Market Organization and Structure (2025 Level I CFA® Exam – Equity – Module 1)
Learn the core concepts of Market Organization and Structure from the 2025 CFA Level I Equity Investments reading. Professor James Valentine explains the foundations of financial markets, asset classifications, trading systems, and intermediaries — helping you understand how global markets function and preparing you for more advanced CFA topics.
What you’ll learn:
The main functions of financial systems
Classifications of assets and markets
Major types of securities, contracts, and commodities
Roles of financial intermediaries
Primary vs secondary markets
Trading mechanisms and order types
Features of a well-functioning financial system
Objectives of market regulation
Learning Outcome Statements (LOS):
Explain the main functions of the financial system
Describe classifications of assets and markets
Compare positions an investor can take in an asset
Calculate and interpret leverage and margin
Compare execution, validity, and clearing instructions
Define primary and secondary markets
Explain types of market structures and intermediaries
Describe objectives of market regulation
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Topic 5 – Equity Investments
Module 1 – Market Organization and Structure
0:00 Introduction and Learning Outcome Statements
2:41 LOS : Explain the main functions of the financial system.
5:31 LOS : Describe classifications of assets and markets.
12:29 LOS : Describe the major types of securities, currencies, contracts, commodities, and real assets that trade in organized markets, including their distinguishing characteristics and major subtypes.
24:15 LOS : Describe types of financial intermediaries and services that they provide.
30:22 LOS : Compare positions an investor can take in an asset.
33:15 LOS : Calculate and interpret the leverage ratio, the rate of return on a margin transaction, and the security price at which the investor would receive a margin call.
41:08 LOS : Compare execution, validity, and clearing instructions.
43:21 LOS : Compare market orders with limit orders.
46:21 LOS : Define primary and secondary markets and explain how secondary markets support primary markets.
48:37 LOS : Describe how securities, contracts, and currencies are traded in quote-driven, order-driven, and brokered markets.
51:03 LOS : Describe characteristics of a well-functioning financial system.
54:25 LOS : Describe objectives of market regulation.
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