Le Grand Syllabus 2016/2017
Two others would be asked to prepare a “ﬁche technique”. Pedagogical method : The class will start by the presentations made by the students. This is to be followed by a Q&A session. The professor will address all the remaining issues and lead the discussions. Course Description : The aim of the course is to provide a thorough understanding of European ﬁnancial markets. It will introduce students to the regulation of ﬁnancial markets and the participants of these markets. This course will address the institutional and regulatory framework of the European Union's capital markets and the role that ﬁnancial institutions (such as banks, market infrastructures, issuers, broker-dealers, hedge funds and investment funds) perform in these markets. The curriculum will address the stock and bonds markets, the ﬁnancial and commodity derivatives markets, the fund industry, credit rating agencies, banks and insurance companies. This course will also focus on the micro- and macro-prudential regulation of ﬁnancial institutions and the ﬁnancial system. It examines the prudential regulation of banks, insurance companies and other regulatory attempts to ensure ﬁnancial stability. The focus will be on the regulation of national and European aspects of ﬁnancial institutions and the ﬁnancial system, rather than on private law and transactional aspects. Comparison will be made with other regulatory frameworks particularly with U.S. law. The recent crisis, including the rise and fall of securitization and credit derivatives in the United States, failures in investment banks, money market funds and hedge funds will be analysed. We will study the division of regulatory responsibilities within Europe and how these responsibilities are shared between the European institutions and the national regulators. The range of actual and proposed regulatory responses to the crisis as well as the legislative proposals and actions of the European Union and the Member States would be discussed. During the class, we will examine regulations such as AIFMD, Solvency II, EMIR, MIFIR/DII, MAR/DII, CRD IV, CMU or FTT and all the relevant regulations that impact the regulatory framework under which stocks, bonds and derivatives (ﬁnancial and commodities) are being traded. 992
Required reading : Quaglia (Lucy), The European Union and Global Financial Regulation, Oxford University Press, 2014 ; Haentjens (Matthias) and de Gioia-Carabellese (Pierre), European Banking and Financial Law, Routledge, 2015 ; Moloney (Niamh), EU Securities and Financial Markets Regulation, Oxford University Press, 2014 ; Veil (Rüdiger) et al., European Capital Markets Law, Hart Publishing, 2013 ; Kellermann (Joanne) et al., Financial Supervision in the 21st Century, Springer, 2013.
FINANCIAL MARKETS : INSTRUMENTS, ACTORS AND REGULATORS
Semester : Spring Number of hours : 24 Language of tuition : English
Opened to the exchange program
Teachers : Frank HESPELER (Senior Economist, European Securities and Markets Authority). Prerequisite : Students are expected to be familiar with the institutions of the European Union. Basic knowledge of economics (supply, demand, role of prices) can help to improve learning results in class, but are by no means required. Pedagogical format : Elective Course validation : Students will be graded according to the ECTS system used at SciencesPo. The ﬁnal exam (60 minutes) will comprise multiple choice questions and/or case studies. Exams will not be graded at the curve, but according to a preset benchmark target. Extra-credits of up to maximal 10% of the entire grade are exclusively available for an active participation in the discussions within class. Hence, an active participation may help to obtain higher grades. Workload : Participation in classes is mandatory, according to the rules set by Sciences-Po. Lecture notes will either be distributed in class or provided as electronic versions after individual sessions. Pedagogical method : Course website/email : TBA. This is where you will b