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TCLA's Mastering the City Course
Part 1: Financial Markets
How the City works - The Background
Stock Markets and their Participants
Overview of the Financial Markets: Borrowers, Lenders and Financial Intermediaries
Interview Question: Why is London a leading financial centre?
Investment Banking 101
Capital Structure
Raising Money: Equity and Debt Compared
Security
Part 1A: The Money Markets
Introduction
Characteristics of the Money Market
Why Use the Money Markets?
Why be a Lender in the Money Market?
What are the Money Market Instruments?
Repurchase Agreements (Repos)
What is the Function of the Money Market?
Conclusion
Part 1B: The Stock Market, Exchanges, Trading and Clearing Houses
Introduction to the Stock Market: Primary and Secondary Markets
The Stock Exchange: Commodities and Derivatives
Who can Trade on an Exchange: Brokers and Dealers
How Does The Share Price Of A Stock Actually Change?
Order Books
High Frequency Traders
Clearing, Clearing Houses and Settlement
Conclusion
Part 1C: Liquidity
Introduction
Why has 'Liquidity' Been in the News?
Why does Liquidity Impact Individuals, Businesses, the Financial Sector and the Economy?
Holding Cash Reserves
Why Invest?
Alternatives to Cash - Purchasing Stock
Bonds and Yields
Junk and Investment Grade Bonds
Low Yields Turn on the Financial Tap
Bonds, Liquidity and Responses to Covid-19
Low yields in 2020 and the Search for Higher Yields
Liquid Assets
Five Financial Trends That Impact Liquidity
The Impact on Law Firms
Conclusion
Part 2A: Law Firms as a Business
Introduction
Profit vs Pro Bono
Law Firm Business Models: Partnerships, LLPs, ABS, Swiss Verein and Public Company
Partnership Models
How Do Law Firms Make Money?
Fixed Fees and Conditional Fee Arrangements
Law Firm Financial Metrics: Utilisation, Realisation, Leverage and Price
Profit and Profit Per Equity Partner
Conclusion
Appendix - Using Companies House To Research A Law Firm
Part 2B: Cybersecurity in Law Firms
Introduction
The Real World Impact of Cybercrime : Who is Affected and What are the Implications?
Distributed Denial Of Service Attack (DDOS)
Spear Phishing, Trojan Horses and its Impact on Law Firms
Man-In-The-Middle Attacks and Ransomware
Humans and Cybersecurity
Encryption
Conclusion
Part 3A: EBITDA And Financial Metrics
Introduction
An Introduction to the Efficient Market Hypothesis
Passive and Active Investing Compared
Fundamental and Technical Analysis
A Guide to EBITDA
P/E and P/B Ratios
Dividend Discount Model
Conclusion
Part 3B: Reading Financial Statements
What are Financial Statements?
Balance Sheets
Case Study: Sky's Financial Statements - Part 1
Case Study: The Income Statement - Part 2
Case Study: The Cash Flow Statement - Part 3
Part 4A: Practice Areas - Financial Crime
Introduction
Money Laundering - and the Role of Law Firms
Ponzi Schemes - and the Role of Law Firms
Insider Trading - and the Role of Law Firms
Rogue Trading - and the Role of Law Firms
Sanctions - and the Role of Law Firms
White Collar Crime Litigation - Some Procedural Elements
Conclusion
Part 4B: Practice Areas - Project Finance
Introduction
What is Project Finance?
How Do Lenders Get Repaid by the Project?
Project Finance History
Who are the Key Players in Project Finance?
Project RIsk
What is the Project Finance Timeline?
Why Do Project Finance as an Investor?
Conclusion
Part 4C: Practice Area - Tax
Introduction
Tax Evasion versus Tax Avoidance
How Are Taxes Actually Paid?
How Are These Taxes Charged?
Taxes, Duties and Tariffs
What Are The Major Taxes In The UK?
Income Tax
National Insurance
Capital Gains Tax
Inheritance Tax UK
Value Added Tax
Corporation Tax
Base Erosion Profit Shifting (BEPS)
Conclusion
Part 4D: Practice Area - Insurance
Introduction
What Is Insurance?
A Classic Insurance Example
Systemic Risk - Why COVID Is A Problem?
Moral Hazard and Adverse Selection
Types of Insurance
How Do Insurance Companies Get Paid and Where Do Insurers Invest?
Re-Insurance
Retrocession
Conclusion
Part 4E: Practice Areas - Pensions
What is a pension?
How does the pension get paid for?
Pension Fund
Types of Pensions
Defined Benefit Pensions
Defined Contribution Pensions
How Do Pension Funds Invest?
Conclusion
Part 4F: Practice Areas - Real Estate Investing
Introduction
Why Invest In Real Estate?
Income Provision and Inflation Protection
Diversification
Leverage
Why Does The Return On Equity Matter?
How To Invest In Real Estate?
Real Estate Investment Trusts
Real Estate Crowdfunding
Part 5A: Commercial Awareness Series: The US-China Trade War
Section 1: Introduction
What are the most important events in the trade war so far?
US-China Trade War - Updates!
September 2018 - September 2019 Trade War Updates
Section 2: Why is the US imposing tariffs on China?
Do tariffs work? Example: The rubber chicken trade wars
China's outbound investment regime
What are the other reasons for the tariffs?
Section 3: The Impact of the US-China trade war on businesses - 2018
The Impact of the US-China Trade War on sectors - 2019
Technology
Agriculture
Consumer goods and retailers
Commodities
Section 4: How has the trade war impacted major economies? - 2019
United States
China
Germany
Emerging markets
Section 5: Interview Question - Who is winning the US-China trade war?
Section 6: Impact on law firms
Part 5C: Commercial Awareness Series: Sovereign Wealth Funds - With Matthew Dow
Introduction
What Investments Do These Sovereign Wealth Funds Make?
History of Sovereign Wealth Funds
Why Have A Sovereign Wealth Fund?
Unclear Objectives
Legislation
Conclusion
Part 5D: Commercial Awareness Series: ESG and Impact Investing - With Matthew Dow
Not Just ESG
Introduction
Stakeholder Capitalism
How Did We Get Here?
ESG Introduction
Demographic and technology ESG developments
A Word on Ethics And Measurement
Diversification and Best In Class
Divestment
Data and ESG Disclosure
What is ESG All About?
Does One Size Fit All?
Greenwashing
Does ESG Work?
Conclusion
Part 5E: Commercial Awareness Series: The General Data Protection Regulation
Background to the GDPR
What Legislation did the GDPR replace?
What Exactly Is GDPR?
What Does GDPR Do For You And Me?
Terminology
How Does GDPR Get Enforced In The UK?
Lawful Purpose and GDPR Principles
What Are My Rights Under The GDPR?
What Are The Responsibilities Of The Data Controller?
Data Protection Officer
Brexit And GDPR
Impact Of GDPR
Crime And Punishment
Conclusion
Part 5F: Commercial Awareness Series: Recessions and Financial Crises - With Matthew Dow
Introduction
Defining a Recession
Bear Markets and Depressions
Recession and Recovery
Recession Shapes
What Measures Do Governments Take Following Recessions
Criticisms of Government Spending during Recessions
Inflation and Public Spending
Monetary Spending
Monetary Policy Criticisms
Quantitative Easing
Criticism of Quantitative Easing
Austerity
Regulation and Legal Ramifications Of Recessions
How Do Investors Act During Recessions
Conclusion
Part 5F: Commercial Awareness Series: Financial Crises and a Few Lessons From History - With Matthew Dow
Introduction
The Wall Street Crash
The Great Depression
Savings & Loans Crisis
Japan's Lost Decade
The Asian Crisis
The Dotcom Bubble
The Great Financial Crisis (2007-2009)
Conclusion
United States
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