The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) fundamentally transformed the regulation of the derivatives markets, particularly with respect to the previously unregulated swaps market. The transition to this new regulatory framework has presented new legal issues and operational challenges for market participants, including companies using swaps to hedge or mitigate commercial risk, swap dealers and other intermediaries, and entities operating market infrastructures, such as exchanges, clearinghouses, and new “swap execution facilities.” This course will focus on the regulation of derivatives under the Commodity Exchange Act, as amended by Dodd-Frank, and as implemented by the Commodity Futures Trading Commission, including an examination of the legal, regulatory and operational issues facing market participants and their responses in implementing this new regulatory structure. This course is designed as a “Derivatives 101” equivalent, providing a broad overview of the regulation of derivatives from a U.S. legal perspective that will serve as a foundation for more advanced coursework and reading. The course will include an in-depth look at the new regulatory requirements and issues with respect to (i) market transparency and integrity, such as preventing market manipulation, disruptive trading practices, and so-called excessive speculation; (ii) the increasing use of automated trading systems and high-frequency trading in commodity markets; and (iii) the interplay between Congress, the federal market regulators, and the entities subject to financial market regulation. Students will be presented with the same questions of law confronting attorneys advising entities trading in derivatives markets, regulators, and the courts.