Credit as Contract

Understanding Money Markets
Watch live streaming video from clsit at
Monday September 30, 2013

This seminar will examine the relationship between money markets, and contract and payments law.


This seminar will examine the relationship between money markets, and contract and payments law. It will offer an historical and contemporary overview of different forms of financial instruments and the legal principles that have guided their evolution, as well as the evolution of their markets. Questions to be addressed include:

What is the function and design of money markets?

How are financial instruments - i.e. money, bonds and stocks - legally created and enforced?

How have financial instruments evolved over time, and what role has law played in that evolutionary process?



Marshall Auerback

Director of Institutional Partnerships
Institute for New Economic Thinking

Marshall Auerback has 30 years’ experience in the investment management business, serving as a global portfolio strategist for Pinetree Capital, a Canadian-based fund management group. He also serves as an economic consultant to PIMCO, the world’s largest bond fund management group, a Research Associate for the Levy Institute at Bard College, and a Research Fellow for the Economists for Peace and Security.

Zoltan Poszar

Department of Global Strategy and Research, Credit Suisse

Zoltan Pozsar, is a Director of the Global Strategy and Research Department at Credit Suisse and former senior adviser at the U.S. Department of the Treasury, is an expert on global macroeconomic affairs, central banking and finance.

Joseph Sommer

The Federal Reserve Bank of New York

Joseph Sommer is legal counsel at the Federal Reserve Bank of New York. He is an expert on payments systems law and has published a number of law review articles on the legal underpinnings of the monetary system. Sommer joined the New York Fed in September 1988 as a law clerk.


Jeffrey N. Gordon

Richard Paul Richman Professor of Law
Columbia Law School

Jeffrey N. Gordon is the Richard Paul Richman Professor of Law, Co-Director of the Richman Center for Business, Law & Public Policy, and Co-Director of the Ira M. Millstein Center for Global Markets and Corporate Ownership.