Objectives and Audience In the past three decades, we have witnessed the phenomenal growth in the trading of ?nancial derivatives and structured products in the ?nancial markets around the globe and the surge in research on derivative pricing theory. Leading ?nancial ins- tutions are hiring graduates with a science background who can use advanced a- lytical and numerical techniques to price ?nancial derivatives and manage portfolio risks, a phenomenon coined as Rocket Science on Wall Street. There are now more than a hundred Master level degreed programs in Financial Engineering/Quantitative...

This title presents articles on material from invited talks given at the IMS Workshop on Applied Probability organized by the Institute of Mathematical Sciences at the Chinese University of Hong Kong in May 1999. The goal of the workshop was to promote research in applied probability for local mathematicians and engineers and to foster exchange with experts from other parts of the world. The main themes were mathematical finance and stochastic networks.