diff --git a/etc/requirements_dev.txt b/etc/requirements_dev.txt
index 0d33ec34..819b77d5 100644
--- a/etc/requirements_dev.txt
+++ b/etc/requirements_dev.txt
@@ -25,3 +25,5 @@ tornado==3.1
 pyparsing==2.0.1
 statsmodels==0.4.3
 patsy==0.1.0
+
+Markdown==2.3.1
diff --git a/tests/risk/AnswerKeyAnnotations.ipynb b/tests/risk/AnswerKeyAnnotations.ipynb
new file mode 100644
index 00000000..0ecadebf
--- /dev/null
+++ b/tests/risk/AnswerKeyAnnotations.ipynb
@@ -0,0 +1,49 @@
+{
+ "metadata": {
+  "name": "AnswerKeyAnnotations"
+ },
+ "nbformat": 3,
+ "nbformat_minor": 0,
+ "worksheets": [
+  {
+   "cells": [
+    {
+     "cell_type": "code",
+     "collapsed": true,
+     "input": [
+      "#\n",
+      "# Copyright 2013 Quantopian, Inc.\n",
+      "#\n",
+      "# Licensed under the Apache License, Version 2.0 (the \"License\");\n",
+      "# you may not use this file except in compliance with the License.\n",
+      "# You may obtain a copy of the License at\n",
+      "#\n",
+      "#     http://www.apache.org/licenses/LICENSE-2.0\n",
+      "#\n",
+      "# Unless required by applicable law or agreed to in writing, software\n",
+      "# distributed under the License is distributed on an \"AS IS\" BASIS,\n",
+      "# WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.\n",
+      "# See the License for the specific language governing permissions and\n",
+      "# limitations under the License.\n",
+      "\n",
+      "from annotation_utils import Markdown\n",
+      "import answer_key"
+     ],
+     "language": "python",
+     "outputs": []
+    },
+    {
+     "cell_type": "code",
+     "collapsed": false,
+     "input": [
+      "Markdown(\"\"\"\n",
+      "Download link for latest answer key: [{latest_answer_key_url}]({latest_answer_key_url})\n",
+      "\"\"\".format(latest_answer_key_url=answer_key.LATEST_ANSWER_KEY_URL))"
+     ],
+     "language": "python",
+     "outputs": []
+    }
+   ]
+  }
+ ]
+}
\ No newline at end of file
diff --git a/tests/risk/annotation_utils.py b/tests/risk/annotation_utils.py
new file mode 100644
index 00000000..fedf0024
--- /dev/null
+++ b/tests/risk/annotation_utils.py
@@ -0,0 +1,27 @@
+#
+# Copyright 2013 Quantopian, Inc.
+#
+# Licensed under the Apache License, Version 2.0 (the "License");
+# you may not use this file except in compliance with the License.
+# You may obtain a copy of the License at
+#
+#     http://www.apache.org/licenses/LICENSE-2.0
+#
+# Unless required by applicable law or agreed to in writing, software
+# distributed under the License is distributed on an "AS IS" BASIS,
+# WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+# See the License for the specific language governing permissions and
+# limitations under the License.
+
+import markdown
+
+
+# Inspired by:
+#  http://catherinedevlin.blogspot.com/2013/06/\
+#  easy-html-output-in-ipython-notebook.html
+class Markdown(str):
+    """
+    Markdown wrapper to allow dynamic Markdown cells.
+    """
+    def _repr_html_(self):
+        return markdown.markdown(self)
diff --git a/tests/risk/answer_key.py b/tests/risk/answer_key.py
index 6de07485..8be0a766 100644
--- a/tests/risk/answer_key.py
+++ b/tests/risk/answer_key.py
@@ -44,6 +44,9 @@ ANSWER_KEY_DL_TEMPLATE = """
 https://s3.amazonaws.com/zipline-test-data/risk/{md5}/risk-answer-key.xlsx
 """.strip()
 
+LATEST_ANSWER_KEY_URL = ANSWER_KEY_DL_TEMPLATE.format(
+    md5=ANSWER_KEY_CHECKSUMS[-1])
+
 
 def answer_key_signature():
     with open(ANSWER_KEY_PATH, 'r') as f: