30+ years inside markets. Now distilled into visual explainers for everyone serious about understanding how markets really work. Start with the free sampler →
MARKETS, MADE VISIBLE

Markets are complicated. Understanding them shouldn’t be.

Malcolm Explains turns more than three decades of trading, derivatives and market-structure experience into clear visual lessons — without dumbing the subject down.

30+years inside markets
50+traders hired and trained
8global trading offices led

Clarity without shortcuts
Plain English, professional depth.

Markets connected
See how price, flow, funding and risk interact.

Risk-first thinking
Know what can go wrong before chasing what can go right.

Lived experience
Built from real markets, not recycled definitions.

TRY THE FORMAT

See the standard before you buy — without giving the full lesson away.

Before purchaseA protected preview, clear learning outcomes and the exact files included.

After purchaseClean, readable, high-resolution files delivered securely after checkout.

Clear usage rightsPersonal, student, university and team licences are kept separate.

Crypto Derivatives: From First Quote to Full Trade free field guide cover FREE • 56 PAGES • NO CARD REQUIRED
FREE VISUAL FIELD GUIDE

Crypto derivatives are easy to access. Hard to use well.

Most guides tell you what the products are. This one shows you how traders choose, price, execute, protect and review them.

Anyone can click long or short. The harder questions come before and after the button. Should the view be expressed in spot, a perpetual, a dated future or an option? When should you join the queue, cross the spread or cancel the order? How do you price funding and basis after fees, slippage and financing? And when is the best trade no trade at all?

Built from more than three decades inside trading, derivatives, liquidity and market structure, this free guide takes you from the first quote to the full trade through worked examples, failure environments and practical desk rules.

Inside the guide

  • Choose the right instrument for the economic job.
  • Read bid, ask, spread, depth, queue and execution cost.
  • Size maximum loss before choosing leverage.
  • Read funding, OI, basis and spot leadership together.
  • Work through carry, hedging and event-option examples.
  • Recognise unlock, squeeze, liquidation and venue risk.

This is only the first door. The next releases will go deeper into open interest and funding, prediction markets, execution, rates and market history.

MAL-001 Institutional Pair Trading - free 50-page visual field guide
MAL-001 Institutional Pair Trading field guide cover

FREE 50-PAGE FIELD GUIDE

Correlation is not a trade. A z-score is not a strategy.

A plain-English, institutional-depth journey from candidate discovery to a controlled manual PM ticket.

50 visual pages6,000 USDT hard cap per legNo card required
No card required
START LEARNING

Pick a question. Build a framework you can keep.

Each explainer combines a clear visual map with practical market context and a memorable bottom line. Start free, choose a focused topic, or join the release list for the next collection.

EXPLORE THE LIBRARY

Five connected worlds. One clear way to learn.

Move from foundations to market plumbing, risk, probability and history. Each subject stands alone — and makes more sense when connected to the rest.

01

Crypto & Market Structure

Perps, options, funding, basis, open interest, liquidity, crowding and risk.

02

Rates & Derivatives

Treasury futures, repo, DV01, STIRs, TED spreads, swaps and relative value.

03

Macro & Public Finance

Debt, gilts, auctions, yield curves and how markets reach ordinary life.

04

Markets & Probability

Prediction markets, options thinking and the pricing of uncertain outcomes.

05

Market History & Human Behaviour

What crises, technology shifts and liquidity shocks looked like from inside the market.

FOR STUDENTS, LECTURERS & UNIVERSITIES

Go beyond the model. See how markets behave when the pressure is real.

Textbooks teach the framework. Malcolm Explains adds the market mechanics: how prices form, how liquidity changes, how institutions hedge and how decisions feel when the outcome is uncertain.

The goal is practical market literacy, not trading hype. Students learn to question the data, follow the risk and understand why the same instrument can behave very differently across regimes.

01

Foundations

Futures, options, perps, curves, funding and the language of markets.

02

Market plumbing

Price formation, liquidity, order flow, hedging, collateral and incentives.

03

Market history

The credit crisis, negative rates, pandemic markets and crypto deleveraging.

04

Applied judgement

How to combine data, positioning and risk — including the decision not to trade.

What did the credit crisis feel like before the history books had an answer?

An Oxford economics doctoral researcher once asked Malcolm to connect the theory of the credit crisis with what traders were seeing, doing and fearing in real time. That gap — between the chart after the event and the decision inside it — is where market education becomes memorable.

Cartoon headshot of Malcolm Baker
LEARN FROM SOMEONE WHO WAS THERE

From first principles to first-person market history.

Learning formats

  • Individual student access
  • Lecturer packs, case studies and seminar questions
  • Guest lectures and market-history workshops
  • University, society and campus licences

Bring Malcolm Explains to your course or society

THE MALCOLM SIX

Six questions that turn a complicated subject into a usable mental model.

Every flagship explainer follows the same discipline. The visuals stay simple; the thinking does not.

Use the method for your own product or team →
  1. 1
    What is it?

    Define the instrument or problem without hiding behind vocabulary.

  2. 2
    Who decides?

    Identify the people, institutions, rules and incentives that shape it.

  3. 3
    Who owns or pays?

    Follow the money, collateral, obligations and ultimate risk bearer.

  4. 4
    How does it trade?

    Explain price formation, liquidity, positioning and market plumbing.

  5. 5
    Who benefits or bears risk?

    Separate genuine utility from hidden transfers and fragility.

  6. 6
    Why does it matter?

    Connect the mechanism to decisions, businesses and everyday consequences.

FOR FIRMS & TEAMS

If your audience cannot explain the product, they probably do not understand it yet.

Custom explainers for exchanges, brokers, asset managers, fintechs, trading firms, educators and leadership teams.

  • Start with the audience, decision and misunderstanding
  • Challenge the message before polishing it
  • Build visual material for clients, teams, boards or classrooms
  • Add source notes, workshops and appropriate usage rights
Bespoke projectsScoped individuallyAudience, deliverables, timetable and licence agreed before work begins.

What needs to become clear?

Cartoon headshot of Malcolm Baker THE EXPERIENCE BEHIND THE EXPLAINERS
MEET MALCOLM BAKER

Thirty years of market experience — made useful beyond the trading room.

Malcolm has worked across market making, portfolio management, exchange product development, fixed-income leadership, treasury, OTC and crypto derivatives. He has led trading across eight offices, hired and trained more than 50 traders, and held senior roles at CME Group and Jump Trading. Malcolm Explains turns that experience into clear visual education for anyone who wants to understand markets properly.

30+

years across FX, rates, derivatives, liquidity and crypto markets

8

offices led as Global Head of Fixed Income Trading

50+

traders hired, trained and developed

CME

former Senior Director, Interest Rate & FX Product Development

Jump

former Portfolio Manager & Director, focused on order flow and market microstructure

Built

trading-room, treasury, OTC and market-structure capabilities from scratch

TradFi + Crypto

funding-rate, pricing, hedging and liquidity frameworks across both worlds

“I want to bring people into markets — not by making them sound easy, but by making the mechanics visible.”
BEFORE YOU BUY

Clear answers. No financial fog.

What do I receive?

Exactly what the product page lists, supplied as a secure digital download. Your order page and email contain the download link and the licence that applies to the product.

Can I see the complete visual before buying?

The free sampler is fully readable. Paid products show a protected preview, clear learning outcomes and the exact files included; the clean full-resolution lesson is delivered after checkout.

Why are some products marked coming soon?

Every explainer is proofed, checked and packaged before release. Join the release list and you will be told when the final version is ready.

Can I share a personal purchase with my team?

No. A personal licence covers one purchaser. Internal sharing, client presentations, workshops and classroom distribution require the appropriate team, lecturer or university licence.

Is this investment advice?

No. Malcolm Explains is educational material. It does not recommend a trade, promise a return or replace professional financial, legal, tax or risk advice.

Can you create an explainer for my firm?

Yes. The process starts with the audience and the decision they need to make, then challenges the message, researches the mechanism and builds the clearest useful visual.

Is this suitable for university students?

Yes. The pathway begins with plain-English foundations, then moves into market plumbing, applied risk and first-person market history.

Can a university use the visuals in teaching?

Yes, under a lecturer, department or university licence. Options can include seminar prompts, case-study notes, guest lectures and defined classroom or virtual-learning use.

What if my download link expires?

Email hello@malcolmexplains.co.uk with the address used for the order and we will help verify the purchase and restore access.