Ateneo - UPO

The Course provides an in-depth insight about the institutional and operating features of securities markets (equity, debt and derivatives markets) as well as about their role in modern financial systems. To this end, the course syllabus develops through the analysis of the following: the characteristics of the financial instruments traded in securities markets, the organizational settings of securities exchanges, the processes for the listing in regulated markets and the public offerings, the business models of the various financial institutions involved in securities markets. Due attention is given to the role and the impact of both EU and national regulations.

Banfi A., I mercati e gli strumenti finanziari, ISEDI, Novara, 2013.

The instructor will provide articles, working papers and reports in order to deepen specific course topics by the course official web page at the following link: https://eco.dir.unipmn.it . The login to the web page requires a password; please contact the instructor to get it (gianmarco.chiesi@uniupo.it).

Knowledge and understanding: the students will acquire the knowledge about the institutional and operating features of securities markets (equity, debt and derivatives markets) as well as about their role in modern financial systems. In detail, the students will acquire the knowledge about the characteristics of the financial instruments traded in securities markets, the organizational settings of securities exchanges, the processes for the listing in regulated markets, the public offerings, the business models of the various financial institutions involved in securities markets.

Applying knowledge and understanding: the students will acquire the ability to apply knowledge in order to choose suitable financial instruments to satisfy investment needs and to hedge speculative risks.

Making judgments: the students will be able to use the knowledge acquired, both from a theoretical basis and from an applied point of view, in order to independently judge profits and risks of various types of financial investments. Furthermore, the students will be able to use the knowledge acquired to judge strengths and weaknesses about the most important italian financial markets and the related supervision.

Communication skills: the students will acquire the ability to use technical language used by professionals of the financial markets in order to clearly communicate with both specialized and no-specialized counterparties. The knowledge of most important information sources will make them able to better support their arguments.

Learning skills: the students will acquire both theoretical and practical learning skills to be able to examine in depth the topics of this course both in graduate degrees and in the world of work. The students will be familiar with the most important information sources, web sites (financial markets, supervision authorities, research centers) and free databases.

Students must have passed the exam of following courses: Business Economics, Financial Markets and Institutions.

Knowledge and understanding: traditional lessons and self-study based on teaching materials.

Applying knowledge and understanding: exercises carried-out by the teacher during the course and exercises based on previous written exams carried-out by the students (homework).

Making judgments: students will be induced to judge strengths and weaknesses about the financial instruments used to invest or to hedge speculative risks, the most important italian financial markets and the related supervision.

Communication skills: the meaning of the terms used by professionals of the financial markets will be explained.

Learning skills: every topic will be discussed beginning from the illustration of the problem and then analyzing the given solution.

Further information can be found in the Course official web page at the following link: https://eco.dir.unipmn.it

One compulsory written exam (closed books and closed notes) with a 60-minute duration, covering the whole course syllabus.

The knowledge of the topics of the course will be find out by 1 or 2 multiple-choice questions each evaluated 2 marks and 1 or 2 open questions evaluated up to 10 marks.

Applying knowledge will be find out by 1 or 2 exercises each evaluated up to 10 marks.

Communication skills, making judgments and learning skills will be find out by analyzing the answers to the 1 or 2 open questions cited above.

During the period of teaching all students may sit for a partial test covering the first part of the course contents.

- Introduction on the course: objectives, program, assessment.
- Characteristics of securities markets and related intermediation activities.
- The organizational and operational structure of Borsa Italiana (Italian Stock Exchange).
- Stock listing in the Italian Stock Exchange: requirements, convenience and consequences.
- Telematic trading in the Italian Stock Exchange: trading offers, different stages of the stock exchange activities and pricing.
- Bond placements and their trading in the regulated markets.
- Investment services in the MIFID context.
- Evaluation of bond investments: principles and indicators.
- Evaluation of stock investments, convertible bonds and warrants: principles and indicators.
- Capital increase operations.
- Takeover bids and public offers of sale.
- Mutual funds, SICAV and ETF: characteristics and relative markets.
- Stock and index derivatives (characteristics, pricing, basic strategies).
- Bond derivatives (characteristics, pricing, basic strategies).
- Technical analysis and financial markets cycles.
-ESG criteria for financial investments (intro).

By a written exam students have to show that they:

KNOWLEDGE
- know the theory of the financial markets and securities intermediaries;
- know the technical characteristics of both the Italian financial markets and the listed financial instruments.
- know regulatory principles of the Italian financial markets.

APPLYING KNOWLEDGE
- are be able to apply fixing methods, evaluation criteria and performance calculations to financial instruments quoted in Italian financial markets.

CORE SKILLS
- understand the relationship between matters treated in different chapters;
- are able to write a report about securities intermediation or regulatory principles of Italian financial markets.
- are able to understand financial markets matters treated in handbooks, books or other sources.
- know and use technical language used by the financial community.