Financial Institutions and Markets, Second Edition combines a thorough introduction to United States financial institutions with a substantial international focus. As a straightforward introduction for students of finance or money and banking, the text breaks from the non-analytic tradition of most texts and takes and analytic approach in its coverage of such topics as duration, equity valuation, cash management, and the Black-Scholes option pricing model. It even provides searate chapters on finance companies, insurance companies, pension funds, financial futures and options, and the swap market -- topics frequently omitted or treated lightly in other texts.