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The course will examine the legal, regulatory, trading and risk management aspects of the $600 trillion notional over-the-counter and exchange traded derivatives markets. Derivatives are not well-understood by regulators or the public, and have been blamed for causing or contributing to the economic crisis. This course will offer students the opportunity to understand how various derivative products are designed, traded and risk-managed and what role regulators play in the derivatives industry. In addition, students will focus on understanding key legal contracts that underpin the global derivatives industry, in particular focusing on the ISDA© Master Agreement and Credit Support Annex, as well as documentation supporting credit derivatives. Students will also consider the shifting regulatory landscape for financial institutions and hedge funds as it relates to the way in which these products are traded, with rates and credit products migrating to clearinghouses, as well as how conduct of business rules and disclosures may shift. The course will conclude with an examination of the economic crisis that erupted with Lehman Brothers' bankruptcy in September 2008 and the consequent policy reactions to that event from a derivatives and bankruptcy perspective.nnElements used in grading: Attendance, written assignments and final exam.

Instructors for this course (Past and Present)