Designed for first-year commerce students who need a brief yet applied introduction to the financial industry. Describes why things happen the way they do, and delineates the relationships amongst different markets and institutions.

Reflect current industry trends and events: to reflect the dynamic nature of global capital markets post the Global Financial Crisis. Also includes a substantial revision of the chapter on banks, reflecting the most recent capital guidelines, and the payments system, incorporating recent technological innovation.

Experienced author team - bringing together the best of academia and industry: building on the respected foundation of the first edition co-authored by the late Tom Valentine, a new co-author, Taiji Watanabe joins the established authoring team of Guy Ford and Liam O’Hara.