PRAISE FOR The xVA Challenge As XVA practice and regulation race ahead, Jon Gregory-The Grandmaster of XVA-once again sets the standard with this timely 5th edition. It is fully up to date, sweeping in scope, precise in detail, and genuinely indispensable. If your work touches XVA, this belongs on your desk. VLADIMIR V. PITERBARG, Managing Director, Head of Quantitative Analytics, NatWest Markets This is by far the clearest and most comprehensive reference work on counterparty credit risk and related value adjustments. With this new edition, Jon Gregory explains the latest changes in market practice, along with critical expert commentary. DARRELL DUFFIE, Adams Distinguished Professor of Management and Professor of Finance, Stanford Graduate School of Business Jon Gregory strikes again with The xVA Challenge. Now at its 5th edition, this excellent book is definitely an indispensable, comprehensive and up-to-date resource for quants, risk managers, or traders who want to understand how counterparty, funding and capital risk drive the derivative markets. MARCO BIANCHETTI, Financial & Market Risk Management, Intesa Sanpaolo, and University of Bologna, Italy Jon's book does an excellent job at both guiding XVA Desk members deep into complex topics, but also providing valuable inputs to the management and role of the XVA Desk. The clear communication style of Jon makes the book accessible not only for traders and quants, but also for sales and management, which is rare for a book on such complex topics. NICKI S. RASMUSSEN, Head of XVA, Danske Bank A/S Jon Gregory is one of the godfathers of the xVA story. He is amongst the few who can demystify the puzzle and this book is a key tool for bringing light into these dark matters. WIM SCHOUTENS, Professor in Risk Management, Quantitative Finance and Financial Engineering, University of Leuven, Belgium xVAs and financial resources management and optimization have become central themes in the banking industry, and Jon's book is the unifying platform for dialogue around these topics. In this edition, with a finely tuned balance between conceptual rigor and practical insight, Jon continues to track key market developments with depth of knowledge and clarity of exposition, whilst highlighting the important open questions. ALI NAJMAIE, Managing Director, Global Head of Financial Resources Management and Quantitative Strategies Group - TD Securities The issue of counterparty risk and valuation adjustments continues to see rapid change. Jon Gregory provides the reader with a comprehensive, yet readable, discourse on the different facets of counterparty risk and xVA. This book is an essential reading for regulators and all users of OTC derivatives. STUART M. TURNBULL, Professor Emeritus, Bauer School of Business, University of Houston