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Describing financial markets and institutions, this text provides a conceptual framework to understand why markets exist and what their role is in the financial environment. Each type of financial market is described with a focus on its utilization by financial institutions, its internationalization, and recent events that have affected it, and each type of financial institution is described with a focus on its regulatory aspects, management, use of financial markets, and performance. This edition continues its strong tradition of emphasizing timely examples and practical applications, including Internet materials, and offers a tie into Internet resources.