Dr Philipp Paech NAB7.05

This course is available on the Executive LLM. This course is not available as an outside option.

Available to Executive LLM students only. This course will be offered on the Executive LLM during the four year degree period. The Department of Law will not offer all Executive LLM courses every year, although some of the more popular courses may be offered in each year, or more than once each year. Please note that whilst it is the Department of Law's intention to offer all Executive LLM courses, its ability to do so will depend on the availability of the staff member in question. For more information please refer to the Department of Law website.

This course may only be taken by Executive LLM students that have already completed LL410E.

This course looks at the various forms of transaction and structures such as derivatives, securitisation, syndicated loans and eurobonds with a view to the relevant 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 reference to other systems for comparative purposes. It will be topical and its content adapted to the fast moving developments affecting international markets in capital and in risk (for example, the legislative reaction to the recent financial crisis). The course is a continuation of LL410E. Raising capital Debt securities, Eurobonds and syndicated loans Prime brokerage Security and financial collateral, asset backing, asset financing, securities lending and repo Financial engineering Structured finance, securitization Derivatives Practice, types, CDS, market documentation, close-out netting Funds Regulated funds, UCITS, hedge funds, private equity funds Market infrastructure Stock exchange, clearing, intermediated securities, derivatives clearing.

24-26 hours of contact time.

Students will have the option of producing a formative exam question of 2000 words to be delivered one month from the end of the module’s teaching session by email.

- P. Wood. Law and Practice of International Finance, Sweet & Maxwell, 2008 (ca. £40, soft bound). This book is the first building block of the Basic Reading. Students might consider buying  it.

- J. Benjamin, Financial Law, Oxford University Press 2007. Ca. £200. This volume is available at a heavily discounted price (ca. £100 for hardcover) at the Waterstones bookshop on the LSE campus only.

- For an understanding of the underlying market aspects: S. Valdez, Ph. Molyneux, An Introduction to Global Financial Markets, 7th ed., Palgrave-McMillan 2013, ca. £29.

Either a take-home examination or 8,000 word assessed essay (100%).