The international banking system forms part of the infrastructure of the modern world. It provides essential services to the private sector, and also performs a vital public function in the context of monetary policy. Because of its importance, banking is subject to an international regulatory framework to promote the stability and resiliency of the system. This course examines the activities of international banks, and the risks which those activities entail. We examine how banks should best manage those risks, and the regulatory impact of those risks on banks’ capital structure. Topics include capital adequacy, liquidity, interest-rate dynamics, credit, trading and investment banking, payments and other operations, and money laundering.