This course provides a foundation in the U.S. debt markets and the funds transfer markets. The course covers the basics of debt, including the documentation and intercreditor issues of loans, security and guarantees. Both public and private debt is examined, including instruments and products of the US Treasury and other US government agencies, municipal bonds, corporate debt, commercial paper, certificates of deposit, leveraged leasing, factoring, repos, asset-based securitizations, reverses and swaps. The study of the funds transfer markets includes the Federal Reserve system, the discount window, Federal Funds and wire and other electronic funds transfer systems. The course focuses principally on the regulations of markets and the economic forces which underpin such regulation.
Attention is given to the international markets.
This course serves as a summation to the Graduate Program in Financial Services Law through an analysis of representative types of major financial products offered by various financial services entities. Many classes are presentations given by attorneys who helped create the various products. Each guest is asked to examine the significant legal, tax and market characteristics of the product. Consideration will be given to how these characteristics and the relevant regulatory mechanisms affect product design, delivery systems, and interchangeability of purpose, and how they respond to consumer needs. This course should be taken after the student has obtained a broad background from other courses in the Program.