1. Markets
   1. Equity
   2. Fixed intest
   3. Commodities
   4. Derivatives
   5. Money markets
2. Institutions
   1. Banks
   2. Building societies
   3. Funds
      1. Hedge
      2. Private equity
      3. Pension
      4. Mutual/unit trusts
      5. Sovereign wealth funds
   4. Insurance
   5. IMF
      1. Other international financial institutions
      2. World bank
      3. Regional development banks
   6. Foundations/trusts
   7. Regulatory institutions
      1. BIS
      2. National central banks
      3. Exchange regulators
3. Characteristics of institutions/markets
   1. Offer a return to investors, using legal means
   2. Transparency of information
   3. Transmission of information efficiently
   4. Efficient transmission of investable funds
      1. Primary function
   5. Trading of existing financial assets
      1. Secondary main function
         1. Makes it much easier for the primary, finance raising, function if there is a secondary market
         2. Reducing overall transactions costs
         3. Spreading the transaction costs amongst holders of assets across time
   6. Uncover impropriety
   7. Risk management
      1. Diversification within funds
   8. Custodial services
   9. Markets uniquely, additionally, produce prices and valuations of assets by incorporating diverse information from all market players
      1. Very important market function
4. Institutions versus markets or institutions and institutions
   1. Much debate over decades as to whether it is better for a financial systems to be predominantly market based or institution based.
   2. In recent years the emphasis has changed so now we look more at the balance between institutions and markets, the interplay between each etc.
5. What is an asset
   1. Something that produces a return in the future, rather than product market which is ultimately about consumption.
   2. As asset matches with savings ratio in macroeconomics, product market is expenditure
   3. Some markets have both financial and real aspect - some people buy them as financial savings, others as inputs for production or consumption goods