 Functional differentiation 449
A.6 State space V 450
A.7 Quantum field 454
A.8 Quantum mathematics 457

B US debt markets 460

B.1 Growth of US debt market 460
B.2 2008 Financial meltdown: US subprime loans 462

Glossary of physics terms 468

Glossary of finance terms 470

List of symbols 473

References 481

Index 486
 Prologue

The 2008 economic crisis has shown that the capital markets need new and fresh
theoretical and mathematical concepts for designing and pricing financial instru-
ments. Focusing on interest rates and coupon bonds, this book does not employ
stochastic calculus – the bedrock of the present-day mathematical finance – for any
of the derivations. Interest rates and coupon bonds are studied in the self-contained
framework of quantum finance that is independent of stochastic calculus. Quantum
finance provides solutions and results that go beyond the formalism of stochastic
calculus.
It is five years since Quantum Finance [12] was published in 2004 and it is
indeed gratifying to see how well it has been received. No attempt has been made
to re-work the principles of finance. Rather, the main thrust of this book is to
employ the methods of theoretical physics in addressing the subject of finance.
Theoretical physics has accumulated a vast and rich repertoire of mathematical
concepts and techniques; it is only natural that this treasure house of quantitative
tools be employed to analyze the field of finance, and the debt market in particular.
The term ‘quantum’ in Quantum Finance refers to the use of quantum mathe-
matics, namely the mathematics and theoretical concepts of quantum mechanics
and quantum field theory, in analyzing and studying finance. Finance is an entirely
classical subject and there is no  – Planck’s constant, the sine qua non of quantum
phenomena – in quantum finance: the term ‘quantum’ is a metaphor. Consider the
case of classical phase transformations that result from the random fluctuations of
classical fields; critical exponents, which characterize phase transitions, are com-
puted using the mathematics of nonlinear quantum field theories [95]. Similar to
the case of phase transitions, quantum mathematics provides powerful theoretical
and mathematical tools for studying the underlying random processes that drive
modern finance.
The principles of quantum finance provide a comprehensive and self-contained
theoretical platform for modeling all forms of financial instruments. This book,

xv
xvi Prologue

in particular, is focused on studying interest rates and coupon bonds. A detailed

analytical, computational, and empirical study of debt instruments constitutes the
main content of this book.
The Libor Market Model and the Heath–Jarrow–Morton model, which are the
industry standards for modeling interest rates and coupon bonds, are both based
on exactly correlated Libor and forward interest rates. The book makes a quantum
finance generalization of these models to imperfectly correlated interest rates by
modeling the forward interest rates as a quantum field. Empirical studies provide
strong evidence supporting the imperfect correlation of interest rates. Many ground-
breaking results are obtained for debt instruments. In particular, it is shown that
quantum field theory provides a generalization of Ito calculus that is required for
studying imperfectly correlated interest rates.
In the capital markets, interest rates determine the returns on cash deposits.
Coupon bonds, on the other hand, are loans that are disbursed – with the objective
of earning interest – against promissory notes. In principle, the interest paid on
cash deposits and the interest earned on loans are equivalent. However, all interest
rates are only defined for a finite time interval – of which the minimum is overnight
(24 hours). In particular, all interest rate derivatives are based on benchmark interest
rates for cash deposits of a duration of 90 days. The bond (derivatives) markets,
in contrast, have no such minimum duration. The existence of a finite duration for
the (benchmark) interest rates creates two distinct sectors of the debt derivatives
market, namely derivatives of interest rates and derivatives of coupon bonds – with
a nonlinear transformation connecting the two sectors.
Numerous and exhaustive calculations are carried out for diverse forms of inter-
est rate and coupon bond options. Complicated concepts and calculations that are
typical for debt instruments are introduced and motivated, in some cases by first
discussing analogous and simpler equity instruments. It is my view that only by
actually working out the various steps required in a calculation can a reader grasp
the principles and techniques of what is still a subject in its infancy. Almost all the
intermediate steps in the various calculations are included so as to clear the way for
the interested reader. A few key ideas are repeated in the various chapters so that
each chapter can be read more or less independently.
The material covered in the book is primarily meant for physicists and mathemati-
cians engaged with research in the field of finance, as well as professional theorists
working in the finance industry. Specialists working in the field of debt instruments
will hopefully find that the theoretical tools and mathematical ideas developed in
this book broaden their repertoire of quantitative approaches to finance. The mate-
rial could also be of interest to physicists, probabilists, applied mathematicians, and
statisticians – as well as graduates students in science and engineering – who are
thinking of pursuing research in the field of finance.
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