The bank in financial economics

Economic framework, trends and functionning

Course objectives

  • Understand the general economic framework for banks and industry trends
  • Understand the operation of a bank and its key players
  • Understand the concept of risk and its definitions

Concepts of macroeconomics

  • Who pays for the economy? Central banks and interbank market
  • Interest rates: What are a repo rate, interest rate, LIBOR, EONIA and swaps
  • Understand the concept of risk: why an inverse relationship between price and performance?
  • Notions of economic cycles

Role, access and organization of financial markets

  • Role of financial markets: asset allocation and risk transfer
  • The increasing financialisation of the economy in figures
  • Exchanges: concentration and organization of the liquidity
  • Overview of asset classes and associated derivatives products

Introduction to the bank

  • Sources of funding
  • Role of financing the economy
  • National regulator body
  • Review of the European major banks and their specializations

Case Study: Analysis of a simplified balance sheet

Risk management: so young and already so powerful

  • Triple requirement: risk management, balance sheet management and regulatory constraints
  • The sources of risk: currency, interest rate, credit, market, operation, liquidity
  • Review of Basel 1 and 2 agreements and the Basel 3 framework

Case Study: Review of recent risk situations

Mutation of the European banks since 2007

  • 2007 brings to light the liquidity risk and dangers of leverage
  • The European crisis and the necessary reform of the European banking system

Banks and funds: between competition and dependence

  • Own account and Asset Management: when the banks were acting like funds
  • The different types of funds and their relationships with banks

Tigrane Kibarian

Tigrane Kibarian

Tigrane, a graduate of ESSEC and Warwick Business School, began his career in auditing at Arthur Andersen before joining General Electric - Energy Division - in corporate finance, working on industrial, regulatory and M&A assignments in France and Italy.
He joined Goldman Sachs in London, first as COO in the Equities division and then as VP on the institutional portfolio restructuring desk, working on ALM and cross-asset allocation issues.
He made a transition to asset management by becoming Global Macro portfolio manager at Odin Capital, before becoming its COO. After this experience, he founded Zentak Capital with a partner to offer institutional clients a volatility arbitrage strategy.
He has been working in training for 10 years, as a trainer and also in charge of CIB-AM clients for Bärchen. Tigrane is Lean Six Sigma and FCA certified.

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