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Financial Markets, Institutions, and Instruments


Stephen R. Owen, PhD
University of North Texas
James C. Brau, PhD, CFA, CFP®
Brigham Young University


Kaden Comadena
Course Designer


Jordan Gardner
Software Engineer
David Hanks
Software Engineer


Aspen Stander Moore
Content Editor
Edition 1
(rev. 632)

Financial markets, institutions, and instruments are the oil that keeps industry moving. Without them, business would cease to operate. In the first part of this course, we learn about the role of markets and financial institutions in keeping the world of business turning. In the second part, we learn about specific financial instruments such as stocks, bonds, derivatives, and cryptocurrencies.

Some students shy away from topics such as those we cover in this text for one reason or another. We have taken great lengths to write this text in a manner that is understandable to mere mortals. We do not assume you are a next-level mathematician or that you enjoy doing calculus in your free time. We focus on the intuition and the whys—before we try to cover the hows—to present financial markets, institutions, and instruments in a new and easy-to-understand way.

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