This course introduces the practical uses of interest rate swaps, credit derivatives, and financial futures and options on government bonds, short term interest rates, stock indexes, and foreign currencies. The focus of the course is on the relationships between derivatives and their underlying cash markets, and on the correct use of swaps, futures, credit derivatives, and options for hedging and trading.

Students best served by this course are those who either hold or expect to hold positions that require the use of interest rate or credit derivatives. These include portfolio managers, bank treasury functions, asset-liability and other risk managers, and traders. Because actual industry practice is combined with financial theory, the course may also appeal to those with academic research interests in swaps, futures, and options.