This course provides students with a comprehensive understanding of the role of financial markets and financial institutions within modern economic systems. It examines how financial intermediaries and markets facilitate the allocation of capital, risk sharing, liquidity provision, and investment decisions. The course covers the main segments of financial markets, including equity markets, bond markets, and derivative markets, together with the functions, activities, and regulatory environment of major financial institutions. Particular attention is devoted to the interaction between markets and intermediaries, market efficiency, financial innovation, and the role of finance in supporting economic growth and stability.

Knowledge and understanding: The student - by participating in the lectures and seminars of the course - will have the possibility to understand the functioning of the financial system, the problems it overcomes, the crises which is subject to, the role of specific intermediaries, and the structure of specific markets. The acquired knowledge will be tested at the end of the course with a written exam. Applying knowledge and understanding: The students - acquiring the correct notions and criteria - will be able to apply solid and critical thinking in financial debates, to complement economic discussion with the opportunities and constraints offered by the financial system, and to develop simple, practical projects in the field of finance. The students will be required to apply the acquired knowledge also during the exam. Making judgements: The students, through the use of notions and criteria acquired during the course, will be able to interpret financial news and debates, new types of securities, financial crises, and banking regulation. Communication skills: At the end of the course the students will be able to use the business and technical vocabulary of finance, discerning between the essence of financial operations and the terminological evolution in different markets and institutions. Through seminars and class discussion the students will be able to put these communication skills into practice. Learning skills: The theoretical and practical knowledge acquired during the course will allow the students to autonomously understand and interpret financial techniques and dynamics, and adapt them to the specific reference context. The students will develop a solid knowledge of the fundamental aspects of the subject that will allow them to continue to deepen the topics addressed independently and to undertake the various post-graduate professional training courses. Specifically, critical thinking and communication skills will make the disciplinary skills more usable, thus adequately enhancing their learning ability.

1) Overview of the Financial System 2) Securities Markets: Money Markets, Bond Markets, Mortgage Markets, Stock Markets, Derivatives Markets 3) Financial Institutions other than Banks: Investment Companies, Insurance Companies, Securities Firms and Investment Companies, Pension Funds, Private Equity and Venture Capital Firms 4) Commercial Banks 5) Risk Management in Financial Institutions

-Saunders A., Cornett M., Erhemjamts O., Financial Markets and Institutions, 2024 release -Lecture notes and presentations provided by instructors, lecturers, and representatives of corporations and financial institutions the latter participating in the course as guests speakers - External materials such as papers and reports

Lectures and interactive in-class discussions; 7 guest talks from representatives of leading issuing firms and key financial market participants

The final written examination consists of 3/4 open-ended questions (which may include short exercises embedded within essay-type responses), 40 minutes for each open question. Students are expected to demonstrate: Knowledge of fundamental theoretical concepts; Ability to apply such concepts to practical cases; Capacity to connect and integrate different topics covered in the course. In other words, students should show a sufficient understanding of the core notions and theoretical frameworks required to analyse basic financial topics independently, as well as the ability to critically assess relevant financial news. At the end of the course, a dedicated session will be held to explain the structure and format of the exam, including sample questions and practical guidance on how to approach the assessment. A minimum score of 18/30 is required to pass the exam. Failure to reach this threshold will result in non-passing the exam. An outstanding performance may be awarded a grade of 30/30 cum laude.

Submission of a research proposal subject to instructor approval, followed by consultation meetings; alignment with the key themes of Financial Markets and Institutions; and supervision provided by the theacher throughout the thesis process.