Dr Joanne Braithwaite NAB6.33

This course is available on the MSc in Law and Accounting, Master of Laws and Master of Laws (extended part-time study). This course is available with permission as an outside option to students on other programmes where regulations permit.

The course examines the legal issues which arise in international financial markets based in London. It is a good fit with LL4H4 (Financial Law), though this is not a pre-requisite. This course looks at the various transactions and structures which are widely used in the financial markets, such as derivatives, securitisation, syndicated loans and Eurobonds. With an emphasis on private law, it considers the relevant legal, commercial and regulatory background and the risks and protections available to participants in these markets. The course is based upon an analysis of the relevant issues under English law with some reference to other systems for comparative purposes. Where possible, several of the lectures will be attended by practitioners who will participate in the discussions, and the course ties in well with the LLM evening seminars in financial and corporate law. The course will be underpinned by discussion of the legal principles involved in international finance, but the case studies referenced will be topical. In this sense, the content of the course will be adapted to the fast moving developments affecting international markets in capital and in risk (for example, in recent sessions the course has examined the legal basis of prime brokerage relationships, the related Lehman Brothers litigation and the ongoing regulatory reform of the OTC derivatives markets, including the new requirement of mandatory CCP clearing).

20 hours of lectures and 5 hours of seminars in the MT. 2 hours of lectures in the ST.

Students will be asked to submit one essay, which may be completed in exam conditions.

Examples of texts which will be referenced on the course: L Gullifer and J Payne, Corporate Finance Law: Principles and Policy, Hart 2011; J Benjamin, Financial Law, Oxford University Press, 2007; A McKnight, The Law of International Finance; R Cranston, Principles of Banking Law. A full reading list will be distributed during the course.

Exam (100%, duration: 2 hours) in the main exam period.

Assessment is by closed book written examination (100%) which students sit in the summer term. The exam is two hours plus 15 minutes reading time.