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Years after the greatest financial crisis of the century, the movie ‘The Big Short’ has raised many questions, especially concerning the Bespoke Tranche Opportunity. BTOs are taking more importance on the financial market and fear concerning these products, in particular due to their similarities with CDOs, is increasing.

The purpose of this thesis is to analyze BTOs and in particular the risks they represent. 

First, some key notions like financial stability or moral hazard are explained. In order to provide an in-depth work, shadow banking in general and financial information on different countries are also part of the research. A further reflection is made about other risks present on the market, such as state indebtedness for example. 

This research work combines theoretical literacy and a collection of opinions coming from business professionals. Rather than filling certain gaps in the scientific literature, this paper is intended to raise awareness of BTOs, and particularly draw the attention of the scientific community to the necessity of writing accurate papers on BTOs and the attention of the authorities to run studies and write financial reports on BTOs.

Bespoke Tranche Opportunity --- Collateralized Debt Obligation --- Regulatory Framework --- Financial Stability --- Too Big To Fail --- Bail-in --- Financial risks --- Sciences économiques & de gestion > Finance