Gunter Meissner, Chapter 1: Correlation Basics is a 51-minute instructional video analyzing the following concepts:

* Describe financial correlation risk and the areas in which it appears in finance.

* Explain how correlation contributed to the global financial crisis of 2007 to 2009.

* Describe the structure, uses, and payoffs of a correlation swap.

* Estimate the impact of different correlations between assets in the trading book on the VaR capital charge.

* Explain the role of correlation risk in market risk and credit risk.

* Relate correlation risk to systemic and concentration risk.