An Introduction to Global Financial Markets

Seventh edition

by Stephen Valdez and Phillip Molyneux


Ever wondered how you and your students could navigate global finance without a PhD in math? This book is your answer. Molyneux and Valdez cut unnecessary jargon and get straight to the concepts that matter. I know of no better way to familiarize students with the nuts and bolts of 21st century financial markets. -Dr. Daniel Mügge, Center for European Studies, Harvard University, USA and University of Amsterdam, Netherlands
The more of Valdez and Molyneux I read the more impressed I become. Any students working through this book will gain an excellent grounding in the fundamental features of modern financial markets. -Dr. Les Short, School of Accounting, Financial Services and Law, Edinburgh Napier University, UK
Given the importance of the financial system in the midst of the on–going worldwide financial crisis, An Introduction to Global Financial Markets by Valdez and Molyneux could not come at a more important time. The authors provide an accessible treatment of the major issues affecting the modern financial system. This book is a must read for anyone who is interested in understanding the origins, evolution and workings of the modern financial system. -Professor John O.S. Wilson, Professor of Banking & Finance, Management School, University of St Andrews
This is essential reading for anyone studying how global financial markets work, and, more importantly, looking for insights as to how they may work in the future. An indispensable resource for all finance professionals. -Simon Thompson, Chief Executive, Chartered Banker Institute
This book by Valdez and Molyneux provides a great introduction to global financial markets. Unlike most textbooks the outlook of this work is truly global and every effort has been made to keep the work up to date. It is also peppered with relevant historical insights that help the reader to understand how the build–up to the current institutional framework in global financial markets took place. -David Marques–Ibanez, Senior Economist, European Central Bank
The 7th Edition of An Introduction to Global Financial Markets fits the needs of both academics and practitioners interested in expanding their knowledge into this field. Anyone entering into this arena should read this piece of work. I highly recommend this book to any interested reader or student. -Dr Sotiris K. Staikouras, Cass Business School, City University, UK
This is a must read for all those who want an understandable, comprehensive and up to date overview of the global financial markets. The book covers virtually everything. This includes money and bond markets, stock exchanges, hedge funds, commercial banking, investment banking, central banking, and derivatives. Furthermore, the financial crisis, the regulatory responses, and the recent trends in the markets are all covered in detail. Finally, I liked the historical information that is provided in several occasions. -Fotios Pasiouras, Reader in Banking & Finance, Surrey Business School, University of Surrey, UK

Praise for the Sixth Edition

This 6th Edition of An Introduction to Global Financial Markets is a must read for those beginning to study finance and an essential reference for advanced students of the topic. The coverage of the recent financial crisis is fantastic and provides a thorough update of all the data, markets, institutions, and financial instruments that played a role in the crisis. -Allen N. Berger, H. Montague Osteen, Jr., Professor in Banking and Finance, Moore School of Business, University of South Carolina, USA.
Valdez and Molyneux's book is without competitor. There are two main reasons for its growing success: it is complete, up–to–date and of a truly global scope; and it is written in a limpid and lively way. Furthermore the new chapter on the subprime crisis and its developments represents an invaluable synthesis. This book definitely provides the best introduction to the study of world financial markets. -Francis Bismans, Professor in Economics and Finance, BETA and University of Nancy, France
An Introduction to Global Financial Markets provides a comprehensive and inspiring introduction to global financial sectors and a thought–provoking description of major international financial activities. The new edition of the book is further completed with an objective yet insightful account of the recent financial crisis, conveying important information and implications to markets participants and policymakers around the world. -Dr. Ruijun Bu, Lecturer in Economics, University of Liverpool Management School, UK, and Visiting Fellow in Finance, Bendheim Center for Finance, Princeton University, USA
Valdez and Molyneux provide an excellent introduction to the modern global financial markets. No prior knowledge is required and the book is clearly written. The authors cover a wide range of topics that includes the role of central banks, investment banks, bond, equity and derivatives markets. They also discuss the rising superpowers of India and China, the credit crunch and the emerging trends in finance after the credit crisis. Overall the book is a first rate introduction to the finance world for undergraduate students of business studies and professionals who want to get the broad picture. -Konstantinos Tolikas, Lecturer in Finance, Cardiff Business School, UK.
The new edition of An introduction to Global Financial Markets offers a first class guide to the subject. As ever, the Valdez book provides a practical and concise discussion which will be invaluable for anyone wanting to learn more about how financial markets actually work in practice. Whenever I have a student asking how they should prepare for an interview for a graduate investment banking place I always tell them to go away and read Valdez from cover to cover. -Kevin Boakes, Senior Lecturer in Accounting and Finance, Faculty of Business and Law, Kingston University London, UK.
This new edition provides a comprehensive and interesting coverage of a massive and constantly changing subject area. It should prove a relevant and accessible reference book for both undergraduate and postgraduate students, as well as finance professionals. -Dr. John Cooper, Senior Lecturer, Department of Economic Studies & International Business, Glasgow Caledonian Business School, UK.


This is the best book on finance I've ever read. It's a comprehensive introduction to financial markets written in a simple language. BUY IT.
This book is amazing!! I work for Merrill Lynch and they recommend this book to everyone. If you have no background to finance this is the book for you!
A FANTASTIC book for all newcomers to finance and a brilliant refresher for commercial and investment bankers who need to get a bird's eye view of the markets ... This book should be recommended reading for all new banking graduate trainees. And anyone selling to the 'City' or working in a support role, e.g. audit, regulation, compliance, risk, middle office, back office, law, HR, sales/marketing, public/investor relations, etc. Get it! It's worth every cent.
I read this book from cover to cover before starting work in the technology department of an investment bank and found it a great explanation of the basics of the finance world. The examples were really well explained and easy to follow. Simply a great book!
This book answered my questions and more. It also placed the financial markets into a global context, as the markets are truly worldwide ... In my opinion this is the best available if you require a high–level, not too detailed Introduction to Global Financial Markets.
I was very impressed with the vast spectrum of content covered. I had no previous knowledge of the financial markets and thanks to this book I now believe I have a reasonably good understanding of them.