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Grado en Administración y Dirección de Empresas

Atrás Atrás

Mercados e Instituciones Financieras

Código asignatura
GADEMP01-3-005
Curso
Tercero
Temporalidad
Primer Semestre
Materia
Mercados Financieros
Carácter
Obligatoria
Créditos
6
Pertenece al itinerario Bilingüe
Actividades
  • Clases Expositivas (28 Horas)
  • Prácticas de Aula/Semina (28 Horas)
Guía docente

The aim of this course is to study the Spanish financial system within an European and international context. It will enable students to understand the functioning of financial institutions and the operations that are performed in the financial markets. Thus, it involves a detailed knowledge of the three elements that underpin any financial system: financial markets, monetary and capital markets, financial intermediaries and financial assets or securities (instruments that allow an easier and adequate transmission of funds). This is one of three compulsory courses of the Finance Module. Offered in the third year of the Bachelor Degree in Business Administration, the course constitutes the introductory course of the Financial Markets Matter. It precedes the following courses: Financial Investments and Financial Risk Management, courses that are offered respectively in the second half of the third year and the first half of the fourth year. The course is coordinated with other subjects of the Finance Module, existing many interactions between them. Corporate Finance (compulsory course of the second semester of the second year) provides students with the basic tools for making firms’ investment and financing decisions, as well as dividends’ payments. Financial Investments (compulsory subject of the second semester of the third year) analyzes the different methods of valuing equities, fixed income, derivatives and financial assets in the context of portfolio management. In addition, Financial Markets and Institutions is also related to other electives courses of the Finance Module, in particular, the Financial Risk Management course.

Students require knowledge of the contents of the first-year Mathematics’ course (especially knowledge concerning the third block of the course Financial Mathematics), and of the contents of the first year’s course Introduction to Macroeconomics (especially the contents that refer to part 4: Financial Markets). It will also be useful the knowledge acquired in the following first year’s courses: World Economic History and World Economy, as well as the knowledge acquired in the course Corporate Finance (taught during the second year of the degree).

The Specific Objectives of the course Financial Markets and Institutions are:

  • To understand what a financial system is, the functions of a financial system, the financial system structure and the parts of a financial system.
  • To study the vocabulary characteristic of the debt, equity and derivatives markets.
  • To know the agents and institutions involved in the debt, equity and derivatives markets.
  • To understand the characteristics of debt financial assets and the operations in the debt markets, including private and public debt.
  • To know the characteristics of the interbank market, and its importance.
  • To analyze the asset securitization transactions, identifying the actors involved in these transactions, and the role they perform.
  • To understand the characteristics of equity and the equity market performance.
  • To compare the features of futures and options, and to understand the functioning of derivatives markets.
  • To study banks, the operations they conduct and their importance, both nationally and internationally.
  • To learn the basic regulation of the banking system (credit, deposit protection, FROB ...).
  • To understand the characteristics and regulation of investment funds, investment companies and their comparative importance in Spain and internationally.
  • To know the characteristics and importance of insurance companies and pension funds.
  • To implement MiFID for designing / advising the client, according to their risk profile and financial situations.
  • To study the role played by investment banks and venture capital.
  • To analyze the role of rating agencies in assessing credit risk and its implications on international financial markets.
  • To identify the critical factors that trigger financial crises and analyze their impact on the overall economy.
  • To interpret financial information in the financial press (relevant news, stock information ...)

The Generic Competencies the student acquires in the course Financial Markets and Institutions are:

  • Capacity for analysis and synthesis.
  • Ability to learn.
  • Ability to communicate fluently (spoken and written) in the language.
  • Ability to search and analyse information sources in the workplace.
  • Ability to work as a team.
  • Ability to make decisions.
  • Ability to apply knowledge in practice.
  • Ability to find creative new ideas and solutions.
  • Initiative and entrepreneurial spirit.
  • Ability to organize and plan.
  • Ability to adapt to new situations.
  • Concern for quality and a job well done.
  • To have values and an ethical behaviour.

The Specific Skills the student acquires in the course Financial Markets and Institutions are:

  • Manage and interpret specific software for data processing.
  • Designing and financing investment strategies in financial markets.
  • To transmit information, ideas, problems and solutions in the field of business management to both specialist and non-specialists.
  • To issue advisory reports on specific situations of companies and markets.

Learning outcomes. At the end of the course the student should be able to:

  • Understand the functions and operations that are performed in the financial markets.
  • Find, analyze and interpret information in financial markets.
  • Identify and understand different kinds of financial risks and hedging.
  • Know valuation methodologies for financial assets and fixed income.
  • Analyze and describe the processes of price formation in financial markets.

This lecture, in addition to providing specialized training in aspects related to Financial Markets and Institutions constitutes the basis for understanding other subjects in the field of Financial Markets. It looks for the employability of graduates on a professional side related to financial markets and financial institutions. It aims to enable graduates to posses skills that enable them to operate in and understand financial markets and to manage financial assets.

The course contents are organized into 8 themes that are grouped in four thematic blocks. The first set is devoted to the Introduction. It includes a single theme on the financial system, the second block includes four themes dedicated to the analysis of financial assets and markets: interbank and corporate bond markets (theme 2), public debt markets (theme 3), equity markets (theme 4) and derivatives markets (theme 5). The third section relates to the topic financial institutions: credit institutions (theme 6) and other financial institutions and agents (theme 7). The last block of the course is devoted to the study of financial crises, especially to the analysis of the latest financial crisis (theme 8):

Block 1: Introduction

Theme 1: Overview of the Financial System

Block 2: Financial Markets

Theme 2: Interbank and corporate bond markets

Theme 3: Public debt markets

Theme 4: Equity markets

Theme 5: Derivatives Markets

Block 3: Financial Institutions

Theme 6: Credit Institutions

Theme 7: Other financial intermediaries and agents

Block 4: Financial crises

Theme 8: Financial crises: causes and consequences

5.2.- Detailed Program and Learning Objectives

THEME 1: OVERVIEW OF THE FINANCIAL SYSTEM

1.1.- Why should we study Financial Markets and Institutions?

1.2.- Definition and functions of the Financial Systemo.

1.3.- Financial assets: definition, characteristics and functions.

1.4.- Financial markets: functions, characteristics and classification.

1.5.- Functions and classification of financial intermediaries: indirect financing.

1.6.- The structure of the Financial System.

The objective of this first theme is to provide an overview of the whole subject, to introduce topics that are covered in other subjects in the field of Financial Markets and to analyze concepts that allow the further development of the subject. It studies the importance of financial markets and financial institutions in the transmission of flows of funds from surplus economic units to deficit economic units, and therefore, it analyses the importance of financial markets and institutions for the efficient channelling of savings to the productive economy. The financial system is a cornerstone for economic development of a country.

Specific objectives are to:

  • Understand what a financial system is and its functions
  • Know the characteristics of financial assets and functions
  • Understand the functions, features and possible classifications of financial markets
  • Understand the difference between direct funding and through funding
  • Understand the functions of financial intermediaries and possible classifications
  • Understand why regulation is needed in the financial markets and financial institutions

Key Bibliography:

Investor factsheets and guides, CNMV

Martín and Trujillo (2004): chapter 1

Mishkin and Eakins (2021): chapters 1 and 2

Calvo et al. (2018): chapters 1 and 2

Links to web pages:

Banco de España: https://www.bde.es/bde/es/

BME Exchange: https://www.bolsasymercados.es/bme-exchange/es/Home

CNMV: https://www.cnmv.es/Portal/home.aspx

CNMV, Inversores y Educación Financiera: http://www.cnmv.es/portalinversor/

European Banking Authority: https://www.eba.europa.eu/languages/home_es

European Central Bank: www.ecb.int

ESMA: https://www.esma.europa.eu/

Finanzas para mortales: https://finanzasparamortales.es/

Finanzas para todos: https://www.finanzasparatodos.es/

THEME 2: INTERBANK AND CORPORATE DEBT MARKETS

2.1. - Definition, roles and participants in the money markets.

2.2. - The assets of the money markets.

2.3. - The interbank markets.

2.4.- Commercial paper

2.5. - Bonds and notes: characteristics, risk and profitability.

2.6. - Other long-term assets: mortgage bonds, covered bonds, preference shares.

2.7. - Securitisation of assets.

2.8.- Corporate debt markets.

Specific objectives are to:

  • Understand the characteristics of money markets
  • Know the assets traded on money markets
  • Understand how the interbank market and its importance to the economy
  • Know how to value fixed income assets, risks associated with investing in fixed income assets, and be able to estimate the profitability of an investment in fixed income
  • Understand different types of fixed income assets such as bonds and debentures, bonds, debentures, mortgages  as well as preferred shares.
  • Understand the process of asset securitization- Understand the characteristics of the markets for long-term debt

Key Bibliography:

Investor factsheets and guides, CNMV

Gómez Ansón et al. (2000) –exercises-

Martín and Trujillo (2004): chapters 2, 3 and 4

Mishkin and Eakins (2021): chapters 11, 12 and 14

Menéndez Alonso (2004) –exercises-

Calvo et al. (2018): chapter 6

Links to web pages:

BME Exchange Renta Fija: https://www.bolsasymercados.es/bme-exchange/es/Mercados-y-Cotizaciones/Renta-Fija/Precios/AIAF-SEND-Deuda-Publica

Bolsas y Mercados Españoles: https://www.bolsasymercados.es/bme-exchange/es/Home

CNMV, Inversores y Educación Financiera: http://www.cnmv.es/portalinversor/

EMMI: https://www.emmi-benchmarks.eu/benchmarks/euribor/rate/

THEME 3: PUBLIC DEBT MARKETS

3.1. – Public debt assets.

3.2. - The primary market for government debt.

3.3. - The secondary market for government debt.

In Theme 3 we focus on the specific assets of the public debt markets, the State and other public issuers as the Autonomous Communities, Local Corporations or ICO, and we analyZe the primary and secondary markets for government debt.

Specific objectives:

-       To understand what the public debt is

-       To know the characteristics of the assets of the State debt: Treasury Bills, Government Bonds and Obligations of the State

-       To know the public debt markets

Key bibliography:

Martín and Trujillo (2004): chapters 3 y 4

Links to web pages:

Banco de España, Mercado Primario de Deuda Pública: https://www.bde.es/bde/es/areas/mercadeuda/

BME Exchange Renta Fija: https://www.bolsasymercados.es/bme-exchange/es/Mercados-y-Cotizaciones/Renta-Fija/Precios/AIAF-SEND-Deuda-Publica

Tesoro Público: https://www.tesoro.es/

THEME 4: EQUITY MARKETS

4.1. - Characteristics, valuation and types of stocks.

4.2. - The Stock Exchange: features, functions, structure and participants.

4.3. - Specific contracting segments: BME Growh, BME MTF Equity, warrants, ETF, Latibex

4.4. - Stock indexes.

4.5. - OTC Markets

This theme defines what is meant by shares and discusses the difference between equity and debt. We study stock valuation models and the associated return on investment in equities. We review the functions of the stock markets, their usefulness, their dependence on the current economic situation, the organization of the stock and primary and secondary markets, the type of operations and stock market participants. Specific segments of the stock markets are also studied. The theme includes the analysis of the major stock exchanges, different indexes, including sustainability indexes, and the growing importance of OTC markets.

Specific objectives:

-       To understand the difference between bonds and equities

-       To know the characteristics of equities and the types of actions

-       To learn to value stocks and to estimate the profitability of an equity investment

-       To understand the concept of preemptive rights and to be able to estimate its theoretical value

-       To know the characteristics of primary and secondary markets, the operations performed and the types of participants

-       To know the segments: warrants, BME Growth, ETFs

-       To understand the characteristics of OTC markets and their importance

Basic bibliography:

Investor factsheets and guides, CNMV

Martín and Trujillo (2004): chapters 3 and 4

Mishkin and Eakins (2021): chapter 13

Calvo et al. (2018): chapters 13 and 14

Links to web pages:

Bloomberg: https://www.bloomberg.com/europe

BME Exchange: https://www.bolsasymercados.es/bme-exchange/es/Home

CNMV, Inversores y Educación Financiera: http://www.cnmv.es/portalinversor/

Deutsche Börse: www.deutsche-börse.com

Euronext: https://www.euronext.com/en

London Stock Exchange: www.londonstockexchange.com

Reuters: www.reuters.com

THEME 5: DERIVATES MARKETS

5.1. - Concept and characteristics of derivative assets.

5.2. - Financial futures

5.3. - Financial options

5.4. - The Spanish derivatives markets: MEFF 

5.5. - Interest rate swaps

Once one has analyzed debt and equity markets, it is necessary to approach the study of markets that offer the greatest opportunities for hedge: derivatives markets. This topic introduces the vocabulary and concepts needed to understand futures and options. It also describes the structure and operations in the MEFF and the main assets traded in this market. It also introduces interest rate swaps.

Specific objectives:

  • To understand financial derivatives and why they matter
  • To know financial futures and how their price and profits/losses are determined.
  • To understand financial options, the characteristics of a call and a put option, how to determine the intrinsic value of a call and a put option and the profits/losses of trading with options.
  • To know the derivative assets traded on MEFF, and to know how to hedge and speculate with them.
  • To understand the operation of the daily settlement in the futures market and the functioning of MEFF, as well as their actors.
  • To understand what an interest rate swap is.

Basic bibliography:

Bodie et al. (2013): chapters 14 and 15

Investor factsheets and guides, CNMV

Martín and Trujillo (2004): chapters 7 and 8

Mishkin and Eakins (2021): chapters 24

Links to web pages:

CNMV, Inversores y Educación Financiera: http://www.cnmv.es/portalinversor/

MEFF: https://www.meff.es/esp/Derivados-Financieros/Cotizaciones

THEME 6: CREDIT ENTITIES

6.1. - The Credit System: current structure

6.2. - Structure and operation of the banking system.

6.3. - Regulation of the banking system.

6.4. – Other credit entities: Financial Credit Establishments, Electronic Money Institutions, Payment Entities, Mutual Guarantee and refinancing and appraisal companies

This theme discusses the subject of credit entities and their balance sheets and income statements as well as the basic principles of bank management. It also discusses the investment banking activity as opposed to typical commercial banking. Bank regulation and the most recent changes in such regulation at a national and European level are also described. In addition to the banking system, the theme includes the study of other credit entities, such as Financial Credit Establishments, Electronic Money Institutions, Payment Entities, Mutual Guarantee and refinancing and appraisal companies

Specific objectives:

  • To know the characteristics of credit institutions, the operations they perform and to understand their balance sheets and income statements.
  • To understand the difference between the commercial banking and investment banking activities
  • To know the main characteristics of banking regulation at national and European level
  • To know the main features of the Spanish banking system and to understand how regulation can influence the structure of the banking system
  • To understand what are the Financial Credit Establishments, Electronic Money Institutions, Payment Entities, Mutual Guarantee and refinancing and appraisal companies

Basic Bibliography:

Investor factsheets and guides, CNMV

Annual Statements of the AEB

Financial Stability Reports of the Bank of Spain

Mishkin and Eakins (2021): chapters 17 to 19 and chapter 22

Calvo et al. (2018): chapters 7 to 10

Links to web pages:

Asociación Española de Banca: https://www.aebanca.es/

Banco de España: https://www.bde.es/bde/es/

BME Exchange: https://www.bolsasymercados.es/bme-exchange/es/Home

CE. Regulación bancaria: https://finance.ec.europa.eu/banking-and-banking-union/banking-regulation_en

CECA: https://www.ceca.es/

European Banking Authority: https://www.eba.europa.eu/languages/home_es

European Central Bank: www.ecb.int

Fondo de Garantía de Depósitos: https://www.fgd.es/es/index.html

Unified Resolution Fund: https://www.srb.europa.eu/en

FROB: https://www.frob.es/es/Paginas/Home.aspx

Sareb: https://www.sareb.es/

THEME 7: OTHER FINANCIAL INTERMEDIARIES AND AGENTS

7.1. Mutual funds and Investment Companies: structure and typology. 

7.2. Insurance companies: principles and types of insurance contracts. 

7.3. Pension Funds: types of pension plans, the importance of pension funds. 

7.4. Private Equity: concept and operation. 

7.5. Rating agencies. 

7.6. Participatory financing platforms. 

Collective investment has grown rapidly over the past two decades, partly due to the need to ensure retirement, but also because of the liquidity and diversification offered by these investment vehicles, because of the existence of economies of scale resulting from the volume of funds under management, because of economies of specialization or the development of securitization. 

This theme discusses the two types of investment funds: open and closed, the type of investment funds and their operation, including mutual funds and hedge funds; explains the basics of insurance and the more common insurance contracts: life insurance and property insurance, as well as an investment vehicle increasingly important given the life expectancy and population pyramid: pension funds. It also introduces the concept of risk capital and its importance to an economy, the rating agencies and their conflicts of interest.

Specific objectives:

  • To understand the difference between open and closed mutual funds
  • To know the types of investment funds 
  • To understand what an insurance contract is and the characteristics of the most common insurance contracts: life insurance and property insurance…
  • To know the characteristics of pension funds
  • To understand what is venture capital and to understand why it is important for an economy
  • To understand the importance of rating agencies and the conflicts of interest of these agents
  • To know what are t appraisal companies

Basic bibliography:

Investor factsheets and guides, CNMV

Mishkin and Eakins (2021): chapters 20 and 21

Calvo et al. (2018): chapters 11 and 12

Links to web pages:

CNMV, Inversores y Educación Financiera: http://www.cnmv.es/portalinversor/

Dirección General de Seguros y Fondos de Pensiones: http://www.dgsfp.meh.es/planes.asp

Venture capital web: www.webcapitalriesgo.com

THEME 8. FINANCIAL CRISES: CAUSES AND CONSEQUENCES

8.1. - Definition of financial crisis.

8.2. - The dynamics of financial crises in developed economies.

8.3. - The Great Depression and other financial crises.

8.4. - The subprime financial crisis.

Financial crises are an historical constant. The recent financial crisis reinforces the importance of studying financial crises in the discipline of Finance. This is the aim of this theme that also allows to combine concepts discussed throughout the course and to attract the interest of students by Finance. This topic relates to concepts of behavioral finance, information asymmetry and incentive problems or failures or errors in regulatory supervision. Although different financial crises are discussed, a special emphasis is put on the 2008 financial crisis.

Specific objectives:

  • To understand what is an asset price bubble and why it occurs
  • To understand financial crises
  • To know the origin and development of financial crises
  • To know the characteristics of the Great Depression and other financial crises, especially the subprime financial crisis

Basic bibliography:

Buckley (2011) (aditional)

Mishkin and Eakins (2021): chapter 8

The development of the program of the course is done through classroom and non-classroom activities. Actual teaching is based primarily on two types of activities: lectures and classroom practices, with weekly sessions of an hour and three quarters each.

For the development of each topic of the course, sessions of lectures, in which the student will be provided a first contact with the subject being treated, will take place. Practices and links to the readings for each topic are available on the Virtual Campus. 

The course has a high practical component. It seeks to promote practical learning to allow the acquisition of the skills described above. This practical training will take place through the implementation of topics, problems and exercises, readings, access to websites of interest and work on issues related to the course.

In this context, the work plan of the classroom activities is as follows:

  • Lectures: These classes raise the motivation of the topic and give an overview of the theoretical part. Lectures are supported with the use of audiovisual media. Students have a basic bibliography for each topic and additional bibliography for the whole of the subject that allows you to acquire the knowledge. Power point presentations will be available for students on the Virtual Campus.
  • Classroom Exercises: These sessions will solve theoretical and practical issues related to the knowledge discussed in the lectures. Students solve and discuss issues related to the topics covered in the course. In addition to these, readings will be discussed. Classroom exercises for each theme are available on the Virtual Campus.

Class work must be supplemented with the following non-classroom activities:

  • Students’ independent work, mainly focused on the study of the content taught in class and in the preparation of classroom exercises prior to their discussion in class.

The number of hours devoted for class and non-class room activities is presented in the table below.

Total

Classroom work

Non-classroom work

Themes

Total hours

LecturesExercises

Evaluation Sessions

Total

Autonomous work

Theme 1

16

3

3

6

10

Theme 2

24

4,5

4,5

9

15

Theme 3

19

3

3

6

13

Theme 4

24,5

4

5,5

9,5

15

Theme 5

22

4,5

4,5

9

13

Theme 6

15

3

3

6

9

Theme 7

15

3

3

6

9

Theme 8

10,5

3

1,5

4,5

6

Evaluation

4

4

4

Total

150

28

28

4

60

90

 

18,67%

18,67%

2,67%

40,00%

60,00%

The evaluation of the course is based on two elements:

1) Continuous assessment, which is measured by the effort and work done by the student throughout the course through three assessments. The weight in the final grade is 40%.

2) Final exam, consisting of a test set to assess the knowledge acquired by the student and the ability to apply the knowledge. The weight of this test in the final grade is 60%.

Description of ongoing evaluation activities:

Continuous assessment is based on the following elements:

  • Two tests/exam, follow-ups and understanding of the contents analyzed until the date of completion of each of the two tests (3 points). The tests will indclude theoretical and reasoning questions, readings and exercises.
  • One test/exam about a reading or prospectus.

To pass the course the student must earn a grade of at least 5 points by summing all the weighted scores obtained through the continuous assessment and the final exam. The weighted score obtained by the student in the continuous assessment will be considered in all calls of the academic year. Thus, the final grade, in all calls, will be a weighted average of the scores on the continuous assessment and the final examination with a weighting of 40% for the continuous assessment. Continuous assessment tests are not repeated in extraordinary calls, but their scores may be stored for subsequent calls of the academic year (the student shall declare before the exam whether he/she opts to maintain the continuous assessment for the re-take exam or whether he/she opts to do the exam over 10 points with additional questions if this is the case).

Students who choose not to participate in the ongoing evaluation activities outlined above and that are evaluated along the course, may pass the course in the ordinary call getting a score of at least 5 points after applying the percentage weighting of the final exam (60%) to its score.

Students that opt for the differentiated assessment method obtain the weighting of the continuous assessment by answering additional questions that will be added to the final exam for these students.

The following table shows the weights of the various activities that will undergo the evaluation.

Ordinary Call/Extraordinary Call (option continuos evaluation) Evaluation tests/items

Weighting in the final score (in percentage)

Continuous assessment

40%

Final exam

60%

Extraordinary call (option no continuous evaluation) & differentiated assessment

Weighting in final score

Final exam (with additional questions and exercises)

100%

The Ethics Code of the University of Oviedo applies and is available at:  Universidad de Oviedo - Código ético (uniovi.es).

Basic Bibliogrpahy:

Fichas del Inversor de la CNMV

Guías Informativas de la CNMV

Martín Marín, J.L.; Trujillo Ponce (2004): Manual de Mercados Financieros, Thomson.

Mishkin, F.; Eakins, S.G. (2015): Financial Markets and Institutions, 8th Edition, Prentice Hall.

Parejo, J.A.; Rodríguez Sáiz, L.; Cuervo García, A. (2014): Manual del sistema financiero español, 23ª edición, Ed. Ariel Economía.

Exercises’ books:

Gómez Ansón, S.; González Méndez, V.M.; Menéndez Requejo, S. (2000): Problemas de dirección financiera, Editorial Civitas.

Menéndez Alonso, E.J. (2004): Problemas y prácticas sobre los mercados financieros, Díaz de Santos.

Additional Bibliography:

Allen, F.; Yago, G. (2010): Financing the Future: Market-Based Innovations for Growth, Pearson Prentice Hall.

Amat, O.; Pujades, P.; Lloret, P. (2012): Análisis de operaciones de crédito. Introducción a las técnicas de análisis, confección de informes y seguimientos de las operaciones, 1ª edición, Profit Editorial.
American Finance Association: History of Finance (http://www.afajof.org/association/historyfinance.asp)

Arnold, G. (2011): Financial Times Guide to the Financial Markets, FT Press.

Berk; J.; DeMarzo, P. (2011): Corporate Finance: The Core, Pearson.

Bernanke, B.S. (2000): Essays on the Great Depression, Princeton University Press.

Bodie, Z.; Kane, A.; Marcus, A.J. (2013): Essentials of Investments, 8th edition, McGraw Hill. (En español, Principios de inversiones, 5ª edición, 2004, McGraw Hill).

Bodie, Z.; Merton, R.C.; Cleeton; D. (2011): Financial Economics, 2nd Edition, Pearson Learning Solutions (en español: Finanzas, 1ª edición, Pearson).

Brealey, R.A.; Myers, S.C.; Allen, F. (2011): Principles of Corporate Finance, McGraw Hill.

Brun, X.; Elvira, O.; Puig, X. (2008): Mercado de renta variable y mercado de divisas. Las bolsas de valores: mercados de rentas variables y de divisas y las formas de analizarlo, Profit Editorial.

Buckley, A. (2011): Financial crisis. Causes, context and consequences, FT Prentice Hall.

Choudhry, M. (2010): An introduction to bond markets, 4th edition, John Wiley Sons.

Choudhry, M. Masek, D. (2011): An introduction to banking, liquidity risk and asset liability management, John Wiley Sons.

Choudry, M. (2012): The Principles of Banking, John Wiley & Sons.

Codina, J. (2007): Manual de “day-trading” y bolsa “on-line”, Inversor ediciones S.L.

Court, E. (2010): Mercado de capitales, Prentice Hall.

Das, S. (2005): Credit Derivatives, CDOs, and Structured Products, Wiley.

Das, S. (2011): Extreme Money, the masters of the Universe and the cult of risk, Financial Times Press.

Elvira, O. Larraga, P. (2008): Mercado de productos derivados. Futuros, forwards, opciones y productos estructurados, Profit Editorial.

Fabozzi, F.J. (2013): Bond Markets, Analysis and Strategies, 8th edition, Prentica Hall.

Fabozzi, F.J.; Modigliani, F. (2010): Capital Markets, Institutions and Instruments, 4th Edition, Prentice Hall.

Fabozzi, F.J.; Modigliani, F.P.; Jones, F.J. (2010): Foundations of Financial Markets and Institutions, 4th edition, Prentice Hall.

Friedman, M.; Schwartz, A.J. (1963): A monetary history of United States 1867-1960, Princeton University Press.

Galbraith, J.K. (2008): El crash de 1929, Editorial Ariel.

Hull, J. (2012): Risk management and financial institutions, 3rd edition, John Wiley Sons.

Hull, J.C. (2011): Fundamentals of Futures and Options Markets, 7th Edition, Prentice Hall (en Español: Introducción a los Mercados de Futuros y Opciones, 6ª Edición, Prentice Hall)

Hull, J.C. (2012): Options, Futures and other derivatives, 8th Edition, Prentice Hall.

Igual, D. (2008): Conocer los productos y servicios bancarios. Productos de tesorería, de inversión, de financiación, leasing, factoring, renting, tarjetas, Profit Editorial.

Kindleberger, C.P. Aliber, R. (2005): Manias, panics and crashes. A history of financial crises, 5th edition, Wiley Investment Classics.

Lamothe Fernández, P. (2010): Opciones financieras y productos estructurados, McGraw Hill.

Lamothe, P. (1999): Gestión de carteras de acciones internacionales, Pirámide.

Larraga, P. (2008): Mercado monetario y mercado de renta fija, Profit Editorial.

Larraga, P.; Peña, I. (2008): Conocer los productos financieros de inversión colectiva, Profit Editorial.

López Lubián, F.J; García Estévez, P. (2003): Bolsa, Mercados y Técnicas de Inversión. McGraw-Hill.

Madura, J. (2010): Financial institutions and markets, 9th edition, South Western Publishing.

Marín, J.M.; Rubio, G. (2001): Economía Financiera, Antoni Bosch Editor (nueva edición en 2011).

Martín López, M.; Martín Marín, J.L.; Oliver Alfonso, M.D.; Torre Gallegos, A. (2009): Manual práctico de mercados financieros, 1ª edición, Delta.

Martín, M.; Martín, J.L.; Oliver, Mª D.; de la Torre, A. (1995): La operativa en los mercados financieros: casos prácticos, Ariel Economía.

Meir, S. (2011): What Investors Really Want: Know What Drives Investor Behavior and Make Smarter Financial Decisions, 1st Edition, McGraw Hill

Menéndez Alonso, E. (2002): 500 Cuestiones resueltas sobre las Bolsas de Valores, Díaz de Santos.

Mishkin, F.S. (2015): Economics of Money, Banking and Financial Markets, 10th Edition, Prentice Hall. (Edición en español: Moneda, banca e instituciones financieras 8ED, 2008).

Pindado García, J. (2012): Finanzas Empresariales, Editorial Paraninfo.

Ramírez, J. (2011): Handbook of Corporate Equity Derivatives and Equity Capital Markets, John Wiley Sons.

Roland, G. (2010): Market players: A guide to the institutions in today’s financial markets, John Wiley & Sons.

Sánchez Fernández de Valderrama, J.L. (2007): Curso de bolsa y mercados financieros, 4ª edición, Ed. Ariel.

Saunders, A.; Cornett, M.M. (2009): Financial Markets and Institutions, Mc Graw Hill.

Scaramucch, A. (2012): The little book of hedge funds, John Wiley Sons.

Shiller, R.: Financial Markets (http://academicearth.org/courses/financial-markets)

Links to web pages

Ahorro y Titulización: www.ahorroytitulizacion.com

Asociación Española de la Banca: www.aebanca.es

Asociación Española de Contabilidad y Administración de Empresas (AECA): http://www.aeca.es/

Association for Investment Management and Research: http://www.aimr.com/

Autoridad Bancaria Europea European Banking Authority (EBA): www.eba.europa.eu/

Autoridad Europea de Seguros y Fondos de Pensiones; European Insurance and Occupational Pensions Authority (EIOPA): www.eiopa.europa.eu

Autoridad Europea de Valores y Mercados; European Securities and Markets Authority (ESMA): www.esma.europa.eu/

BaFIN: www.bafin.de

Banco Central Europeo: www.ecb.int

Banco de España: www.bde.es

Banco Mundial: www.worldbank.org

Banco Santander: www.bancosantander.es

Banco Bilbao Vizcaya Argentaria: www.bbva.es

Bank of England: http://www.bankofengland.co.uk/Pages/home.aspx

Blog Nada es Gratis de FEDEA: www.nadaesgratis.es Blog Random Thoughts de Xavier Sala i Marti: www.salaimartin.com/random-thoughts/random-thoughts.html

Bloomberg: www.bloomberg.com

BME Renta Fija/AIAF/: www.aiaf.es

Bolsa de Madrid: www.bolsamadrid.es

Bolsas y Mercados Españoles (BME): www.bolsasymercados.es

Chicago Mercantile Exchange (CME Group): http://www.cmegroup.com/

Comisión Europea, Internal Markets, Financial Services and Capital: http://ec.europa.eu/internal_market/top_layer/financial_capital/index_en.htm

Comisión Nacional del Mercado de Valores: www.cnmv.es

Confederación Española de Cajas de Ahorros: www.ceca.es

Deutsche Bank: www.db.com

Deutsche Bundesbank: http://www.bundesbank.de/

Deutsche Börse: www.deutsche-boerse.com

Diario Cinco Días: www.cincodias.comDiario Digital Banca15: www.banca15.com

Diario Digital Finanzas.com: www.finanzas.com

Diario El Economista: www.eleconomista.es/

Diario El Confidencial: www.elconfidencial.com

Diario Expansión: www.expansion.com

Dirección General de Seguros y Planes de Pensiones: www.dgsfp.meh.es

Dow Jones: http://www.dowjones.com/

Dow Jones Sustainability Indexes: http://www.sustainability-index.com/

European Capital Markets Institute: www.eurocapitalmarkets.org

European Central Bank: www.ecb.int

Federación Europea de Bolsas de Valores: www.fese.be/en/

Federación Mundial de Bolsas: www.world-exchanges.org

FTSE, The Index Company: http://www.ftse.com/

Financial Services Authority: http://www.fsa.gov.uk/

Financial Times: www.ft.com/markets

Fitch Ratings: www.fitchratings.com

Fitch Ratings España: www.fitchratings.es

Fondo de Adquisición de Activos Financieros: http://www.fondoaaf.es/SP/index.html

Fondo de Garantía de Depósitos: http://www.fgd.es/es/index.html

Fondo de Reestructuración Ordenada Bancaria (FROB): http://www.frob.es/

Fondo Monetario Internacional: www.imf.org/external/index.htm

Fundación de Estudios de Economía Aplicada: www.fedea.es

HSBC: www.hsbc.com

Iberclear: www.iberclear.es

Instituto Español de Analistas Financieros: www.ieaf.es

Investor Protection Trust: http://www.investorprotection.org/

JP Morgan: http://www.jpmorgan.com/

London Stock Exchange: www.londonstockexchange.com

Mercado Español de Futuros Financieros: www.meff.es

Merril Lynch: www.ml.com

Ministerio de Economía y Competitividad: www.mineco.gob.es

Moody’s: www.moodys.com

Moody’s España: www.moodys.es

NASDAQ Stock Market: www.nasdaq.com

National Association of Security Dealers: http://www.nasdr.com/

North American Securities Administrators Association: http://www.nasaa.org  

NYSE Euronext: http://www.nyse.com/

Organización de Cooperación y Desarrollo Económico (OCDE): www.oecd.org

Organización Internacional de Comisiones de Valores: www.iosco.org

Reserva Federal de los Estados Unidos: www.federalreserve.gov

Reuters España: www.reuters.es

Reuters: www.reuters.com

Revista Economistas: www.revistaeconomistas.com

Royal Bank of Scotland: http://www.rbs.co.uk/

Seminario Actualidad Económica: www.actualidad-economica.com/

Sociedad de Bolsas: www.sbolsas.com

Standard & Poor’s: www.standardandpoors.com

Tesoro Público: www.tesoro.es

Tokio Stock Exchange: www.tse.or.jp/english

Toronto Stock Exchange: http://www.tmx.com/en/index.html

Unión Nacional de Cooperativas de Crédito: www.unacc.com

Universia Knowledge Wharton: http://www.wharton.universia.net/i

U.S. Securities and Exchange Commission: http://www.sec.gov/

Web de capital riesgo: www.webcapitalriesgo.com

Wall Street Journal: www.wsj.com

Xavier Sala i Marti (artículos): http://www.salaimartin.com/mass-media.html