Any suggested reading on derivative applications for the institutional client (hedge, pension, mutual funds, insurance) ? especially from the clients perspective...i.e. accounting, tax, legal considerations . Am aware of the Risk books and Harry Kat's book on structured equity derivatives.I was also wondering if anyone out there has enrolled in the following course offered at Columbia : B9301-031 - Equity derivatives (term offered: spring) by Prof. Zurak. I am especially interested in the following as described in the course outline "Strategies - A large component of this course involves exploring how investors use these products. Some investors like Pension, Mutual and Hedge Funds are driven by economic and risk management needs solely and they use Equity Derivatives in various hedging and arbitrage strategies. Corporations, Individuals and Insurance Companies worry about Accounting, Legal and Tax considerations, so any discussion of how they use Derivatives requires we cover those issues."Are the applications up to date and relevant? What are some of the specific applications and relevant regulatory considerations that are covered, for example for Hedge Funds? Pension, Mutual funds? Insurance sector?Even if you haven't taken this specific course, if anyone has some insight (or reading material) into some of the more current applications for the institutional client base I would very much appreciate it. I am aware of the demand for the structured notes but where can I get more background on the relevant tax, accounting regulatory issues ?Any feedback would be much appreciated.

so noone has enrolled to that course at Columbia ?

Yes, you should read the marketing materials that groups like mine at the investment banks put out. From what I have seen, there is plenty of room for many types of institutions to improve how they use derivatives. A bit of an idealistic hope I have is that derivatives will reduce some of the current needs for accountants, tax professionals, and lawyers, but so far they have only increased the need for those types.

You believe that the use of derivatives will reduce that number of people ? I would not say that.... everything is moving toward electronic.. now the IRSwap are starting to trade really seriously.... next are vol products... but still it s not there.