1. THE CITY AS A MARKET & THE GLOBAL CREDIT CRUNCH
The City is like a market – companies are customers – banks are the stallholders – institutional investors are the wholesalers – brokers are the market porters – how money started – the City's a collection of markets – the foreign exchange market – the global credit crunch – sub-prime lending – securitisation – toxic tranches – bank bailouts

2. WHY COMPANIES NEED MONEY
Fixed assets/working capital – debt and equity finance – the importance of cashflow – profitability – venture capital – business angels – exit routes – management buyouts and private equity – MBOs and MBIs

3. WHAT HAPPENS WHEN A COMPANY FLOATS
Different types of listing on the London Stock Exchange – underwriting – the stock exchange’s viewpoint – principal players – the company’s perspective – the listing process – rights issues – the ongoing life of a public company – corporate social responsibility

4. M&AS (AND MORE ON MBOS)
The basics of a takeover – hostile takeovers – the players – timetable of a takeover – Takeover Panel and City Code on Takeovers and Mergers – acquisition of minority interests – stake building – tender offers – concert parties – reverse takeovers – share purchase v asset sale – auctions – MBOs in more detail – LBOs – incentives for managers and deal arrangers

5. MY WORD IS MY BOND: DEBT SECURITIES
Bonds v loans – bonds as bearer instruments – fixed-income instruments – governments as bond issuers – how the Eurobond market was born – basis points – rating agencies – Belgian dentists – underwriting – different maturities – bond yields

6. WHAT’S A BANK?
Commercial banks – investment banks – distribution and underwriting – market making, proprietary trading and secondary trading – principal investment – Glass-Steagall – universal, integrated or conglomerate banks – bancassurance – merchant banks – bills of exchange – accepting houses – trade finance – à forfait – the future of banking

7. MORE ON COMMERCIAL BANKING
The basics of a loan – common banking terms – risks – typical loan structure – security (not securities) – representations and warranties – financial covenants – boilerplate – events of default – syndicated lending – acquisition finance – asset finance (finance leasing) – finance lease v operating lease – double dips – project finance – step-in rights – offtake/take-or-pay – UK PFI/PPP

8. MORE ON INVESTMENT BANKING
Using their own capital – proprietary trading, prime brokerage and principal investment – risk and regulation – distribution networks – bookbuilding and bought deals – bond terms – legal aspects – bondholders’ meetings – road shows – global bonds – placings – vendor placings and M&As – Medium Term Note programmes – how privatisation led to underwriting convergence

9. MARKET WHALES – INSTITUTIONAL INVESTORS
Buy side – institutional investors – insurance companies (life/casualty) – pension funds – asset classes – fund managers – trustees and actuaries – collective investment schemes – active investment styles – random walks – the Sage of Omaha – benchmarking – passive investment (index-tracking) – core portfolio – fund of funds – exchange traded funds – asset allocation – hedge funds – systemic risk, secular trends, quants and betas – hedge fund strategies – prime brokerage – sovereign wealth funds

10. GOING FOR BROKE
Agency v principal – Big Bang – banking and broking blurred – brokers, dealers, broker-dealers and inter-dealer brokers – soft commissions – mid-cap brokers – conflicts of interest – research analysts – Chinese walls – how analysts assess companies’ shares – p/e and other ratios

11. THE MECHANICS OF MARKETS
Stock markets – exchange wars – trading systems – custodians – broking instructions – bonds – depositaries – depositary receipts – bond yields – the yield curve – repos – the money markets – central banks

12. BIG PICTURE STUFF: THE IMPACT OF ECONOMICS
Inflation – deflation – how interest rates drive the markets – strength of sterling – the Bank of England: what it really does – why markets behave as they do – why markets don’t always do as they should – covered interest arbitrage

13. DERIVATIVES, SYNTHETICS AND ALL THAT JAZZ
Forwards and options – futures, options and swaps – currency and commodity origins – locals – open outcry – margin – marking-to-market – contracts for difference – spread betting – stock index futures – dynamic hedging – Nick Leeson – speculation and arbitrage – options – premium – options terminology – convertible bonds and warrants – triple witching hour – synthetics – trading strategies – interest rate swaps – currency swaps – credit derivatives – total return swaps, credit default swaps and credit-linked notes

14. THE ALCHEMY OF SECURITISATION
Why loans block up bank balance sheets – turning loans into bonds – Basel and capital adequacy – coping with early redemption and default – structured finance – collateralised debt obligations

15. LLOYD’S OF LONDON & THE REINSURANCE MARKET
Managing agents, members’ agents and Names – syndicates and brokers – How the market reached meltdown – long-tail asbestosis liability – baby syndicates – The LMX spiral – Reconstruction & Renewal – corporate capital – reinsurance – alternative risk transfer – cat bonds – weather derivatives

AFTERWORD & BIBLIOGRAPHY – WHERE NEXT?

JARGON BUSTER