New Features:

• New Ethics boxes (Ethical Debates boxes) help students consider and understand the ethical dilemmas pertaining to financial markets and institutions.
  
• New Excel problems are featured at the end of selected chapters and are denoted by an icon. Spreadsheet templates will be available on the book website.
  
• All new copies of the text include FREE access to Standard and Poor’s educational version of Market Insight as well as McGraw-Hill’s Ethics in Finance PowerWeb. The educational version of Market Insight provides online access to six years of fundamental financial data for 1000 companies (including many financial institutions). Ethics in Finance PowerWeb is an online site created to explain both the roots and current events surrounding corporate and financial ethics.
  
• Several chapters have been merged where appropriate, and effort has been made to eliminate redundant content. For example, Chapters 12 and 17 from the Second edition have been merged to create a new Chapter (14) titled Thrift Institutions and Finance Companies.
  
• An International icon will appear in the margin to easily communicate where international material is being introduced.
  
• Search the Site boxes have been expanded. These internet exercises are featured within the body of text as well as among the end of chapter material in most chapters. Questions have been added to make this feature more applied and give students practice applying concepts to the real-world.

• Maintains a strong markets focus within a modern risk management framework. The text recognizes that domestic and foreign financial markets are increasingly connected and that financial intermediaries are evolving towards a single financial services industry. The book looks at how new risks have evolved, how the more traditional risks have changed as a result, and how all of these risks can be measured and managed.
  
• Pedagogically rich to help students retain and apply chapter concepts. Key elements include chapter-opening outlines, chapter navigators, bold key terms and margin glossary, called out websites in the margin, “Did You Understand” boxes, in-chapter examples, “In the News” boxes, New Search the Site exercises, and Ethical Debates boxes new to this edition.
  
• Well developed end of chapter problems, at least twenty per chapter, are written for varied levels of difficulty. Standard & Poor’s questions are also written for most chapters, and capitalize on the free access to the educational version of S&P’s Market Insight. These are denoted by an icon
  
• Exceptional illustration program (figures, diagrams, graphs) provides accessibility. In the markets chapters, the details of getting a security to the market and the subsequent trading of securities are illustrated using figures, diagrams, etc. No other text provides the details or illustrations in this manner. After reading a chapter, the student should be able to visualize exactly how a security is placed in a financial market and then how they can transact in the market.
  
• Chapter Navigators are featured at the beginning of each chapter, numbers are assigned to chapter topics. At the appropriate place in the chapter, a numbered navigator will reappear to draw the reader’s attention to the chapter topic. An effective way to roadmap the chapter and connect concepts