ECONOMICS OF FINANCIAL MARKETS

Degree course: 
Corso di Second cycle degree in ECONOMICS, FINANCE AND BUSINESS LAW
Academyc year when starting the degree: 
2019/2020
Year: 
1
Academyc year when helding the course: 
2019/2020
Course type: 
Compulsory subjects, characteristic of the class
Main course: 
Language: 
Italian
Credits: 
6
Period: 
First Semester
Standard lectures hours: 
40
Detail of lecture’s hours: 
Lesson (40 hours)
Requirements: 

There are no explicit prerequisites. A good understanding of basic Principles of “Economics of Financial Intermediaries” is however recommended.

Final Examination: 
Orale

Final written test, which lasts an hour and a half, divided in 5 questions.
For the purpose of passing the exam is necessary to achieve a rating of at least 18 points over 30.

Assessment: 
Voto Finale

The course illustrates the role of financial markets, institutional factors and financial intermediaries operating in the financial markets; besides it focus the attention on the evaluation of financial instruments (equities, bonds, financial derivatives and hybrid instruments) and trading and listing process. It also presents the innovations introduced in the markets by FinTech companies (equity and lending crowd funding marketplaces).
At the end of the course the student will be able to know and understand the functioning of financial markets (regulated and not regulated) and the role performed by the supervised financial intermediaries and the other financial operators.
Results should be analysed by the student in order to make a judgment related to the acceptability of investment decisions.

1. The role of the financial system and direct financing channels: the response to financing needs of companies and investment need of families.
2. The issues related to the financial resources need of Italian SMEs amd the possible market solutions.
3. The functions of the securities market.
4. Primary and secondary market.
5. Organizational forms of securities markets.
6. Supervisory bodies and regulation of Stock Market: the impacts on the organizational structure of securities markets.
7. Taxonomy, economic functions and technical characteristics of financial instruments (debt securities, equity, hybrid instruments and derivatives).
8. Methodologies for the evaluation of financial instruments.
9. Reasons for the listing of financial instruments on the Stock Exchange. Organization and operational structure of the main Italian regulated markets: trading, settlement and guarantee systems.
10. The activities and the role of the financial intermediaries involved in the securities market:
10.1 The services:
a) the intervention of intermediaries in the primary markets (capital increases, the placement of securities, public offerings of shares – IPO);
b) the trading services offered by traditional and alternative trading systems;
c) advisory services and asset management: management of property assets and management of investment funds;
10.2 Rules of conduct, operational characteristics and types of securities firms and institutional investors.
11. An analysis of Italian securities markets data.
12. The development of FinTech: widening of direct financing channels and regulatory issues.

See section "Contenuti".

1. FERRARI A. – GUALANDRI E. – LANDI A. – VEZZANI P., Il sistema finanziario: funzioni, mercati e intermediari, Giappichelli Editore, Torino, 2018: cap. I, cap. II (paragrafi 5 e 6); cap. V; cap. VI (paragrafi 1; 3.3; 4).
2. A. Ferrari - E. Gualandri - A. Landi - V. Venturelli - P. Vezzani, Strumenti e prodotti finanziari: bisogni di investimento, finanziamento, pagamento e gestione dei rischi, G. Giappichelli Editore, Torino, 2017: cap. I, cap. III (paragrafi 1; 3.3), cap. IV (paragrafi 2; 2.1), cap. V, cap. VI, cap. VII, cap. IX, cap. X.
3. AA.VV., La crescita delle PMI attraverso gli strumenti di finanza innovativa, FrancoAngeli Editore, Milano, 2014, capitoli 1, 2, 3.
4. SCHENA C., TANDA A., ARLOTTA C., POTENZA G. (2018), Lo sviluppo del FinTech. Opportunità e rischi per l’industria finanziaria nell’era digitale, CONSOB - Collana Quaderni FinTech, n. 1, marzo 2018, pagine 22-38. Il testo si può scaricare dal sito internet: http://www.consob.it/documents/46180/46181/FinTech_1.pdf/35712ee6-1ae5-4...
5. Banca d'Italia, Considerazioni finali del Governatore, Roma, maggio 2019. Il testo si può scaricare dal sito internet: https://www.bancaditalia.it/pubblicazioni/interventi-governatore/integov...
6. Banca d'Italia, Relazione annuale 2018, Roma, maggio 2019, pp. 58-100; pp.182-200. Il testo si può scaricare dal sito internet: https://www.bancaditalia.it/pubblicazioni/relazione-annuale/2018/rel_201...

Convenzionale

Teaching lessons for a total of 40 hours.

Other materials (slides of the lectures, study materials) will be progressively available online on e-learning platform.
No other teaching materials (handouts, summaries, etc..) are authorized by the teacher.