In this course, you will learn to develop and implement institutional (firm-level) financial trading strategies.  These strategies are guided by quantitative models that identify, quantify, and manage risks and expected return.  In so doing, you will learn how to make decisions in an uncertain environment.  The course is based on an experiential learning approach, in which trading simulation software provides a platform for delivering learning-by-doing cases.  Specific cases covered in the course include: agency trading; principal (liability) trading; algorithmic market making; managing risk capital with value-at-risk; and transportation, storage, and production arbitrage in commodity futures markets. The course also covers fundamental concepts in market microstructure, such as bid-ask spreads, price discovery, information asymmetry, liquidity, and inventory risk.