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