Corporate finance

Responsables du cours : Pierre Bertrandias (Euronext) et Olivier Bouillaud (Albéa).

Contenu de l’enseignement :

Introduction: Going back to the basics from Capital Markets and Corporate Finance:

• Efficient use of capital; lenders-savers vs borrowers-spenders;
• Real Asset vs Financial Asset;
• Direct Finance (Financial Markets) vs Indirect Finance (financial Intermediaries).

Primary Markets

• Why going public?
• What it means for the company?
• Where can they go public?
• Financing: from seed funding to the IPO;
• IPO process;
• Case study of listing (i.e., Coca Cola, Aston Martin).

Secondary market

1. Infrastructure:
   • Primary Venues vs Multilateral Trading Facilities, vs Broker Crossing Network vs Systematic Internalizes;
   • Case study on Dark Pools and how Dark Pools landscape evolved since MiFID II;
   • Why liquidity matters?

2. Main asset classes, how they trade, where they trade and settle?
   • Stock, bonds, derivatives, DR, IOBs;
   • Lit vs Dark vs OTC trading, vs Periodic Auctions;
   • Type of trading and execution:

Iceberg, Market orders, Limit orders;

VWAP, PWAP trading;

Best execution;

Latency and price discovery and the use of SOR (Smart Order Routers).

3. Introduction to technical analysis:
   • Equities: how to read a chart? An order book? How the liquidity is spread across the day?
   • Equities: spreads and trading strategies.

4. Clearing and post trade overview;

  5. Main Players and value chain: Buy Side vs. Sell Side + Brokers and execution tables.

If time, additional content:

• HFTs, Focus on: Arbitrage strategy, Liquidity arbitrage, Statistical arbitrage, Risk arbitrage, Derivatives arbitrage;
• Case study of Citadel, Virtu, ABC arbitrage;
• Market Making.

Méthode d’enseignement : Cours magistral (30 heures).