Derivatives have become an integral part of modern financial risk management. This course examines the legal regime governing derivatives trading, together with legal issues facing those designing these financial products. It covers the following topics: the general structure and regulation of exchange traded derivatives and over the counter derivatives; definition of futures contracts and dealings; the licensing of brokers and advisers; brokers duties; market offences such as bucketing, churning, fraud, manipulation, and dissemination of false and misleading information; over the counter markets; options; swaps, forwards and hybrids; FOREX and capital markets; ISDA documentation; netting; enforceability issues; self-regulatory organisations.