1. Markets, Assets & Intermediaries
1.1. Main function of the financial systems
1.1.1. Return Determination
1.1.2. Achievement of Purposes in the financial systems
1.1.3. Allocation of Capital
1.2. Assets and Contracts
1.2.1. Commodities
1.2.1.1. Traded in spot/futures/forward markets
1.2.1.1.1. Argiculutral products
1.2.1.1.2. Energy products
1.2.1.1.3. Industrial metals
1.2.1.1.4. Precious Metals
1.2.1.1.5. Credit for carbon reeduction
1.2.2. Currencies
1.2.2.1. Issued by government's central bank
1.2.2.2. Reserve currencies
1.2.3. Real assets
1.2.3.1. Real estate
1.2.3.2. Equipment
1.2.3.3. Machinery
1.2.3.4. REIT/MLP
1.2.4. Securities
1.2.4.1. Who issue securities?
1.2.4.1.1. Corporation
1.2.4.1.2. Govt
1.2.4.1.3. Definition of a new sale of security
1.2.4.2. Debt securities
1.2.4.2.1. Fixed income securities
1.2.4.3. Equity securities
1.2.4.3.1. Preferred Stock
1.2.4.3.2. Common Stock
1.2.4.3.3. Warrants
1.2.4.4. Pooled Investment Vehicles
1.2.4.4.1. Hedge Funds
1.2.4.4.2. Mutual Funds
1.2.4.4.3. ETF
1.2.4.4.4. ETN
1.2.4.4.5. Asset-backed securities
1.2.5. Contracts
1.2.5.1. Financial contracts
1.2.5.1.1. Insurance
1.2.5.1.2. Futures
1.2.5.1.3. Forward
1.2.5.1.4. Swap contract
1.2.5.1.5. Option
1.2.5.1.6. Credit default swaps
1.2.6. Classifications of Assets and Markets
1.2.6.1. Spot markets
1.2.6.1.1. Future Markets
1.2.6.2. Primary markets
1.2.6.2.1. Secondary markets
1.2.6.3. Money markets
1.2.6.3.1. Capital Markets
1.2.6.4. Traditional Investment Markets
1.2.6.4.1. Alternative Investment markets
1.2.6.5. Publicly traded securities
1.2.6.5.1. Private securities
1.2.6.6. X
1.2.6.6.1. Financial assets
1.2.6.6.2. Derivative Contracts
1.2.7. Capital Markets
1.3. Financial Intermediaries
1.3.1. Brokers, Dealers & Exchanges
1.3.1.1. Alternative trading systems (ATS)
1.3.1.1.1. Electronic Communication Networks (ECNS)
1.3.1.1.2. Multilateral trading facilities (MTFs)
1.3.1.2. Exchanges
1.3.1.3. Brokers
1.3.1.3.1. Block brokers
1.3.1.4. Dealers
1.3.1.4.1. Broker-dealers
1.3.1.4.2. Primary dealers
1.3.1.5. Investment Banks
1.3.2. Securitizers
1.3.2.1. SPV / SPE
1.3.3. Depository Institutions
1.3.3.1. Banks, Credit Unions, Savings and Loans
1.3.4. Insurance companies
1.3.4.1. Moral hazard
1.3.4.2. Adverse selection
1.3.4.3. Fraud
1.3.5. Arbitrageurs
1.3.6. Clearinghouses
1.3.6.1. Escrow services
1.3.6.2. Guarantees of contract completion
1.3.6.3. Assurance that margin traders have adequate capital
1.3.6.4. Limits on aggregate net order quality
1.3.6.5. limit counterparty risk
1.3.7. Custodians