Master degree in Law. This course is part of the Advanced Master Law and Finance.
Reliable and efficient capital markets form the cornerstone of modern economies worldwide. They allow for a safe and efficient allocation of capital, risk and yield. The EU capital market is highly regulated to ensure a safe and efficient environment in which retail and institutional investors provide debt and equity capital to corporations and other institutions with a need for public finance. Investors, issuers of financial instruments, brokers and other intermediaries, markets and clearing and settlement platforms each play an important role in the proper operation of these markets and bear corresponding responsibilities.
In this course we will go deeper into the regulation of capital markets and the manner in which capital markets operate. Topics include initiatives to strengthen financing through capital markets such as the Capital Markets Union Action Plan and alternatives to the existing forms of financing on regulated market. Also we will discuss the initial public offering process and disclosure requirements for public companies, market abuse and clearing, custody and settlement of securities transactions. In addition, topical items such as high frequency trading, market manipulation and the emergence of alternative trading platforms and ‘dark pools’ are also part of the course.
The course is intimately linked with the other courses in the curriculum, in particular the courses EU Financial Law and Banking and Finance Transactions.
Course learning objectives
The following achievemen levels apply with regard to the course:
Students are able to critically analyse policy initiatives to strengthen capital markets and are able to judge such initiatives on its merits;
Students are able to advise a company on an initial public offering process and the disclosure requirements that apply to public companies;
Students are able to apply the EU market abuse regulations to a concrete case;
Students are able to explain the clearing and settlement process for securities and are able to describe and explain the relevant elements for safeguarding client assets;
Students are able to explain the challenges that high frequency trading and algorithmic trading pose to capital markets.
Mode of instruction
Lectures & seminars
Number of (2 hour) lectures & seminars: 10
Names of lecturers:Prof. Dr. Rogier Raas; Prof. Dr. Pim Rank, Dr. Zeeshan Mansoor LLM, Peggy Bracco Gartner LLM.
Required preparations by students: reading of prescribed materials, preparation of case studies and any other assignments.
Week 1 – Primary Market Transactions
Week 2 – Capital Markets Regulation.
Week 3 – Market Abuse
Week 4 – Clearing, settlement and custody
Week 5 – High frequency trading/algorithmic trading & evaluation and wrap-up
Oral presentation: 40%
Final exam: 60%
The final grade, on the scale from 1(poor) to 10 (outstanding), for the course is established by determining the weighted average of the oral presentation and final exam and rounded to full grades. Grade 6 (5.5 rounded) is a pass.
Students are required to deliver a 10 minute presentation on an assigned topic which is part of the relevant subject discussed during the course. The oral presentation cannot be retaken.
The final exam will cover all the material delivered during the lectures and the seminars.
Further information about the oral presentation and the exam will be communicated to students through Blackboard at the start of the course.
Course reader and additional literature is distributed through Blackboard.
Haentjens & De Gioia-Carabellese, European Banking and Financial Law, London: Routledge 2014.
J. Armour, D. Awrey, P. Davies, L. Enriques, J.N. Gordon, C. Mayer, and J. Payne, Principles of Financial Regulation, Oxford, Oxford University Press 2016.
As well as articles and papers specifically assigned per week as set out in the course reader.
Course reader is available to be downloaded from Blackboard.
Ms. M.E.J. Bracco Gartner LLM
Email address: email@example.com
Ms. Orsolya Kalsbeek-Bagdi
Email address: firstname.lastname@example.org