MSc in Mathematical Finance

Handbook 2018

Issued January 2018

This handbook applies to students starting the MSc in Mathematical Finance in Hilary Term2018. The information in this handbook may be different for students starting in other years.

The Examination Regulations relating to this course are available at:

http://www.admin.ox.ac.uk/examregs/2015-16/mosbcinmathfina/

If there is a conflict between the information in this handbook and the Examination Regulationsthen you should follow the Examinations Regulations. If you have any concerns please contact:mathematical.finance@maths.ox.ac.uk.

The information in this handbook is accurate as at 14 March 2017, however it may be necessaryfor changes to be made in certain circumstances, as explained at:

www.ox.ac.uk/coursechanges.

If such changes are made the department will publish a new version of this handbook togetherwith a list of the changes and students will be informed.

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Welcome

I would like to warmly welcome you as a student on the M.Sc. in Mathematical Finance at theMathematical Institute, Oxford.

I hope you will find the course both intellectually stimulating and useful for your job. The OxfordMathematical Institute, ranked the top Mathematics Department in the country in the mostrecent Research Excellence Framework, hosts one of the largest and most prolific MathematicalFinance research groups in the world.

The course tutors are recruited from leading experts in academia and industry and will sharewith you their passion for the subject in lectures, practical workshops, and over coffee. Theintense week-long modules cover a substantial range of mathematical methods and financialapplications, and are an excellent opportunity to discuss these topics with your tutors andfellow students.

The most enjoyable part of mathematics, and the only way to fully engage with it, is to workthrough difficult problems and push yourself to the limit of your understanding. A key part of thecourse is therefore your own work on regular assignments and mini-projects, which culminate inyour dissertation, your own piece of academic research where you have the chance to contributeto the frontier of mathematical finance under the guidance of your chosen expert on that topic.

I wish you the very best of success as you embark on this journey of post-graduate studyalongside your regular job. The course team is conscious of the high dual demands associatedwith a part-time degree and we will do the best we can to support you in your studies. I lookforward to meeting you in person soon.

Dr Jeff Dewynne, Course Director

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Contents

1 Introduction 7

1.1 Key Sources of Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

1.2 Key Contacts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

1.3 Social Media . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

1.4 The Academic Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

1.5 Module dates 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

1.6 Finding your way round . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

2 The Mathematical Finance Part-time Programme 10

2.1 Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

2.2 Aims of the Course . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

2.3 Learning Outcomes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

2.4 Teaching and Learning Strategies . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

2.5 Course Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

2.6 Course Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

2.7 Course Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

3 Teaching and Learning 17

3.1 Organisation of Teaching . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

3.2 Lectures, classes and course materials . . . . . . . . . . . . . . . . . . . . . . . . 17

3.3 Attendance Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

3.4 Enrolling on the course . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

3.5 Online submission of assignments and dissertations . . . . . . . . . . . . . . . . . 18

4 Modules 20

4.1 Core Modules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

4.2 Advanced Modules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

5 Dissertations 25

5.1 Approval of Topic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

5.2 Scope and format of the Dissertation . . . . . . . . . . . . . . . . . . . . . . . . . 25

5.3 Supervision and GSS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

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5.4 Submission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

5.5 Deadlines for Submission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

6 Key Teaching Links 28

7 Examination and Assessment 29

7.1 Examination Entries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

7.2 Examination Conventions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

7.2.1 Programme Elements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

7.2.2 Assessment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

7.2.3 Final Result . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34

7.2.4 The Postgraduate Diploma . . . . . . . . . . . . . . . . . . . . . . . . . . 35

7.2.5 Penalties for Late Submission . . . . . . . . . . . . . . . . . . . . . . . . . 37

7.2.6 Penalties for Submissions Exceeding the Page Limits . . . . . . . . . . . . 38

7.2.7 Alternative Examination Arrangements and Factors Affecting Performance 39

7.2.8 Resits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

7.2.9 Formative Feedback . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

7.2.10 Plagiarism . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

7.2.11 Viva Voce Examination . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

7.2.12 Role of the Board of Examiners . . . . . . . . . . . . . . . . . . . . . . . . 41

7.2.13 Role of the Proctors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41

7.3 CATS and ECTS Points . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41

7.4 MSc Prize . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41

7.5 Graduation Ceremony . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42

7.6 Key Assessment Links . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42

8 Suspensions, Extensions and Withdrawal 43

8.1 Suspension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43

8.2 Extensions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44

8.3 Withdrawal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

9 Resources and Facilities 47

9.1 Libraries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47

9.1.1 Whitehead Library, Mathematical Institute . . . . . . . . . . . . . . . . . 47

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9.1.2 Other libraries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47

9.1.3 Bench Collection . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47

9.1.4 Resources for Mathematical Finance . . . . . . . . . . . . . . . . . . . . . 48

9.1.5 Remote Access to Electronic Resources . . . . . . . . . . . . . . . . . . . 48

9.2 IT and Email Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48

9.3 The University Card and its purpose . . . . . . . . . . . . . . . . . . . . . . . . . 50

10 Student Representation and Feedback 51

10.1 Student Representation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

10.2 Opportunities to Provide Feedback . . . . . . . . . . . . . . . . . . . . . . . . . . 51

11 Student Support and Academic Policies 52

11.1 Where to find help . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

11.2 Complaints and Appeals within the Mathematical Institute . . . . . . . . . . . . 52

11.3 University Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53

11.4 Departmental Safety Polices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54

11.5 Key Support Links and Contacts . . . . . . . . . . . . . . . . . . . . . . . . . . . 54

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1 Introduction

This document is the Course Handbook for the MSc in Mathematical Finance, commencingin January 2018. It describes the programme, the entry requirements, syllabus, methods ofassessment and administrative and other matters. The University’s Examination Degrees andRegulations referred to in this handbook are the official legislative documents governing thecourses. The information provided in this handbook supersedes all previous versions of the hand-book. Should you have any questions that are not answered in the handbook please do nothesitate to ask the Course Administrator for the MSc in Mathematical Finance or other col-leagues as indicated in Section 1.2.

Please note that there is much supplementary information and up-to-date coursematerial on the course website at:

http://www.maths.ox.ac.uk/members/students/postgraduate-courses/msc-mf-pt

1.1 Key Sources of Information

Course website:

https://www.maths.ox.ac.uk/members/students/postgraduate-courses/msc-mf-pt

Mathematical Institute website: https://www.maths.ox.ac.uk/

Examination Regulations: http://www.admin.ox.ac.uk/examregs/

Examination Conventions and external and internal examiner’s reports:

https://www.maths.ox.ac.uk/members/students/postgraduate-courses/msc-mf-pt/

examination-and-assessment

Oxford Student Handbook: http://www.admin.ox.ac.uk/proctors/info/pam/

1.2 Key Contacts

Academic Administrator: Charlotte Turner-Smith

Email: academic.administrator@maths.ox.ac.uk

Course Administrator: Sneha Patel (from December 2017) / Sarah Davidson (from April 2018)

Email: mathematical.finance@maths.ox.ac.uk

Mathematical Institute reception

Email: reception@maths.ox.ac.uk

Course Director: Dr Jeff Dewynne

Email: jeff.dewynne@maths.ox.ac.uk

Chair of the Supervisory Committee: Professor Jan Obloj

Email: jan.obloj@maths.ox.ac.uk

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1.3 Social Media

The MSc in Mathematical Finance has a social media presence on LinkedIn and Facebook, forcurrent students, staff, alumni and associated individuals (e.g., guest lecturers). We recommendjoining these groups to network, ask questions and share information informally. If you join theLinkedIn page, you will then be asked to also join a group specifically for those who started on thecourse in January 2018. You will also automatically receive the newsletter for the Mathematicaland Computational Finance Group.

LinkedIn: http://tinyurl.com/hhwudx6

Facebook: https://www.facebook.com/mscmathfin/

1.4 The Academic Year

The MSc in Mathematical Finance starts in January (unlike most courses within the University,which start in September or October), and teaching takes place both within the full term timeand outside it. Although we may refer to terms, this part-time MSc runs according to thecalendar year as outlined below.

Dates for full term times 2018

Hilary Term: 14 January - 10 March 2018Trinity Term: 22 April - 16 June 2018Michaelmas Term: 7 October - 1 December 2018

Week 0 starts one week before the start of full term.

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1.5 Module dates 2018

For students commencing in January 2018:

Module Date AssignmentSubmission deadline(12 noon UK time)

Module 1 8 - 12 January 2018 12 February 2018

Module 2 26 February - 2 March 2018 2 April 2018

Module 3 23 - 27 April 2018 28 May 2018

Module 4 11 - 15 June 2018 16 July 2018

Examinations 17 September 2018

Module 5 18 - 21 September 2018 5 November 2018

Module 6 27 - 30 November 2018 14 January 2019

For students who commenced in January 2017:

Module Date AssignmentSubmission deadline(12 noon UK time)

Module 7 20 - 23 February 2018 9 April 2018

Module 8 17 - 20 April 2018 4 June 2018

1.6 Finding your way round

Teaching for the course will take place in the Mathematical Institute:

http://www.maths.ox.ac.uk/about-us/travel-maps

A searchable, interactive map of all colleges, departments and libraries can be found at:

http://www.ox.ac.uk/visitors/maps-and-directions/searchable-map-large

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2 The Mathematical Finance Part-time Programme

2.1 Overview

The MSc builds on a strong quantitative background to educate you in state-of-the-art mathe-matical and quantitative finance. You will develop the skills to enhance and progress your careerwithout the necessity of taking a career break. The programme is delivered in a series of intensiveweek-long modules taught by a panel of world-leading academics and financial practitioners.

2.2 Aims of the Course

The main aim of the MSc in Mathematical Finance is to develop the students’ modelling,mathematical and computational skills in applications to finance. The MSc courses cover themost important technical and quantitative aspects of finance in regular use in banks and otherfinancial institutions, from basic material to current research. There is also material on relatedsubjects to give students a thorough grounding in the discipline and to enable them to makeintellectual links between different topics. There is a substantial transfer of technology fromapplied mathematics, stochastic analysis, statistics, computing and corporate finance.

2.3 Learning Outcomes

Knowledge and understanding:

At the end of the course students will be expected to:

• demonstrate a broad, systematic and critical knowledge of the mathematical, statisticaland computing methods appropriate for specifying mathematical problems in financialinstitutions

• demonstrate a comprehensive understanding of the most common applications of mathe-matics in finance and recent extensions thereof

• demonstrate an ability to select and apply numerical methods appropriate for the solutionof financial problems

• demonstrate familiarity with emerging mathematical techniques appropriate in financialinstitutions

Cognitive / Intellectual Skills:

At the end of the course students will be expected to:

• determine and select the most appropriate standard mathematical, statistical and com-putational methods for specifying mathematical problems in banks and other financialinstitutions through a critical understanding of the relative advantages of these methods,and to develop extensions to these methods appropriate for the solution of non-standardproblems

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• know the main features of models commonly applied in financial firms, be able to expressthese mathematically and be able to appraise their utility and effectiveness

• explain and critically appraise the rationale for the selection of mathematical tools usedin the analysis of common financial problems

• be able to demonstrate the appropriateness of modelling or numerical solutions in analysingcommon problems in banks and other financial institutions

• be able to select and apply numerical solutions in appropriate areas of finance

• be able to undertake a piece of directed research in mathematical finance

Transferable / Key Skills:

Students will be expected to have developed a range of transferable skills including:

• skills in managing their own learning and conducting independent and effective study

• skills in applying cross-disciplinary techniques of analysis (for example, to the domain offinance from pure and applied mathematics and other disciplines)

• skills in problem specification (analytical and, where appropriate, numerical)

• skills in applying mathematical and computational methods to problem solution in indus-trial contexts

• skills in the mathematical analysis of abstract problems

• skills in managing research-based work in mathematical finance, especially in any industrialsetting

Discipline-specific Practical Skills:

Students will be able to:

• carry out an extended research project involving a literature review, problem specificationand analysis in mathematical finance and produce a dissertation

• demonstrate knowledge of a range of specific mathematical techniques in finance

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2.4 Teaching and Learning Strategies

The intended learning outcomes (above) are achieved using the following teaching and learningstrategies.

Lectures

• present and explore core ideas in the subject of mathematical finance in a form allowingstudents to appreciate the taxonomy of models and methods

• demonstrate solution strategies using leading models through practical examples

• review critically the experience of applications in the finance domain

Practical sessions

• provide a structured opportunity for students to practice techniques and methods in math-ematical analysis of problems in mathematical finance using analytical and computationaltools

• promote discussion and sharing of ideas in the practice of mathematical analysis in afinance setting

• provide a structured opportunity to develop computational and numerical solutions toproblems with guidance from tutors

Guided reading

• recommended texts, key articles and other materials in advance of, or following, lectureclasses for the purposes of discussion

Course assignments

• enable students to tackle practical problems in mathematical finance and abstract analysisrelevant to the analysis of finance

• provide an opportunity to demonstrate, and test, the selection of appropriate analyticaland computational tools

Guest lecturers

• provide illustrative cases of the practical application of tools and techniques in mathemat-ical finance from corporate, bank, bond or securities finance in industry

• relate the mathematical and analytical purposes of analysis to the management and or-ganisational context of financial firms

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Dissertation

• enables students to practice the application of mathematical research techniques in anindustrial context and/or academic context

• provides an opportunity for students to study in depth a mathematical problem in afinancial firm

2.5 Course Structure

The taught component of the course is delivered via a series of modules, each of which is a face-to-face course in Oxford, covering a different branch of finance in detail, with formal lectures,informal discussion, tutorials and, when necessary, hands-on workshops.

Core modules are each taught over five days in the first six months of the first year. Advancedmodules are each taught over four days in the first and second year. Teaching is done by aca-demics and, especially in the later modules, practitioners from industry. Between the modules,which are spaced approximately six weeks apart, students are expected to complete and submitproblem sheets or essay assignments related to the material of the preceding module. Theseassignments are distributed during the relevant module.

Core modules are ‘formatively’ assessed, meaning that the marks for them do not contribute toa student’s overall mark for the degree. However, informal feedback is given after marking ofcore module assignments to help students to improve their examination performances, and assuch, core module assignments are a central element of the course.

The summer after core modules is for examination revision. There are two compulsory exam-inations which take place after the summer vacation. These examinations are on the materialcovered in the four core modules.

Advanced module assignments are ‘summatively’ assessed, meaning that the marks for themcontribute to a student’s overall mark for the degree. For module dates see Section 1.5.

The dissertation is normally undertaken after the last advanced module.

We anticipate that students will need at least 40-60 hours of private study per module as wellas time for exam preparation, and researching and writing the dissertation. Information onall administrative requirements, deadlines and information regarding handing in assignments isgiven later in this handbook (see Section 3.5).

In order to complete the MSc each student is expected to attend and be assessed on four coremodules and three advanced modules, and to submit a dissertation. The overall structure of thecourse is shown below and is described in more detail later in the handbook.

If, for some exceptional reason, a student is unable to complete the dissertation, he/she mayapply to be awarded the Postgraduate Diploma.

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2.6 Course Overview

2.7 Course Fees

Standard course fees payable are determined by year of entry onto the programme.

Standard FeesFor students commencing the programme in January 2018:

Total fee for the MSc: 30,498 GBP (Home/EU)35,324 GBP (OS)

65% of the fee is payable prior to commencing the MSc; 35% is payable one year later.

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Other Fees

Fees for attending Modules 2018

A student on the course who has already paid the full fees for that course element but whowishes to attend an additional advanced module on a non-assessed basis will usually be charged.The current attendance fee is 320 GBP. (Occasionally it may be necessary to charge moredue to increased costs associated with a particular module. If this is the case students will beadvised when they ask to register.) Such registrations may usually be cancelled without a feebeing incurred if the student notifies the Administrative Office in writing at least fourteen daysbefore the start of the module.

Fees for Extension of Time 2018

Where a student is unable to complete the work within the required course timetable and makesa successful application(s) for extension of time (see Section 8) the expectation is that they willcontinue to work during this period and they will be charged around 570 GBP for each termextended. This amount will usually increase, due to inflation, each Michaelmas term.

Payment Terms and Conditions

Please see the University’s Standard Conditions of Sale and Supply at:

http://www.admin.ox.ac.uk/media/global/wwwadminoxacuk/localsites/finance/

documents/accountsreceivable/saleserviceconditions.pdf

Payment of course fees for the MSc in Mathematical Finance are supplemented bythe Terms and Conditions given below.

Please note that it is the responsibility of all students on the programme to ensure that theseterms and conditions are followed and the Mathematical Institute receives payment as instructed.Failure to pay fees in full could result in the University withholding teaching/assessment and/orrefusing to award a qualification.

Following satisfactory completion of the admissions process an invoice will be sent for fees forthe first year of the MSc.

1. If your fees are being paid in whole or in part by a third party or parties, whether anotherindividual, an organisation, a trust fund, etc, then our understanding is that we will receivethe appropriate fee amount from that third party on your behalf. Therefore we will invoicethat third party for the appropriate amount on your behalf. However, this does not affectin any way the fact that you are ultimately responsible to ensure that payment of all yourfees is made to the University.

Payment of all invoices must be made by the date stated on the invoice, or by the first dayof the course, whichever is sooner. Payment must be made in Pounds Sterling. Paymentsmay usually be made by credit card payment, cheque payment or bank transfer (detailswill be sent to you or the third party with the invoice).

Please note that the student/funding organisation is liable for all bank charges if sendingmoney from overseas.

Please quote the invoice number on all correspondence and payments.

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2. Extension and other fees: If you wish to extend the period of your studies, ‘extensionfees’ are payable. You or the third party supporting you will be invoiced for these fees. Itis sometimes possible to attend additional modules on payment of a fee. If you wish toattend such modules you or the third party supporting you will be invoiced.

3. Self-funded students may, in cases of hardship, contact the Administrative Office torequest to pay the course fees in instalments or to gain a short extension on the fee deadline.

4. In all cases, if the fees or instalment payments have not been made by the date(s) shownon the invoice (or - where applicable - by the first day of the course, whichever is sooner)the University may withhold teaching/assessment and/or the award of the qualification.

5. Withdrawal and refunding of fees

• Should a student wish to withdraw from the course, the Administrative Office (seeSection 1.2) should be notified in writing at least two weeks before the start of thesubsequent module. In such circumstances students may be entitled to a partialrefund of fees.

• If withdrawal is notified after signing the student contract, and less than two weeksbefore the start of the subsequent module, the full fee for that module becomespayable.

• The deposit is usually non-refundable (see the offer letter for details).

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3 Teaching and Learning

3.1 Organisation of Teaching

The MSc is part-time, covering approximately seven terms. The programme is run by theMathematical Institute. It is overseen by a Supervisory Committee. Different aspects of thecourse are handled by different bodies, as follows:

• The Mathematical Institute has responsibility for all academic aspects of the programme,including course design, module design and delivery, examinations and assessment, super-vision of projects and dissertations, and quality assurance.

• The Course Director(s) is an (are) academic(s) from the Mathematical Institute.

• The Mathematical Institute provides IT facilities and infrastructure, as well as softwarelicences and access to central University resources. It also provides library facilities andthe main teaching rooms for the course.

• The Administrative Office for the course is located in the Mathematical Institute; it handlesall the day-to-day administration.

• The University has two Proctors: the Junior Proctor and the Senior Proctor. They arethe University’s senior officials responsible for, among other things, disciplinary matters,and issues of student status and conduct of examinations.

• Students must belong to a college. The college is involved in some aspects of studentadministration; the Administrative Office can provide further information.

3.2 Lectures, classes and course materials

Each module is made up of a series of lectures which are accompanied by problem classes ortutorials. The timetable of lectures for each module will be published on the MathematicalInstitute’s website. Course materials such as lecture notes and problem sheets will also beavailable on the course website:

https://courses.maths.ox.ac.uk/

3.3 Attendance Requirements

To be awarded the MSc (or the Postgraduate Diploma) students must attend all four coremodules, the examinations and three of the advanced modules (of four offered).

Students must attend each module taken for credit in its entirety. At the beginning of eachmodule you will be asked to sign an attendance sheet. If you are unexpectedly late you mustcontact the Administrative Office as soon as possible to let them know. Once you arrive youmust visit the Administrative Office to ensure that your presence at the module is recorded.

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Please note that, at the discretion of the lecturer, entry to the lectures may be refused if youarrive late; and if it is thought that you have failed to attend enough class time, you will beexpected to take part in a future module to cover the relevant material missed.

3.4 Enrolling on the course

Students must enrol on the course in order to attend classes, have access to university facilitiesand undertake assessment. You will be asked to enrol, via the Student Self Service website, beforethe course starts, and then complete registration at your college once you arrive in Oxford. Youwill need to enrol every year. You should receive reminders from the Student Information teamwhen registration opens, and another if enrolment has not been completed within a few weeks.

Registration dates are as follows:

Hilary term: 1 January - 16:00 UK time, until Friday of Week 1

Trinity term: 1 April - 16:00 UK time, until Friday of Week 1

Michaelmas term: 1 September - 16:00 UK time, until Friday of Week 1

3.5 Online submission of assignments and dissertations

Core and advanced module assignments and dissertations should be submitted via the webpage:

https://courses.maths.ox.ac.uk/

You will need your Mathematical Institute user name and password to access this page.

For core module assignments, please ensure your name is on the front of your assignmentbefore submitting. You do NOT have to enter your candidate number on the assignment sub-mission page.

For advanced module assignment and dissertations, please ensure your candidate numberis on the assignment before submitting, but do NOT put your name, or any other identifyingfeature (e.g., an email address) anywhere on your assignment. Please enter your candidatenumber where indicated on the assignment submission page. You can find your candidatenumber via the Students Self Service website, which you can access using your Nexus (college)user name and password, at: http://www.ox.ac.uk/students.

You can only submit an assignment once, so please ensure you select the correct version of yourassignment before you submit.

You must submit ONE .pdf file. Any subsidiary programming or other files must be included,as an appendix, within this single file.

Please select the relevant module or dissertation deadline under ‘assignments’.

On successful submission, you will receive a submission ID. If you have received this, you canbe certain that your assignment has been submitted. However, please retain the submission IDas this will help locate the assignment in the unlikely event of its having been submitted intothe wrong folder.

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If, and only if, you have problems submitting via the webpage, please email your assignment ordissertation to: mathfin@maths.ox.ac.uk.

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4 Modules

4.1 Core Modules

There are four core modules which take place in the first six months of the course; dates can befound in Section 1.5.

The core modules cover the mathematical foundations (probability, statistics, PDEs), stochas-tic calculus and martingale theory, portfolio theory, the Black-Scholes model and extensions,numerical methods (finite differences and Monte Carlo), interest rate modeling, stochastic op-timization and optimal investment, exotic derivatives, modelling with stochastic volatility andjump processes, and econometrics. MATLAB is taught as a practical computing language.

Component Module 1 Module 2 Module 3 Module4

Mathematical PDEs, Martingales, Measure Changes EconometricsTechniques Applied Stochastic Stochastic Differential

Calculus, EquationsProbability &Statistics

Derivative Binomial Model Black-Scholes Theory, American Options, Exotic OptionsPricing Hedging and Greeks, Martingale Theory of Theory,

Option Pricing, VIX, Practical ExoticLocal & Stochastic Options,Volatility Jump Diffusion

Portfolio Classical Portfolio P & Q Measures Risk Measures OptimalTheory, Theory, Investment,Asset Utility Theory StochasticPricing Optimization

Numerical Finite Finite MonteMethods Differences I, Differences II Carlo II

Monte Carlo I

Interest Fixed Income Interest Rate SABR ModelsRates Analysis Products,

Short Rate ModelsLibor Market Models

Module 1:

• Probability: Axiomatic approach to probability, random variables, expectation and inte-gration, multidimensional random variables (and independence), conditional expectation,convergence of random variables

• PDEs: parabolic partial differential equations, heat equation, link to random walks, simi-larity solutions, Fourier transform; qualitative properties of solutions, maximum principles,smoothness

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• Applied Stochastic Calculus: Brownian motion, constructions, non-differentiability,quadratic variation, stochastic integration, construction of Ito integral and properties,the Ito formula, Feynman-Kac formula

• Statistics: basic parameter estimation, maximum likelihood estimation, distributions, re-gression techniques, tests for normality, QQ plots, hypothesis testing, numerical examples

• Binomial trees, discrete martingales: simple random walk, change of measure, one-periodand multi-period binomial stock price models, arbitrage-pricing of options on trees

• Portfolio theory, utility: expected returns, variance and co-variances, benefits of diversifi-cation, the opportunity set, efficient frontiers and the Sharpe ratio, utility, risk aversion

• Introduction to Matlab: basics, plotting, implementation of elementary numerical conceptsapplied to finance

Module 2:

• Elementary stochastic differential equations, strong and weak solutions, transition densityfunctions, Feynman-Kac formula, exit times and hitting probabilities, maximum/minimumof Brownian motion

• Change of measure: Girsanov theorem, exponential martingales, change of numeraire

• Martingale methods in continuous time: stopping times, martingales and local martingales;stochastic integrals and Ito formula, martingale representation theorem

• The Black-Scholes model: assumptions, perfect replication, risk-neutral valuation, theBlack-Scholes PDE and solutions; discrete and continuous dividend payments, time-dependent volatility, dividends and interest rates

• Hedging, Greeks: delta, gamma, vega, rho, less common sensitivities

• P & Q measures: equilibrium pricing, review of physical and risk-neutral probabilities indiscrete and continuous time, CAPM, paradoxes, risk premia

• Introduction to the term structure of interest rates, bond price equilibria, duration andconvexity, caps, floors, swaps

• Introduction to Monte Carlo: sampling non-uniform distributions, expectation and inte-gration, implementation of MC methods; simple variance reduction techniques: impor-tance sampling, antithetic sampling, control variates; finite difference Greeks, likelihoodratio method, pathwise sensitivities, workshop

• Explicit and implicit finite difference schemes, implementation, accuracy and stability,Greeks and smoothing schemes; workshop

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Module 3:

• Derivative pricing: equivalent measures, martingale measures, numeraires, risk-neutralpricing, market price of risk, arbitrage pricing in binomial models, completeness, funda-mental theorems of asset pricing in discrete time

• American options: early exercise, linear complementarity problem, perpetual put, freeboundary formulation, smooth pasting;

• Finite differences for American options: explicit methods, projected iterations, a penaltymethod; workshop

• Variance swaps and the log contract, replication, the VIX index

• Implied and local volatility; Breeden-Litzenberger formula, Dupire’s formula; hedging andpricing under stochastic volatility models

• Overview of instruments in rates markets, mechanisms and conventions; interpolationof yield curves and volatility term structures, bootstrapping, funding instruments anddiscount curves for banks; basic derivatives, sensitivities

• Yield curve modelling; short rate models, use and calibration: Vasicek, CIR, Hull-White,market models (HJM, LMM)

• Value at risk and expected shortfall. Convex and coherent risk measures. Euler principleand capital allocation

Module 4:

• The dual approach to optimal investment; application to portfolio selection under driftuncertainty (to include an introduction to linear filtering)

• Stochastic optimization: dynamic programming, continuous time stochastic control, HJBequations, martingale optimality principle, verification theorems, Merton problem withterminal wealth and consumption

• Basic exotic options: general payoffs, options on futures, pay-later options; multi-stageoptions, forward-start options, compound options, choosers; multi-factor problems, FXand basket options

• Exotic options: down-and-out and other barrier contracts, reflection principle, Asiansoptions, lookbacks, similarity reductions

• Practicalities of exotics pricing: model ambiguity, calibration, robustness, arbitrage andno good deals

• Jump diffusion and Levy processes: Poisson and Cox process, Ito with jumps, Merton’smodel; Levy processes; hedging and pricing jump-risk, characteristic functions

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• SABR model, Markov approach to pricing with short rate models, practical risk manage-ment of vanilla fixed income derivatives

• Monte Carlo for SDEs, Euler-Maruyama method, weak and strong convergence; exoticoptions: continuity corrections for discretely sampled paths for barriers and lookbacks;workshop

• Introduction to econometrics: AR(I)MA, (G)ARCH, model fitting, regression, back-testing

4.2 Advanced Modules

Please note that the course content of the advanced modules may vary from year to year. Itis approved annually by the Course Supervisory Committee. Up to date descriptions will beavailable on the course web site, along with further course materials:

https://www.maths.ox.ac.uk/members/students/postgraduate-courses/msc-mf-pt/

aims-course-structure/course-structure/advanced

Registration for Advanced Modules

You will be asked by the Administrative Office to register for three of the four possible advancedmodules on which you wish to be assessed, before taking the written examinations. However,should you later change your mind about the advanced modules on which you wish to be assessed,you may do so, provided you inform the Mathematical Finance Administrative Office in writing(mathfin@maths.ox.ac.uk) on or before the first working day after the end of a module onwhich you no longer wish to be assessed. If you inform the Administrative Office of the changeearlier than 14 days before the start of a module, you will not incur a charge, unless you wish toattend the module on a non-assessed basis (please see below). If you inform the AdministrativeOffice less than 14 days before the start of a module, you will be charged for attendance ofthe module on a non-assessed basis, whether or not you actually attend it. This is to coverthe non-refundable administrative and catering costs that are incurred by the MathematicalInstitute in the lead up to a module. If you wish to attend an additional advanced module on anon-assessed basis, whereby that advanced module will not be assessed and will not contributeto your overall degree result, you may be able to do so for a fee (see Section 2.7).

Assignments

Advanced assignments for Modules 5, 7 and 8 take the form of a short essay based on a topicrelevant to one of the lectures of that module. Students are expected to read beyond the lecturetopics and to write approximately 10-12 pages. The preferred typesetting system is LaTeX butWord is acceptable. Students may write up to 15 pages, if the content justifies the length,without penalty. Penalties for longer submissions are given in the Examination Conventions(see Section 7.2). The page limit includes the whole main body of the essay (i.e. all text,mathematical equations, figures, tables etc) but excludes the reference list, and the appendiceswhich the assessors are not obliged to read. A minimum of a 11pt font size must be used, thewidth of the text should be at most 15cm (6 inches) per page and the height of the text shouldbe at most 22.5cm (9 inches) per page. The spacing of the text should be at least one and aquarter spacing (use a baselinestretch of 1.25 in LaTeX).

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For Module 6 the format of the assignment will be a series of questions, some or all of whichmay be compulsory, requiring implementation of numerical methods.

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5 Dissertations

The dissertation is a piece of academic research. You will start on your dissertation aftercompleting the advanced modules and submit it in the middle of April, slightly less than twoand a half years after starting the MSc.

The dissertation should be a separate piece of work, different from the student’s advanced moduleassignments, but it may be related to, or an extension of, an advanced module topic (see Section7.2.10).

For advice on dissertation writing and a library of past dissertations with distinctions, pleasevisit the course website at:

http://https://www.maths.ox.ac.uk/members/students/postgraduate-courses/

msc-mf-pt/aims-course-structure/course-structure/dissertation

Exceptionally, a candidate for the MSc in Mathematical Finance who is unable to complete thedissertation may apply to be awarded the Postgraduate Diploma.

5.1 Approval of Topic

Your dissertation topic and proposed supervisor must be approved by the Course Director beforethe supervisor can be officially nominated.

For further information about this process please see:

https://www.maths.ox.ac.uk/members/students/postgraduate-courses/msc-mf-pt/

aims-course-structure/course-structure/dissertation

5.2 Scope and format of the Dissertation

The dissertation is a substantial piece of original academic work. This can constitute numericalalgorithms and/or developments or extensions of mathematical results. The final dissertationshould usually be approximately 50 pages in length (fewer than 55 pages without penalty) ex-cluding front matter (title page, abstract, acknowledgements, table of contents) and references;but including figures and tables. The examiners will enforce the page limit and dissertationssubmitted which exceed the page limit will be subject to penalties as defined in the Examina-tion Conventions (see Section 7.2). One of the purposes of the page limit is to prevent excessiveinclusion of material that is unnecessary for development of the key argument(s) of the disser-tation. Further information (e.g. detailed calculations, more detailed data) may be included inappendices. However, whilst assessors are required to consider the main body of the disserta-tion, whether they read appendices is entirely at their discretion. The dissertation should betypewritten, single spaced A4 in a font no smaller than 11 point (excluding the abstract and anyappendices, figures, acknowledgements and similar pages). It should be typeset in LaTeX andhave a scrupulously accurate bibliography, table of contents and acknowledgements. Figuresand tables should be accurately referenced and captioned. Use of English and presentation ofmathematical formulae should be correct and accurate. Your supervisor will provide you with

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guidance, but ultimately it is your responsibility to ensure that your dissertation meets therequired standard.

5.3 Supervision and GSS

Your project supervisor should be available for regular contact to discuss your dissertation (inmany cases this will necessarily be via email, telephone, or other remote means). They willbe in contact with you at least once a term. If you have an external supervisor an internalsupervisor will also be appointed to help ensure that things are progressing well, to liaise withyour external supervisor to report on your progress within the University’s supervision system,and to advise you both as necessary. Supervisors use an online Graduate Supervision Systemto complete termly reports on progress, and it is encouraged that students also submit a self-assessment of their progress each term, and to raise any concerns. To do this, you will need togo to:

http://www.gss.ox.ac.uk/

You will need your University ‘single sign-on’ details (see Section 9.2). Reports by both su-pervisor and student can be viewed by the Director of Graduate Studies and relevant collegestaff.

5.4 Submission

The dissertation should be submitted as a single pdf file, with any code etc incorporated asappendices, which will not contribute to the page count (see Section 5.2 for details). Pleasesubmit via the online system on the Mathematical Institute website at:

https://courses.maths.ox.ac.uk/

5.5 Deadlines for Submission

The deadlines for submitting dissertations are as follows:

12.00noon(GMT)) - 17 December, 12.00noon(GMT) - 19 April, 12.00noon(GMT)- 30 September(if a date falls on a weekend then the deadline is the following Monday).

Students will normally submit their MSc dissertation at the end of the seventh active (i.e. non-suspended) term following the start of the course, (usually 19 April in the third calendar yearafter starting the course).

If a student has some unavoidable short-term difficulty in meeting the deadline, for example, dueto ill health, they may apply via their college to the Proctors for an extension. Students mustinform the Proctors via their college as soon as possible and before the submission deadline.

If a student needs substantially more time, for personal or work reasons, in which to work onhis/her dissertation, he/she may apply for a suspension or extension, depending, in part, onwhen the application is made. For details on suspensions and extensions please see Section 8.

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Work submitted late may incur a penalty, see Section 7.2.5.

If a candidate wishes to submit before he/she has been enrolled on the course for a minimumof seven terms, the candidate must seek permission, via your college, from the Education Com-mittee by presentation of a written explanation of the reasons.

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6 Key Teaching Links

Course website:https://www.maths.ox.ac.uk/members/students/postgraduate-courses/msc-mf-pt

Information on core module - timetables/course materials/assignments:https://www.maths.ox.ac.uk/members/students/postgraduate-courses/msc-mf-pt/

aims-course-structure/course-structure/core-modules

Information on written examinations:https://www.maths.ox.ac.uk/members/students/postgraduate-courses/msc-mf-pt/

aims-course-structure/course-structure/written

Information on advanced modules - timetables/course materials/assignments:https://www.maths.ox.ac.uk/members/students/postgraduate-courses/msc-mf-pt/

aims-course-structure/course-structure/advanced

Information on dissertations:https://www.maths.ox.ac.uk/members/students/postgraduate-courses/msc-mf-pt/

aims-course-structure/course-structure/dissertation

Forms and other administrative information:https://www.maths.ox.ac.uk/members/students/postgraduate-courses/msc-mf-pt/

forms

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7 Examination and Assessment

The examinations for this course are governed by the University’s Examination Regulations andthe course Examination Conventions.

The Examination Regulations, usually known as the ’Grey Book’ is the authoritative documenton the regulations for the University Degrees and Examinations. The Grey Book defines therules for admission to and progression through the programmes of study and the syllabus forexaminations. The regulations are available online at:

http://www.admin.ox.ac.uk/examregs/2017-18/mosbcinmathfina/

The Examination Conventions for the course are the formal record of the specific assessmentstandards for the course. They set out how each module will be assessed and how the finaldegree classification will be derived from the marks obtained for the individual components.They include information on marking and classification criteria, formative feedback, resits andpenalties for late submission.

7.1 Examination Entries

The written examinations are a compulsory element of the MSc and you will therefore auto-matically be formally entered for the examination at the start of your course. You will need toenter for the advanced modules over the summer before they commence. For further details seeSection 4.2.

7.2 Examination Conventions

These ‘Examination Conventions’ explain in detail how students will be assessed, within theframework of the Examination Regulations. The MSc contains the following mandatory pro-gramme elements:

• Four core modules

• Two written examinations

• Three advanced modules

• Dissertation

Please note that in very exceptional circumstances, students may also be required by the Exam-iners to attend a viva voce examination (see Section 7.2.11).

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7.2.1 Programme Elements

Core Modules

Modules 1-4 are assessed formatively i.e. feedback will be given with an indicative mark in orderto assist students in improving their future performance.

Written Examinations

Two 2-hour written examinations cover the material of modules 1-4. The examination paperswill consist of the following sections. Each section predominantly covers one of the componentsof the core module material (see table in Section 4.1 of this handbook for details of thesecomponents), though it may draw on other components of the core module material.

Paper 1

• Section A “Mathematical Techniques” (two questions)

• Section B “Portfolio Theory, Asset Pricing” (two questions)

• Section C “Interest Rates” (two questions)

Paper 2

• Section D “Derivative Pricing” (four questions)

• Section E “Numerical Methods” (two questions)

Each question is of equal value and is marked out of 25 according to a precise model solutionand marking scheme that will have been approved by the Examiners. Marking is independentlychecked to ensure that all parts have been marked and that the marks and part-marks have beencorrectly totalled and recorded. The ‘raw marks’ are used to construct a University StandardisedMark (USM) for each paper. The raw marks are scaled to arrive at USMs. Scaling is carriedout in accordance with the University Guidance on Examinations and Assessment at:

http://www.admin.ox.ac.uk/aad/exams/.

The student’s mark for Paper 1 is determined by their best answers to one question from eachof Sections A, B and C. The student’s mark for Paper 2 is determined by their best answers totwo questions from Section D and their best answer to one question from Section E. A markof zero shall be awarded for any part or parts of questions that have not been answered by acandidate, but which will be required to contribute to this. The student’s overall mark in thewritten examination (which determines whether the student passes or fails the examinations)is given by the average USM for both papers. The average USM is calculated using symmetricrounding (e.g., 59.4 will be rounded down to 59 and 59.5 will be rounded up to 60).

Advanced Modules

Assessment for advanced modules is by one assignment per module. The Examiners reserve theright to change the format of any or all of the advanced module assignments but their usualformats are outlined below.

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Possible approaches include an expanded account of a topic covered in lectures, a review ofpapers in the literature, and/or discussion and implementation of an algorithm. If a report isintended to summarise work in the literature it should offer a critique and be written as far aspossible in original phraseology. Assessment will take into account how you can demonstratean understanding of methods developed in the course and apply them in a specific context notcovered in that course.

The assignment must be on a topic selected from those covered in lectures during the relevantmodule.

No two or more assignments submitted by the same student can be on the same topic.

There is no requirement for substantial originality, but the report must go beyond the modulenotes and presentation. It is vital to avoid plagiarism so the assignment should not constitute aconcatenation of material lifted directly from other sources, and all sources have to be adequatelyreferenced (see Section 7.2.10).

The introduction should briefly explain how the content relates to the material from lectures.

Module assignments of this format will be ‘double blind’ marked independently by two examinersor assessors. Markers are each asked to propose a USM and a range of USMs within which theywould be content for the USM to lie. The examiners will reconcile these marks to arrive at afinal mark, consulting further with the initial markers as necessary.

Dissertation

The dissertation should differ from the student’s advanced module assignments. The dissertationis expected to contain original research. Although there is no requirement that the work ispublishable, it has to go beyond the material from the course and what is directly available in theliterature. The dissertation has to be written in a scholarly manner, demonstrating knowledgeof the state of the subject by referencing published works with relevance to the project. It needsto show a proficient use of the techniques developed in the course, applied to a more substantialproject than the advanced module assignments.

It is the duty of every supervisory body to ensure there is a sufficient number of suitablyqualified examiners to prepare and examine every part of the University Examination for whichit is responsible. A Board of Examiners may appoint as ’assessors’ other persons who are notexaminers in the same University Examination to act with them in setting and/or marking anyparticular part of the University Examination.

Dissertations will be ‘double-blind’ marked independently by two examiners or one examinerand one assessor. Markers are each asked to propose a USM and a range of at most five USMswithin which they would be content for the USM to lie. The examiners will reconcile thesemarks to arrive at a final mark, consulting further with the initial markers as necessary.

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7.2.2 Assessment

Assessment Criteria

The assessment of coursework and examinations in the programme, using the mark schemeindicated below, is based upon recognition of the following qualities:

Knowledge and Understanding

• Range and depth in knowledge of mathematical techniques of analysis of use in financecovered in the course

• Appropriate selection of techniques for the analysis of finance problems and a knowledgeof the limitations and strengths of models and techniques deployed

Argument and Reasoning

• Command of analytical skills appropriate for the study of finance

• Logical exposition and reasoning

• Clarity, completeness and concise expression in mathematical analysis

Presentation and Deployment

• Clear demonstration of the benefit of mathematical analysis of finance

• Clarity in written (non-mathematical) exposition

• Appropriate deployment of literature

• Suitable choice and discussion of, where appropriate, empirical data or numerical illustra-tions

Markscheme

Each programme element will be awarded a mark on the USM scale between 0 and 100. A USMof 50 and above represents a Pass, and a USM of 70 and above represents a Distinction.

Criteria for USMs: written examinations

The USM for each written examination is determined by a scaling applied to the raw marks.

70-100: Marks in this range indicate excellent skills in reasoning, and problem-solving, togetherwith an excellent knowledge of the material, and the ability to use it in unfamiliar contexts.There will be minor errors and omissions only. USMs at the top end of the range indicate thatall answers were essentially perfect.

60-69: Marks in this range indicate good or very good skills in reasoning and problem-solving,with a good or very good knowledge of much of the material. Not all parts of every questionwill have been answered fully or correctly.

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50-59: Marks in this range indicate adequate basic skills in reasoning and problem-solving, witha sound knowledge of a reasonable part of the material. Substantial parts of some questionsmay have been unanswered or answered incorrectly.

45-49: Marks in this range indicate understanding of only part of the basic material and onlyrestricted problem-solving skills. Although there may be a few good answers, the great majorityof answers will contain errors in calculations and/or show incomplete understanding of the topics.

40-44: Marks in this range indicate only very limited grasp of basic material over a very restrictedrange of topics, but with large gaps in understanding and insufficient coverage of the materialas a whole.

0-39: Marks in this range indicate inadequate grasp of the basic material. The work is likelyto show major misunderstanding and confusion, and/or inaccurate calculations; the answers tomost of the questions attempted are likely to be fragmentary only.

Criteria for USMs: dissertations, project reports and advanced module assignments

90-100: Marks in this band indicate remarkable ability and extraordinary insights; the presen-tation and clarity of exposition of the work are exceptional. Dissertations in this band will beworthy of publication, while assignments go far beyond the material of the lecture course.

80-89: Dissertations and assignments in this band are excellent, showing thorough knowledge andunderstanding of the topic and will contain novel results. Presentation is very good. Assignmentsgo beyond the material of the lecture course.

70-79: Dissertations and assignments in this band are very good, well thought-out pieces ofwork with no major deficiencies, and with no significant deficiencies in presentation or clarityof exposition. They will show a thorough understanding of the topic, and include the student’sown original insights and interpretations.

60-69: Dissertations and assignments in this band may be good pieces of work with few defi-ciencies in content or presentation, but not significantly extending the material covered in thecourse; or they may have novel elements but also suffer from deficiencies in content, understand-ing, structure or presentation that prevent them from being of distinction level.

50-59: Dissertations and assignments in this band are of acceptable quality but have weaknessesin content, understanding, structure or presentation.

40-49: Dissertations and assignments in this band are not of acceptable quality and have signif-icant weaknesses in content, understanding, structure or presentation. A major revision mightraise the work to above a pass level.

0-39: This band indicates unacceptably poor work, showing extremely limited understanding ofthe topic covered and/or unacceptably poor presentation.

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7.2.3 Final Result

Weighting of Assignments

The table below shows the relative weights of the programme elements when arriving at anaverage USM. The average USM is calculated using symmetric rounding (i.e. 59.4 will berounded down to 59 and 59.5 will be rounded up to 60).

Weighted Marks

3 advanced assignments 1/4

Written examinations 1/3

Dissertation 5/12

Conditions for a Distinction

The examiners may award a distinction for exceptional performance. A distinction is awardedwhen a candidate shows excellent problem-solving skills and excellent knowledge of the materialover a wide range of topics; is able to use that knowledge innovatively and/or in unfamiliarcontexts; and is able to produce a substantial piece of work for the dissertation.

A distinction will be awarded when the following four criteria are met:

• The dissertation is awarded a USM no lower than 70;

• Either the average USM for the written examinations, or the average USM for the advancedmodule assignments, is no lower than 70;

• All elements are awarded a USM no lower than 50;

• The average weighted USM is no lower than 65

Conditions for Failure

Candidates fail when they show inadequate grasp of the basic material. The work is likely to beinadequate in scope or coverage and/or to show major misunderstanding and confusion, and/orinaccurate calculations.

Automatic Failure: students will fail who:

• Fail to submit an advanced module assignment without dispensation, or

• Fail to attend the written examinations, or

• Fail to submit the dissertation.

Students will fail for whom two of the following apply:

• A USM lower than 50 for two or more of the advanced module assignments

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• An average USM lower than 50 for the written examinations

• A USM lower than 50 for the dissertation

Students will fail for whom one of the following applies:

• A USM lower than 45 for two or more of the advanced module assignments, or

• An average USM lower than 45 for the written examinations, or

• A USM lower than 45 for the dissertation

7.2.4 The Postgraduate Diploma

Exceptionally, a candidate for the MSc in Mathematical Finance may apply to be awarded thePostgraduate Diploma in Mathematical Finance, subject to such a candidate having satisfiedthe criteria for that award.

Please note that once you have exited the course with a diploma you are not permitted to returnand complete the MSc.

The Postgraduate Diploma contains the following mandatory programme elements.

• Four core modules

• Two written examinations

• Three advanced modules

Please note that in very exceptional circumstances, students may also be required by the Exam-iners to attend a viva voce examination.

Weighting of Assignments

The table below shows the relative weights of the programme elements when arriving at anaverage USM. The average USM is calculated using symmetric rounding (i.e. 59.4 will berounded down to 59 and 59.5 will be rounded up to 60).

Weighted Marks

Written examinations 1/2

3 advanced assignments 1/2

Conditions for a Distinction

The examiners may award a distinction for exceptional performance. A distinction is awardedwhen a candidate shows excellent problem-solving skills and excellent knowledge of the materialover a wide range of topics; is able to use that knowledge innovatively and/or in unfamiliarcontexts.

A distinction will be awarded if all of the following conditions are satisfied:

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• All elements are awarded a USM no lower than 50

• The overall weighted average USM for all assessed components of the diploma is not lowerthan 70

Conditions for Failure

Candidates fail when they show inadequate grasp of the basic material. The work is likely to beinadequate in scope or coverage and/or to show major misunderstanding and confusion, and/orinaccurate calculations.

Automatic Failure: students will fail who:

• Fail to submit the advanced module assignments without dispensation, or

• Fail to attend the written examinations

Students will fail if both the following apply:

• An average USM lower than 50 for the advanced module assignments

• An average USM lower than 50 for the written examinations

Students will fail for whom one of the following applies:

• A USM lower than 45 for two or more of the advanced module assignments, or

• An average USM lower than 45 for the written examinations

7.2.5 Penalties for Late Submission

The Examination Regulations stipulate specific dates for submission of assignments and dis-sertations. Rules governing late submission and any consequent penalties are set out in full inthe ‘Late submission and non-submission of a thesis or other written exercise’ subsection of theRegulations for the Conduct of University Examinations section of the Examination Regulations2015.

If you have been prevented by illness or other urgent and unexpected cause from submitting yourcoursework on time you should contact your college office or college tutor as soon as possible.Your college is able to submit an application for an extension of time to the Proctors on yourbehalf.

The scale of penalties agreed by the board of examiners in relation to late submissions of assessedcoursework is set out below.

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Lateness Penalty

Up to 4 hours 1%

4-24 hours 10%

24-48 hours 20%

48-72 hours 30%

72-96 hours 40%

96 hours - 7 days 50%

7-14 days 60%

More than 14 days Fail

Note: The penalty will be a percentage reduction of the maximum total mark available for thework. For example, if a 10% penalty is applied to an assessment given a USM out of 100 then10 marks would be deducted. The final mark awarded after application of the penalty, however,cannot be below 0.

Failure to submit a required element of assessment will result in the failure of the whole ofexamination.

Students are advised that, according to the University’s Examination Regulations, the Universityalso applies a late fee to any work covered in this section which is handed in late.

7.2.6 Penalties for Submissions Exceeding the Page Limits

Submissions exceeding the pages limits will be assessed in the usual way and then penaltiesapplied as indicated below.

Table 1: Page penalties for advanced modules

Length of assignment (pages) Penalty (USM)

16 1%

17 5%

18 10%

19 25%

20 and more 50%

Table 2: Page penalties for dissertations

Length of dissertation (pages) Penalty (USM)

55-56 1%

57-58 5%

59-60 10%

61-62 20%

63-64 30%

65-66 40%

67 and more 50%

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Note: The penalty will be a percentage reduction of the maximum total mark available for thework. For example, if a 10% penalty is applied to an assessment given a USM out of 100 then10 marks would be deducted. The final mark awarded after application of the penalty, however,cannot be below 0.

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7.2.7 Alternative Examination Arrangements and Factors Affecting Performance

A candidate in any University Examination with specific learning difficulties or disability/illnessmay apply through the Senior Tutor of his or her college for alternative examination arrange-ments relating to his or her condition. For further information on the process please see:

http://www.ox.ac.uk/students/academic/exams/arrangements

Candidates who would like the examiners to be aware of any factors that may have affected theirperformance before or during an assessment are advised to discuss their circumstances with theircollege and consult the Examination Regulations (Part 13). Candidates should complete theform entitled Factors Affecting Performance in Examinations and send this to their collegewith appropriate supporting material. The candidate’s college will submit the application forforwarding to the relevant Chair of Examiners.

Where a candidate or candidates have made a submission, under Part 13 of the ExaminationRegulations, that unforeseen factors may have had an impact on their performance in an ex-amination, a subset of the Board of Examiners will meet to discuss the individual applicationsand band the seriousness of each application on a scale of 1-3 (with 1 indicating minor impact,2 indicating moderate impact, and 3 indicating very serious impact). When reaching this de-cision, examiners will take into consideration the severity and relevance of the circumstances,and the strength of the evidence. Examiners will also note whether all or a subset of paperswere affected, being aware that it is possible for circumstances to have different levels of impacton different papers. The banding information will be used at the final Board of Examiners toadjudicate on the merits of candidates. Further information on the procedure is provided in thePolicy and Guidance for Examiners, Annexe B and information for students is provided at:

www.ox.ac.uk/students/academic/exams/guidance.

7.2.8 Resits

A student on the MSc in Mathematical Finance who fails to satisfy the Examiners may re-take/resubmit the advanced module assignments, examinations or dissertation on, at most, onesubsequent occasion, not later than one year after the initial attempt. Such students who resita component of the course will not be eligible for a distinction on the whole course. In all suchcases the Examiners will specify at the time of failure which components may or must be redone.

7.2.9 Formative Feedback

Students will receive feedback on non-examined work through comments on the problem sheetsthey complete for the classes accompanying lecture courses and the assignments they submit forthe core modules.

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7.2.10 Plagiarism

Plagiarism is presenting someone else’s work or ideas as your own, with or without their consent,by incorporating it into your work without full acknowledgement. All published and unpublishedmaterial, whether in manuscript, printed or electronic form, is covered under this definition. Pla-giarism may be intentional or reckless, or unintentional. Under the regulations for examinations,intentional or reckless plagiarism is a disciplinary offence. Please see the University’s guidanceon plagiarism: http://www.ox.ac.uk/students/academic/guidance/skills/plagiarism.

When you submit assessed work you will be required to confirm that the work is entirely yourown, except where otherwise indicated, and that it has not been submitted either wholly orsubstantially for any other course. Advanced module assignments and dissertations will bescreened by Turnitin software, which will compare them to a wide range of material (bothpublished and unpublished) and to the work of other candidates. The Examiners will be notifiedof the extent of any textual matches discovered by Turnitin, and will consider, for instance,whether any text that a candidate has copied from elsewhere is properly identified and thesource duly acknowledged.

Where the Chair finds that the matter can be dealt with by the Board, assessors will markthe work on its academic merits. The Board will then deduct marks for derivative or poorlyreferenced work according to a pre-determined scale set out in the marking conventions. Boardsare free to operate marks deductions of between 1 and 10% (maximum) of the marks available forthat particular piece of work. In practice, it will often be difficult to operate very fine-graineddistinctions and it is acceptable for examination boards to exercise their judgement within asmall range of bands e.g. on a 100 point scale a Board might judge cases to fall in one of threebands for which 3, 6, or 10 marks are deducted. Where the consequence of the marks deductionwould result in failure of the assessment and of the programme (i.e. no resit opportunity) thecase must be referred to the Proctors.

Auto-plagiarismYou must not submit work for assessment that you have already submitted (partially or infull) to fulfil the requirements of this or another degree course or examination, unless this isspecifically provided for in the special regulations for your course. Where earlier work by you iscitable, i.e. it has already been published, you must reference it clearly.

7.2.11 Viva Voce Examination

Under very exceptional circumstances a viva may be required by the examiners in addition to theabove, for example to determine borderline cases or the award of a distinction. The purpose of aviva is to allow the examiners to gain additional information about a candidate’s understandingof the course material. The viva takes the form of a meeting with the examiners during whichthe candidate may be asked to expound on, for example, their understanding of a topic on whichthey gave a weaker answer in an examination or submitted a weaker assignment, or to defend adissertation.

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7.2.12 Role of the Board of Examiners

The Board of Examiners is responsible for arranging for the written examinations, advancedmodule assignments and dissertations to be assessed, and for awarding qualifications and de-termining results. The Examiners normally meet three per year to consider final awards. TheExaminers are assisted in marking by Assessors.

The examiners for 2017-18 are:Prof. Sam Howison (Chair)Prof. Christoph ReisingerTeemu Pennanen, King’s College London (External Examiner)

7.2.13 Role of the Proctors

The Proctors are responsible overall for the conduct of examinations within the University.Specifically, they are responsible for:

• Investigating cases of suspected intentional plagiarism

• Making decisions about non-acute and acute illness for MSc students

• Investigating appeals from candidates

• Decisions to deduct marks or disallow work in some cases of plagiarism or in cases ofunauthorised late submission

• As far as the remit of Proctors permits, investigating allegations of inadvertent plagiarismand appeals from candidates.

7.3 CATS and ECTS Points

The seven terms of part-time study required to complete the MSc Mathematical Finance isdeemed the equivalent of a year’s full-time study, which is worth 180 CATS points (UK credits)according to the Higher Education Credit Framework for England.

180 CATS points equates to 60-90 credits in the European Credit Transfer Scheme (ECTSpoints).

The Postgraduate Diploma is worth 120 CATS points at FHEQ level 7 (Masters).

7.4 MSc Prize

Each year, at the October Examination Board meeting, the Examiners will consider all students,who have completed the MSc in that particular year, for the Best Overall Student Prize. Theprize will be awarded to the student who has achieved the highest and most consistent marksacross all components (examinations, advanced module assignments and the dissertation). Thewinning student will be awarded 250 GBP and a certificate.

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7.5 Graduation Ceremony

Upon successfully completing the MSc you should receive an automated email inviting you toselect a date for your graduation ceremony or to opt for graduation in absentia. If you donot receive such an email, please email degree.ceremonies@admin.ox.ac.uk and copy in yourcollege, which is responsible for the arranging of graduation ceremonies. If you elect to attenda graduation ceremony, you will receive your degree certificate at that ceremony. If you decideto graduate in absentia, you will receive your degree certificate via mail. In either case, pleaseensure, within a month of submitting your dissertation, that you check (via the Student SelfService website) the spelling of your name that the University has on record, as that is whatwill appear on your degree certificate, and, particularly if you will be graduating in absentia,the address that the university has on record for you, as that is where mailed degree certificateand any other hard copies of correspondence will be sent. It is your responsibility to check thesedetails and if you have not done so, you may be charged for an amended or duplicate degreecertificate to be sent.

7.6 Key Assessment Links

Examination Regulations:http://www.admin.ox.ac.uk/examregs/2015-16/mosbcinmathfina/

Online submission:https://www.maths.ox.ac.uk/node/add/course-work

Past examination papers:https://www.maths.ox.ac.uk/study-here/postgraduate-study/

msc-mathematical-finance-part-time/past-papers

Past examiners reports:https://www.maths.ox.ac.uk/members/students/postgraduate-courses/msc-mf-pt/

examination-and-assessment

Academic Appeals:https://www.ox.ac.uk/students/academic/complaints?wssl=1

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8 Suspensions, Extensions and Withdrawal

Sometimes a student needs substantially more time, for personal or work reasons, in which towork on his/her dissertation. If so, he/she may apply for a suspension or extension, depending,in part, on when the application is made. Further details on applying can be found in therelevant section below.

8.1 Suspension

Suspension refers to a period when the enrolment of a student in the University is regarded ashaving temporarily ceased. The student is not expected to study at all during this period, andsupervision and access to university facilities, including online library facilities, will usually besuspended. Fees are not charged for a period of suspension.

Suspension periodsSuspensions are given out in a minimum of one month, to a maximum of twenty four monthsin total. Up to twelve months may be applied for in a single application, but applications aremore likely to be approved if they are for a four month period.

How to applyApplications for suspension periods should be made in advance of the period in which yourdissertation is due to be submitted. Application dates are outlined below.

Application deadline During the period of:

30 August 1 September-31 December

17 November 1 January-30 April

17 March 1 May-31 August

In order to apply for a suspension of status, a GSO.17 form - ‘Application for Suspension ofStatus’ must be completed. To download the form, go to:

http://www.ox.ac.uk/students/academic/guidance/graduate/progression

Completed forms should be returned to the Administrator by the relevant deadline(mathfin@maths.ox.ac.uk).

Why choose to suspend?Suspension of status may be granted to students whose situation makes it impossible to do anywork on the course. Suspensions are usually associated with an unavoidable change in personal,working or other relevant circumstances, not anticipated at the onset of studies, that make itimpossible for a student to proceed with their studies.

Students suspending do so in the knowledge that the course syllabus and/or assessment methodsmay change, and that additional teaching/alternative assessment methods cannot be provided

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due to their having suspended.

The suspension processSuspensions require approval from your supervisor, your college and the Director of GraduateStudies.

Applications for suspensions will be judged upon:

• whether the substantive argument for a change in status is associated with an unavoidablechange in personal, working or other relevant circumstances not anticipated at the onsetof studies

• the likely duration of these changed circumstances

• whether there is clear evidence of a plan to meet the requirements for completion withinan agreed time period consistent with the requirements of the course

• supporting documentary (e.g. medical) evidence where appropriate

Once an application has been approved, you will receive a formal letter (copied to your collegeand supervisor(s)) confirming the dates of the suspension. It can take a number of weeks forthe application to be processed in full but you will be contacted by the Administrative Officeas soon as possible if there is likely to be a problem with the application.

Returning from a suspension periodWhen returning from a suspension of status and in order to recommence your studies it isimportant you complete a GSO17a ‘Return from suspension of status’ form - linked from thecourse website or at:

https://www.ox.ac.uk/students/academic/guidance/graduate/progression?wssl=1/

This is to confirm to the University that you are active again, which will trigger reactivationand/or extension of your university card and IT accounts.

8.2 Extensions

Extension refers to a period of time in which a student remains enrolled as a student beyondthe standard course length (which is seven ‘active’ non-suspended months in total).

Extension periodsStudents may extend for a period of no more than five terms in total. A fee (see Section 2.7) ischarged for extended terms to cover the cost of the extra tuition and/or supervision received andthe additional administration resulting from the student remaining enrolled for an extended time.

How to applyApplications must also be made in advance of the term that your dissertation is due to be

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submitted and no later than one month before this submission deadline. Relevant dates areoutlined below.

Application deadline To extend for the following term: Dissertation deadline

30 August Michaelmas term (September-December) 17 December

17 November Hilary term (January-April) 19 April

17 March Trinity term (May-August) 30 September

In order to apply for an extension of status a student must complete the GSO.15 ‘Applicationfor Extension of Status’ linked from the course website, or at:

https://www.ox.ac.uk/students/academic/guidance/graduate/progression?wssl=1

Completed forms should be returned to the Administrator by the relevant deadline(mathfin@maths.ox.ac.uk).

The extension processExtensions require approval from your supervisor, your college and the Director of GraduateStudies.

Applications for extensions will be judged upon:

• whether the substantive argument for a change in status is associated with an unavoidablechange in personal, working or other relevant circumstances not anticipated at the onsetof studies

• the likely duration of these changed circumstances

• whether there is clear evidence of a plan to meet the requirements for completion withinan agreed time period consistent with the requirements of the course

• supporting documentary (e.g. medical) evidence where appropriate

Once an application has been approved, you will receive a formal letter (copied to your collegeand supervisor(s)) confirming the dates of the extension and the new submission date for yourdissertation. It can take a number of weeks for the application to be processed in full but youwill be contacted by the Administrator as soon as possible if there is likely to be a problemwith the application.

8.3 Withdrawal

Withdrawal should be seen as the last option. Before you take the decision to withdraw, it isrecommended that you talk to your supervisor or the Course Director to explore alternativepossibilities, such as suspension or extension. Please note that once you have exited the course

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with the Diploma it is NOT possible to later reinstate on the MSc, complete the dissertationand receive the MSc.

To withdraw from the course, please complete a GSO.29 form and return it to the AdministrativeOffice. You can download this from:

https://www.ox.ac.uk/students/academic/guidance/graduate/progression?wssl=1

A refund may be due in some circumstances. Please see payment terms and conditions in Section2.7 and/or contact the Administrative Office for further details.

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9 Resources and Facilities

When you are in Oxford you will be able to use the computers and desks in the MathematicalFinance Study Room, which is shared with our full-time MSc in Mathematical and Computa-tional Finance students. Each of these computers are linked to the departmental printers andare free to use at any time. The study room has power sockets for students wishing to use theirown laptops and there is Wi-Fi throughout the building.

The Mathematical Institute’s cafe is located on the mezzanine level of the department and hasseating and tables for 100. The cafe serves drinks, snacks and meals from 8.30-16.15 UK time.Students are also welcome to use the Common Room on the first floor.

9.1 Libraries

9.1.1 Whitehead Library, Mathematical Institute

Contact: Ms Cathy Hunt (Librarian)

Email: library@maths.ox.ac.uk

Website: https://www.maths.ox.ac.uk/members/library

The Whitehead Library holds material covering mathematical topics at postgraduate and re-search level, including mathematical finance. It is primarily for the use of current graduatestudents and academic staff of the Mathematical Institute.

The library is kept locked at all times, but your University Card will have been activated toopen the library door. Reference use of the library is available to you when you are in Oxfordfor a course module. No books are allowed to be away from the department.

9.1.2 Other libraries

Other libraries holding some mathematical finance material include:

Radcliffe Science Library (RSL): http://www.bodleian.ox.ac.uk/science/

Sainsbury Library in the Said Business School:

http://www.bodleian.ox.ac.uk/business

The Bodleian Social Science Library (SSL): http://www.bodleian.ox.ac.uk/ssl

Information about all Oxford Libraries can be found at:

http://www.bodleian.ox.ac.uk/libraries/libraries

9.1.3 Bench Collection

A small collection of books is held in a locked cupboard in the Mathematical Finance studyroom. This is an informal collection, not part of the University libraries. Please call in to the

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Administrative Office (S0.15) during office hours if you wish to inspect this collection/borrowa book. The books in this collection can be borrowed whilst you are in Oxford for a coursemodule, but please note that books are not to be taken away from the department.

9.1.4 Resources for Mathematical Finance

E-books: Some of the books recommended for the course are available as e-books.

To search for an e-book: Go to the SOLO catalogue (http://solo.bodleian.ox.ac.uk) andsearch for the book title. Click on the title of the book, or click View all versions and then clickView Online to read the e-book itself.

If the book is provided by EBL or Ebrary, you will be prompted to log in with your Single SignOn Username and Password.

See also: E-Books Lib-Guide: http://ox.libguides.com/e-books/e-books-home

LibGuides: A series of online guides to resources: http://oxlibguides.com

Mathematics: http://ox.libguides.com/maths

Key Business Resources (includes company information, market research, industry and marketreports): http://ox.libguides.com/business

Economics: http://ox.libguides.com/economics

Managing your references (RefWorks, EndNote, etc.):

http://libguides.bodleian.ox.ac.uk/reference-management

9.1.5 Remote Access to Electronic Resources

For information about how to access e-resources when you are outside Oxford, please see:

http://www.bodleian.ox.ac.uk/finding-resources/remote-access

9.2 IT and Email Accounts

Student self-registration

You need to register online once a year, at the anniversary of the term in which you started theprogramme, i.e., Hilary term (see Section 3.4). You should follow the links for current studentsto ‘Student Self Service’ on the main University webpage: https://register.it.ox.ac.uk/.

You need to use your University ‘single sign-on’ username and password to do this.

Please ensure you do enrol each year, as not doing so could lead to lack of access to variousservices, and a delay in any forthcoming results being released to you.

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Usernames and Passwords and Email:

You will receive the following sets of usernames and passwords:

The ‘Nexus’ username and password, (aka ‘Oxford’, ‘Oxford single sign-on’ or‘Webauth’) provides access to:

Self-registrationRemote library facilitiesInstallation of MATLAB

The username for this account will be a shortened version of the name of your college [forexample, chch for Christ Church College] followed by 4 numbers e.g. chch1234. The emailaddress attached to this account will be of the form [first name].[last name]@chch.ox.ac.uk.

If you experience problems with your Nexus account, please contact your college and/or theuniversity’s IT services. Please see:

http://www.oucs.ox.ac.uk/about/contact.xml.

The Mathematical Institute username and password provides access to:

• Online submission of assignments and dissertation

• Online module materials

• Student forum on the Mathematical Institute website

The username for this account will be based on your last name e.g. smith or smithp. The emailaddress attached to this account will usually be [first name].[last name]@maths.ox.ac.uk.

This email address is NOT attached to your Nexus (single sign-on) account. If you experi-ence problems with your Mathematical Insitute username and/or password, please contact theMathematical Institute’s IT staff by email at: help@maths.ox.ac.uk.

Setting up email forwarding

Important information will be communicated to you by email from a variety of sources withinthe University, including the Mathematical Finance Administrative Office, central Universitydepartments such as the University Card Office, and your college. If you do not intend to checkthese email accounts you must set up forwarding from these accounts to an email account thatyou do check regularly. You will be considered responsible if you do not receive important emailedinformation because you have not set up such forwarding.

You need to set up forwarding BOTH from your Nexus (single sign-on) account AND from yourMathematical Institute account.

To set up forwarding from your Nexus (single sign-on) account (single sign on account):

Ensure that you have activated your single sign on account (you should have done so in orderto install MATLAB).

To set up a ‘forward’ from this account to an email account which you will regularly use, go to:https://register.it.ox.ac.uk/self/nexus

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To set up forwarding from the Mathematical Institute account:

Please follow the instructions at:

https://www.maths.ox.ac.uk/members/it/faqs/communication/email-forwarding

Downloading MATLAB

To download Matlab onto your laptop please following the instructions on the following link:

http://www.maths.ox.ac.uk/members/it/software-personal-machines/matlab

Laptop Computers

You are usually required to bring your own laptop, or to hire one, furnished with appropriatesoftware, to each of the modules. You will be sent information about obtaining the requiredsoftware as necessary for each module. Please ensure you have a suitable adapter to enable youto plug it in to a UK 3-pin power socket.

Maths IT Facilities

To access the Maths IT facilities please go to:

http://www.maths.ox.ac.uk/members/it/it-facilities-access

University IT Facilities

For further information on IT facilities, including the University’s Computer Usage Rules, pleasesee: http://www.it.ox.ac.uk/want/get-started

9.3 The University Card and its purpose

When you start the programme you will be provided with a University Card by your college.The University Card is a form of ID generally recognised within the University. In practicalterms it will also permit you to enter restricted areas of the Mathematical Institute and certainUniversity libraries. It is linked to your ‘single sign-on’ (Nexus) account and will therefore expiresimultaneously. For this reason, if you have problems logging in to your single sign-on account,it may be helpful to approach your college before you contact the University’s IT Services, as thecollege is responsible for renewing your university card when necessary. IT Services are unableto help with your single sign-on account if you do not have a valid University card.

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10 Student Representation and Feedback

10.1 Student Representation

The Joint Supervisory Committee (JSC) oversees the course. Due to the part time nature ofthe course it is not required for a student representative to sit on the committee. Instead it isrecommended that any issues for consideration by the committee be sent to the AdministrativeOffice or submitted through the online comments box:

https://www.maths.ox.ac.uk/study-here/postgraduate-study/

msc-mathematical-finance-part-time/online-comments-box

However, if a student would like to nominate themselves as a representative they should contactthe Mathematical Finance Administrator.

10.2 Opportunities to Provide Feedback

You are encouraged to complete the module evaluation questionnaires which will be sent outshortly after each module. The results will be analysed and used to inform future course designand planning.

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11 Student Support and Academic Policies

11.1 Where to find help

Generally speaking for graduate students departments are the main source of academic support.Your first point of support should be your supervisor. You can also contact the Course Directorfor support if necessary.

Every college has their own systems of support for students; please refer to your college handbookor website for more information on who to contact and what support is available through yourcollege.

Details of the wide range of sources of support available more widely in the University areavailable from the Oxford Student website, including in relation to mental and physical healthand disability, please see:

http://www.ox.ac.uk/students/welfare

11.2 Complaints and Appeals within the Mathematical Institute

The University, the MPLS Division and the Mathematical Institute all hope that provision madefor students at all stages of their course of study will result in no need for complaints (aboutthat provision) or appeals (against the outcomes of any form of assessment).

Where such a need arises, an informal discussion with the person immediately responsible forthe issue that you wish to complain about (and who may not be one of the individuals identifiedbelow) is often the simplest way to achieve a satisfactory resolution.

Many sources of advice are available from colleges, faculties/departments and bodies like theCounselling Service or the OUSU Student Advice Service, which have extensive experience inadvising students. You may wish to take advice from one of those sources before pursuing yourcomplaint.

General areas of concern about provision affecting students as a whole should be raised throughJoint Consultative Committees (Joint Supervisory Committee) or via student representation onthe faculty/departments committees.

Complaints

If your concern or complaint relates to teaching or other provision made by the fac-ulty/department, then you should raise it with the Chairman of the Joint Supervisory Com-mittee (Prof. Jan Obloj) or with the Director of Graduate Studies (Prof. Andreas Muench)as appropriate. Complaints about departmental facilities should be made to the departmentaladministrator. If you feel unable to approach one of those individuals, you may contact theHead of Department (Professor Martin Bridson). The officer concerned will attempt to resolveyour concern/complaint informally.

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If you are dissatisfied with the outcome, you may take your concern further by making a formalcomplaint to the Proctors under the University Student Complaints Procedure:

https://www.ox.ac.uk/students/academic/complaints?wssl=1

If your concern or complaint relates to teaching or other provision made by your college, youshould raise it either with your tutor or with one of the college officers, Senior Tutor, Tutor forGraduates (as appropriate). Your college will also be able to explain how to take your complaintfurther if you are dissatisfied with the outcome of its consideration.

Academic Appeals

An academic appeal is an appeal against the decision of an academic body (e.g. Boards ofExaminers, transfer and confirmation decisions etc.), on grounds such as procedural error orevidence of bias. There is no right of appeal against academic judgement.

If you have any concerns about your assessment process or outcome it is advisable to discussthese first informally with your subject or college tutor, Senior Tutor, Course Director, Directorof Graduate Studies, supervisor or college or departmental administrator as appropriate. Theywill be able to explain the assessment process that was undertaken and may be able to addressyour concerns. Queries must not be raised directly with the examiners.

If you still have concerns you can make a formal appeal to the Proctors who will consider appealsunder the University Academic Appeals Procedure:

https://www.ox.ac.uk/students/academic/complaints?wssl=1

Please remember in connection with all the academic appeals that:

• The Proctors are not empowered to challenge the academic judgement of examiners oracademic bodies

• The Proctors can consider whether the procedures for reaching an academic decision wereproperly followed; i.e. whether there was a significant procedural administrative error;whether there is evidence of bias or inadequate assessment; whether the examiners failedto take into account special factors affecting a candidate’s performance

• On no account should you contact the examiners or assessors directly

11.3 University Policies

The University has a wide range of policies and regulations that apply to students. Theseare easily accessible through the A-Z of University regulations, codes of conduct and policiesavailable at:

http://www.ox.ac.uk/students/academic/regulations/a-z

Particular attention is drawn to the following University policies.

Equal Opportunities Statement:

http://www.admin.ox.ac.uk/eop/policy/equality-policy/

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Intellectual Property Rights: www.admin.ox.ac.uk/rso/ip

Code on Harassment:

http://www.admin.ox.ac.uk/eop/harassmentadvice/policyandprocedure/

Policy on Plagiarism:

http://www.ox.ac.uk/students/academic/guidance/skills/plagiarism

11.4 Departmental Safety Polices

You are urged to act at all times responsibly, and with a proper care for your own safety andthat of others. Departmental statements of safety policy are posted in all departments, and youmust comply with them. Students should note that they (and others entering onto departmentalpremises or who are involved in departmental activities) are responsible for exercising care inrelation to themselves and others who may be affected by their actions. In the MathematicalInstitute accidents should be reported immediately to reception, telephone 73525, who keep theaccident book. There is a first aid room located on the ground floor of the South Wing. If yourequire access to this room please report to reception. Each lecture theatre has its own properescape route and you are urged to familiarise yourself with these.

Those for the Mathematical Institute lecture and seminar rooms, are set online at:

http://www.maths.ox.ac.uk/members/building-information/

security-safety-and-reporting-building-issues.

In the case of evacuation of the lecture theatre give heed to the instructions of the lecturer.

11.5 Key Support Links and Contacts

Disability Co-ordinator: Charlotte Turner-Smith

Email: academic.administrator@maths.ox.ac.uk

University’s Disability Advisory Service:

https://www.ox.ac.uk/students/welfare/disability

https://www.maths.ox.ac.uk/members/policies/disability

Counselling Service:

(tel: (2)70300)

email: counselling@admin.ox.ac.uk

Proctors’ Office:

(tel: (2)70090)

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email: proctors.office@proctors.ox.ac.uk

Departmental Harassment Advisors: names and contact details displayed in Mezzanine StudyRoom.

Oxford University Student Union, Vice President (Welfare):

(tel: (2)88452)

email: welfare@ousu.ox.ac.uk.

Mathematical Institute Building Accessibility:

https://www.maths.ox.ac.uk/members/building-information/accessibility

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For further information please contact:

Email: mathfin@maths.ox.ac.uk

Phone: +44 1865 615210

Website: www.maths.ox.ac.uk/mscmf

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Finance’