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Capital Markets, Derivatives, and the LawPositivity and Preparation$
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Alan N. Rechtschaffen

Print publication date: 2019

Print ISBN-13: 9780190879631

Published to Oxford Scholarship Online: May 2019

DOI: 10.1093/oso/9780190879631.001.0001

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Synthesis and Conclusion

Synthesis and Conclusion

(p.443) 20 Synthesis and Conclusion
Capital Markets, Derivatives, and the Law

Alan N. Rechtschaffen

Oxford University Press

This chapter begins with a synthesis of key themes, covering derivatives, debt instruments, and structured notes. It considers the case study Securities and Exchange Commission v. Goldman, Sachs & Co. & Fabrice Tourre. It then describes the Erlanger “cotton” bonds issued by the Confederate States of America to raise money during the Civil War. This is followed by discussions on range notes, internal leverage and market risk, and risks (interest rate risk, liquidity risk, reinvestment risk). The chapter concludes by describing the bulletin issued by the Office of the Comptroller of the Currency on May 22, 2002, to all national bank CEOs and all federal branches and agencies in regard to risky “yield-chasing” strategies that were returning to the markets.

Keywords:   derivatives, debt instruments, structured notes, cotton bonds, range notes, risk

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