Global Investment Banking
Les objectifs du cours
Langue du cours : anglais
The course starts with a review of the basic concepts of money and banking, in order to understand the role of banking intermediation, of capital markets and of financial regulation. After a brief overview of the main banking activities, the course presents each of the activities of investment banks: advisory, credit and capital markets. In each case, examples are used to analyze the value brought by the bank, the competencies it must have, the cost structure of the bank, the measure of risks and of capital involved. It then covers the question of internal organization of investment banks, in terms of human resources and information technology, as well as ethics and conflicts of interest.
Plan du cours
Session 1 - Markets and banking, a reminder - Money and risk, the purpose of finance: allocating money and risk in the economy
Session 2 - Risk assessment in banking : equity requirements, pricing implications
Session 3 - Key businesses of investment banks : their products, costs and risks, the pricing of investment banking services - Advisory - Credit and structured finance - Capital Markets : equity and fixed income, primary and secondary markets, derivatives
Session 4 - Organizational issues : customer relationships, human resources, information technology, ethics and conflicts of interest
Session 5 and 6 - interactive review of the previous sessions and of assigned readings in The Economist
Session 7 and 8 - Closed book final test
Polycopié, articles et « surveys » de l’Economist.
Sites internet :
BNP Paribas (www.bnpparibas.com)
Goldman Sachs (www.goldmansachs.com).
L’Autorité des Marchés Financiers (www.amf-france.org).
L’Autorité de Contrôle Prudentiel (www.acp-france.fr).
La Banque des Règlements Internationaux (www.bis.org).
Exposé magistral en anglais avec explication et traduction des termes techniques.
Participation en séance : 20%
Contrôle des connaissances par examen terminal écrit : 80%