課程大綱

課程資訊

課程名稱

律師於全球資本市場中之定位
Introduction for Lawyers to the Global Capital Markets

開課學期

114-1

授課對象

法律學院法律研究所

授課教師

葛理察

課號

LAW7619

課程識別碼

A21EM7900

班次

學分

1.0

全/半年

半年

必/選修

選修

上課時間

第15 週
星期一10,A,B(17:30~20:10)星期二10,A,B(17:30~20:10)星期三10,A,B(17:30~20:10)

上課地點

霖研二1502霖研二1502霖研二1502

備註

本課程以英語授課。密集課程。Lecture time see course syllabus.
限法律學院學生(含輔系、雙修生)
總人數上限：30人

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課程概述

Lawyers play many important roles in finance. The better their understanding of financial markets, the better able they are to fill these roles. The course will include a discussion of the causes of, and lessons to be learned from, the Global Financial Crisis of 2007 – 2009 and a look ahead at where the next crisis in the markets may arise in 2026. The course will be taught by Rick Grove who began his career practicing capital markets law in New York and London before becoming an investment banker focusing on bonds, derivatives and commodities. Professor Grove will use some PowerPoint slides and discuss many experiences from both his legal and investment banking career to illustrate the topics covered by the course. While students will not be required to speak in class, Professor Grove would like the course to be interactive and will welcome comments and questions from students at all times.

COURSE DATE:12/4-12/10. Course Unit:10&A&B

TA: Alan Cheng (r12a21081@ntu.edu.tw)

課程目標

This course is designed to provide law students with an introduction to global capital markets, including the very basic principles of finance on which the markets are based, the types of products that are traded, the legal and regulatory framework that governs the markets and the ways in which financial markets disputes arise and are resolved.

課程要求

Students will be required to watch the film “The Big Short” before the final class. The film is based on the book The Big Short by Michael Lewis – a very informative and entertaining discussion of the events that led to the Global Financial Crisis that began in 2007. Of course, students are welcome to read the book, which, like the film, is informative and entertaining!

預期每週課前或/與課後學習時數

Office Hours

指定閱讀

參考書目

評量方式
(僅供參考)

No.	項目	百分比	說明
1.	Exam	100%	Grading for the course will be based on a one-hour multiple choice and short answer final exam that will be given in Class 5.

課程進度

週次	日期	單元主題
第14週	12/4	Class 1: Introduction to the Global Capital Markets • What is a capital market? • How do capital markets facilitate economic growth? • The structure of global and national capital markets • Banks, asset managers and the increasing role of private credit • Types of jobs in financial markets – trading, structuring, sales, risk, operations • The role of lawyers in finance • The relationship between civil society, rule of law and finance Required reading: World Bank Group, Capital Markets Development – A Primer for Policymakers (2020) pages 1-4 Introduction, Working Definition, Why Capital Markets https://documents1.worldbank.org/curated/en/228291627375113518/pdf/Capital-Markets-Development-A- Primer-for-Policymakers.pdf 4 pages
第14週	12/5	Class 2: Types of Financial Products; Basic Finance Math • Types of Products o Fixed income products: loans and bonds o Equity products o Foreign exchange o Commodity products o Credit as an asset class o Derivatives: Futures, forwards and options o Securitization and Structured Credit Products: ABS, CLOs, CDOs o Cryptocurrencies and Stablecoins • Basic Finance Math: the concepts every lawyer should know – no math skill or background required! o Time value of money–present value and net present value o Discounted cash flow analysis o Option Pricing: Black Scholes model Required Reading: “Overview of Derivative Financial Products” by Rick Grove in International Financial Disputes edited by Jeffrey Golden and Carolyn Lamm , Oxford University Press (2015). 17 pages Definition of Present Value (Investopedia): http://www.investopedia.com/terms/p/presentvalue.asp?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=401 86 1 page Definition of Discounted Cash Flow (Investopedia): http://www.investopedia.com/terms/d/dcf.asp 2 pages Black-Scholes Model (Investopedia): http://www.investopedia.com/terms/b/blackscholes.asp 1 page (Do NOT worry about the math!)
第15週	12/8	Class 3: Risk Management; Legal, Regulatory and Contractual Framework for Capital Markets • Risk Management oTypes of Risk: Market,Credit,Operational,and Other o Principles of Risk Management • Legal, Regulatory and Contractual Framework for Capital Markets o National law and regulation o International agreements: Basel capital rules; G20 agreements o Commonly used contracts ▪ Loan agreements ▪ Securities offering documents (prospectus, offering memorandum, etc.) ▪ ISDA documentation Required Reading: Excerpts from the Financial Stability Board Website: About the FSB https://www.fsb.org/about/ 1 page Excerpts from the Basel Committee Website: https://www.bis.org/about/index.htm?m=2 1 page
第15週	12/9	Class 4: Financial Markets Disputes • How do disputes typically arise? • Where are disputes adjudicated – global legal centers, national courts, arbitration • The advantages and disadvantages of negotiation, mediation, arbitration and litigation • The role of experts in financial markets litigation and arbitration Required Reading: “Business disputes in a pandemic: preparing for a peak and flattening the curve” by Rick Grove and Camilla Macpherson in Butterworths Journal of International Banking and Financial Law (October 2020) 2 pages
第15週	12/10	Class 5: Review for the Final Exam and Discussion of The Global Financial Crisis/Final Exam/What May We Expect in the Global Capital Markets in 2026? • In the first hour, we will review for the final exam and discuss the film “The Big Short” and the causes of the Global Financial Crisis o Structured credit products and the residential mortgages, credit card loans, auto loans and other assets that underlie them o The role of derivatives in the crisis o The policy response to the crisis o The global financial markets after the crisis • Final Exam • What may we expect in 2026? o Continuing trend to protectionism and ring-fenced local markets? o Disintermediation – do banks have a future? o The influence of the internet and technology Required Reading: None! Prepare for the Final Exam!