Financial markets and institutions, ninth edition (with stock-trak coupon), provides a conceptual framework to help students understand why financial markets exist, how financial institutions serve those markets, and the various services those institutions offer. In describing each type of market, the text emphasizes the securities traded in that market and how financial institutions participate in it, while descriptions of financial institutions focus on their management, performance, regulatory aspects, use of financial markets, and sources and uses of funds. Following the introduction of key financial markets and institutions, the text explores the functions of the federal reserve system, the major debt security markets, equity security markets, and the derivative security market. Numerous pedagogical features, such as global aspects (indicating international coverage within the chapter), point/counterpoint (discussions presenting both sides of a controversial issue), interpreting financial news, and internet exercises, reinforce the key concepts of the text.