Outline

Bonds

Overview
Sovereign Debt
Municipal Bonds
Mortgage Backed Securities

• Agency
• Securitization
• Asset-Backed Debt

Corporate Bonds

• Covenants

Bond Duration

Duration Measures

• Macaulay Duration
• Modified Duration
• Effective Duration

Convexity

Interest Rates

The Federal Reserve

Structure
Policy

• Time Inconsistency
• Nominal anchor

Operations
Open Market Operations
Regulation

Institutions

Commercial Banks

Retail Banking

Credit Unions

FDIC

• Shadow Banking

FinTech Banks

• Payment and Transfers
• Consumer Credit
• Crypto-currency payments and transfers

FinTech Investment Banks

• Robo-advising
• Broker execution
• Payment for Order Flow
• Crypto-currency ICO

Islamic Finance

Insurance Companies

Bank Balance Sheet

Loan Performance

Gap Analysis

Interest Rate Gap
Duration Gap