Gunter Meissner, Chapter 1: Correlation Basics is a 51-minute instructional video analyzing the following concepts:
* Describe financial correlation risk and the areas in which it appears in finance.
* Explain how correlation contributed to the global financial crisis of 2007 to 2009.
* Describe the structure, uses, and payoffs of a correlation swap.
* Estimate the impact of different correlations between assets in the trading book on the VaR capital charge.
* Explain the role of correlation risk in market risk and credit risk.
* Relate correlation risk to systemic and concentration risk.