Rule Arbitrage: Evading Regulatory, Tax, Accounting, Covenant and Credit Rating Rules

Financial structuring that leverages tax, accounting, and credit rating agencies rules can have a significant impact on a company''s bottom line. When combined with derivatives, it becomes a powerful—yet potentially dangerous—mix that, if pushed too far, can lead to disaster, as in the case of Enron. Oussama Nasr, who has been in the trenches himself, has written a valuable and practical book on this often esoteric subject—one that practitioners rarely discuss openly and for which reliable material is hard to come by. Read it—and then read it again.

This book fills a crucial gap by delivering a comprehensive, lucid, and elegant treatment of various types of rules-based arbitrages. Mr. Oussama Nasr’s unique academic background - holding an MA in Mathematics and Philosophy from the University of Cambridge and a Juris Doctor from Cornell Law School - perfectly combines with his multifaceted professional experience as a lawyer, banker, and financial consultant. His distinctive perspective and pedagogical skills render challenging concepts accessible without compromising depth. A basic-to-intermediate understanding of finance is the only required prerequisite to read, learn and enjoy this book; no prior expertise in accounting, regulation, credit ratings methodologies, or tax or other law is necessary. This book is poised to become the definitive reference for rigorously and clearly navigating these types of rules-based arbitrages. I strongly recommend it to individuals and institutions seeking a deeper, nuanced understanding of the variety of topics on rules-based arbitrage.

This is a wonderfully rich and detailed book. Nasr writes with great authority, clarity and wit - it''s surprising how much humour lies in some of these transactions. He covers a wealth of knowledge, I''m sure even the most experienced financier will find much to learn here, and to think hard on. Highly recommended.

For critics, financial structures that reduce taxes, bypasses regulations, or artificially inflate financial metrics are inherently suspect. Rule Arbitrage argues that a subset of these transactions can be legitimate, providing real benefits within the bounds of legal language and legislative intent.

• | Author: Oussama A. Nasr
• | Publisher: Emerald Publishing Limited
• | Publication Date: Feb 02, 2026
• | Number of Pages:
• | Language:
• | Binding: Hardback
• | ISBN-13: 9781805926108
• | ISBN-10: 1805926101