The purpose of this module is to introduce you to core markets that enable the financial industry to function and how firms operate within this environment. By taking this class, you will examine the global intricacies and crossovers between financial trading and pricing, international trade flows, commercial vs. shadow banking, and central banking operations. You will also investigate the influence of the asset management industry in shaping financial markets. You will further learn to appreciate how all these functions are affected by shifting macroeconomic conditions and market disruptors and innovators, including the rise of FinTech and Private Credit. Underpinning these discussions will be lessons on how human actors behave within these systems, focusing on lender-savers/borrower-spenders, principal-agent, and institutional habitus issues. The issues discussed in class will be rooted in contemporary practice. Upon successful completion of the class, you will have furthered your expertise in financial institutions, corporate governance, banking, and central banking theory.

The module covers fundamental issues in financial institutions, corporate governance, banking, and central banking theory, including sessions on 'The role of financial institutions in a market economy', 'Key features of financial markets' (e.g. Money Markets; Bond & Equity Markets; Foreign Exchange Markets), 'Asset Management and Mutual Funds', 'Monetary Systems & the Function of Money', 'Banking, Shadow Banking, and Private Credit' (e.g. Generating Loans and Mortgages; Current and Savings Accounts; Non-bank Financial Intermediaries and Rise of Private Credit; Originate-to-Hold and Originate-to-Distribute), 'Central Banking: Objectives and Monetary Policy Tools' (e.g. Open Market Operations; Short-term Interest Rate Mechanisms; Quantitative Easing / Tightening), 'Corporate Governance' (e.g. Principal-Agents; Institutional habitus), 'Fintech and Market disruptors', 'Inequalities and sustainability issues in institutions and markets'

On successful completion of this module, students should be able to: Compare and contrast the various types of financial institutions operating within the global financial markets. Discuss key challenges facing conventional financial institutions and the solutions introduced by FinTech and modern financial innovations Analyse how banks, central banks, and asset management companies shape the way in which investors and consumers lend-save and borrow-spend in major economies. Critically evaluate the role played by governance and firm culture in shaping financial crises.

On successful completion of this module, students should be able to: Reflect on the role of ethics and transparency within the global financial markets. Reflect on the effect and influence of regulatory frameworks on financial institutions and the markets in which they operate.

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The teaching on this module will be both research-led and have an in-practice focus. Students will be encouraged to engage with industry media such as the financial times and to explore case studies that traverse theoretical principles. Lectures will introduce relevant theories and prompt critical reflection. Tutorials will be discussion-led and will explore current research and topical issues in industry.