Master 203 - MSc in Financial Markets

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Master 203 - MSc in Financial Markets

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Welcome to the official page of the Master 203 - MSc in Financial Markets of Paris Dauphine University http://www.master203.com/

The Master 203 is designed to train specialists in financial markets who put their skills to work for banks and investment firms, asset management firms, consultancies, insurance companies or major firms. It trains students in all professions linked to investments on financial instruments markets and financing based on market techniques. It is designed to provide students with in-depth knowledge that is theoretical, quantitative and operational, for all products traded on these markets. The heart of the programme focuses on valuation and negotiation techniques, as well as investment strategies, arbitrage, hedging and risk management. Courses cover all products: shares, interest rate instruments, commodities...with a special focus on derivatives markets.

11/10/2026

Dear Glancers,

We’re excited to be back with you for this third edition!

Here’s your weekly update from The Week at a Glance 📌:

· Oil, diplomacy vs. disruption: U.S. diesel futures fell ~5% after Washington eased sanctions on Russian diesel, but Hurricane Isaias shut over 70% of U.S. Gulf output, leaving Brent little changed near $104/bbl.
· SoftBank’s $100bn AI bet: Masayoshi Son is seeking up to $100bn from Gulf investors to fund a vehicle that buys companies and upgrades them with AI and robotics, even as SoftBank shares fell as much as 7.3% on worries over OpenAI’s growth.
· Revolut overtakes the banks: A secondary share sale valued Revolut at $115bn (more than BNP Paribas, Barclays or Société Générale) as the fintech leans on its UK and French licences to expand lending.
· AI’s debt wave: Oracle, Broadcom and SpaceX have issued nearly $500bn of debt this year to fund AI infrastructure, stoking fears of higher yields and inflation, with the Dallas Fed estimating data centres could add up to 0.13pp to U.S. inflation by 2030.
· France under pressure: Student protests and a fragmented parliament ahead of the 2027 election are testing investors, who demand more to hold French debt as the government fights to rein in its deficit.
· El Niño rattles commodities: An unusually early El Niño (Pacific waters 2C above normal, possibly 3.7C by year-end) is lifting soft commodities, with cocoa near $5,600/tonne and 2026 given a 26% chance of being the hottest year on record.

✨ Quote of the Week
« The investor’s chief problem, and even his worst enemy, is likely to be himself. » - Benjamin Graham

Wishing you all a great week ahead!

The TWAG Team

🗞️ One more thing: This is just a glimpse of The Week at a Glance!
For the full newsletter, subscribe here 👉 https://lnkd.in/gdMAKPa

This information does not represent the views of Master 203 and is in no way investment advice

04/10/2026

Dear Glancers,

We’re happy to be back with you for this second edition!

Here’s your weekly update from The Week at a Glance 📌:

· Diesel relief: The G7 agreed to release up to 100m barrels of emergency diesel and crude stocks to ease the global fuel shortage.
· Jobs miss: The U.S. added only 29k jobs in September versus ~90k expected, pushing unemployment to 4.2% and odds of an October Fed hike down to around 23%.
· Mortgage squeeze: 30-year U.S. mortgage rates jumped to 7.28%, their highest since October 2022, as the 10-year Treasury yield reached 5.24%.
· Anthropic IPO: The Claude developer is preparing a potential listing as soon as mid-November, at an expected valuation of around $1.8tn-$2tn.
· Hong Kong sell-off: The Hang Seng fell as much as 3% on October 2, its steepest drop since March, hit by rising U.S. yields and disappointment over China’s stimulus.
· French budget: Lecornu’s minority government presented a €54bn deficit-reduction plan for 2027, with the OAT-Bund spread at its widest since 2012.

✨ Quote of the Week
“The four most dangerous words in investing are: ‘This time it’s different’.” - Sir John Templeton

Wishing you all a successful week ahead!

The TWAG Team

🗞️ One more thing: This is just a glimpse of The Week at a Glance!
For the full newsletter, subscribe here 👉 https://lnkd.in/gdMAKPa

This information does not represent the views of Master 203 and is in no way investment advice

03/10/2026

LONDON BANKING TREK 2026 - DAY 5 (2/2) 🏦

This edition of the London Banking Trek ended with a visit to J.P. Morgan, where MSc 203 students were warmly welcomed.

The session opened with Sammy Medyati (Managing Director, EM Equity & Credit Public & Private Side Sales), who shared his career path and his view of the Markets business.

We then heard from a panel of associates, several of them Dauphine alumni:
Aymeric BERTHOUMIEU (Associate, Quant Equity Trading), Master 203 alumnus
Smilla Alcidi (Associate, Private Side Equity Derivatives Sales), Master 203 alumna
Yasmine Dehy (Associate, Equity Finance Trading)
João Araújo (Associate, Derivatives Strategy, Credit & Macro)

The visit continued with a networking moment joined by Yvan Jullien (Vice President, QIS Solutions), Krea Fares (Intern, QIS Structuring), Master 203 alumna, Adam R (Associate, Equity Derivatives Sales) and Antonia Kemmerling (Associate, Credit Structuring), Christiane Abi Nader (Vice-President, Equity Derivatives Sales), Raphaël Guillosseau (Analyst, Rates Structuring), where they shared their respective experiences with the students around delicious pizzas.

We sincerely thank J.P. Morgan for their hospitality, as well as everyone who took the time to share their experience with us, including those not mentioned in this post.

30/09/2026

LONDON BANKING TREK 2026 - DAY 5 (1/2) 🏦

The final day of the London Banking Trek 2026 began with a visit to Barclays, where the Master 203 students received a fantastic reception.

Hamza Hoummady (Head of European Rates Trading) opened the visit with an introduction to Barclays, its businesses and its culture, before sharing his own career path and what makes Rates trading distinctive. A lively Q&A followed, giving students the chance to dig into recent macroeconomic events and the more technical aspects of the desk.

A panel of three professionals then shared their career paths and day-to-day, answering questions from the students as well as from Camélia Mouheb and Thibault Collin, both Master 203 alumni:
William Luk (Co-head of EMEA Equity Exotic Structuring)
Guy Winkworth (Head of European Inflation and GBP Rates Trading)
Jonathan Jackson, CFA (Head of EMEA Institutional Equity Derivatives & Cross-Asset QIS Sales)

The topics discussed included AI, career progression and the division of responsibilities across the desks.

The visit concluded with a networking session, where students engaged directly with the teams.

Sincere thanks to Barclays and everyone who took the time to share their experience, with a special mention to Isabel Corr, Darcey Stanton, Camélia Mouheb and Thibault Collin for organising this visit and making it possible.

29/09/2026

LONDON BANKING TREK 2026 - DAY 4 (2/2) 🏦

The London Banking Trek 2026 continued with a visit to Citi, where MSc 203 students were warmly welcomed.

The session opened with a presentation by Yetunde Abisola (EMEA Campus recruitment, Markets), who walked us through Citi’s recruitment process and shared practical advice for our applications.

It was followed by a networking session with:
Pierre Plassard (GBP Inflation Trading)
Amine ASSOUAB (FX Options Trading)
Belkacem Zehani (Quantitative Analyst, Credit Algo Trading)
Kevin Leclercq (Precious Metals Options Trading), Master 203 alumnus
Hugo Berthon (Hybrids Trading), Master 203 alumnus

We sincerely thank Citi for their hospitality, as well as everyone who took the time to share their experience with us, including those not mentioned in this post.

28/09/2026

LONDON BANKING TREK 2026 - DAY 4 (1/2) 🏦

The fourth day of the London Banking Trek 2026 started with a captivating visit to BNP Paribas, where Master 203 students were warmly welcomed.

The visit began with Collins Ogundayisi presenting the BNP Paribas recruitment process, detailing opportunities and offering practical advice to the students. It was followed by a panel discussion with three professionals from different areas of the bank.

Amine Lahlou (EGB Trading) shared insights into market making and his experience as a Master 203 alumnus.

Hannah Muers (Cash Equity Trading) spoke about her role and the implementation of AI.

Lisa Orlova (CEEMEA DCM) gave us her perspective on Debt Capital Markets, as a Master 203 alumna.

Throughout the panel, the speakers answered general questions about their roles and experiences, discussed AI and its impact on the industry, and shared advice with students.

The visit concluded with an open Q&A session, giving Master 203 students the opportunity to ask further questions and engage directly with the speakers.

We sincerely thank BNP Paribas, the HR team, and all the speakers who took the time to share their experiences and advice with us.

27/09/2026

Dear Glancers,

We’re delighted to be back with you for this first edition!

Here’s your weekly update from The Week at a Glance 📌:

•⁠ Bond sell-off: The U.S. 10-year yield hit 5.21%, its highest since 2007, as strong data raised the odds of another Fed hike.
•⁠ Energy crunch: The E.U. urged member states to consider cutting gas and power demand ahead of winter, with gas storage 12 points below last year.
•⁠ OAT-Bund spread: French 10-year yields hit their highest since 2008, pushing the gap with Germany above 100 bps for the first time since 2012.
•⁠ Hormuz deadlock: Trump rejected Iran’s plan to reopen the Strait of Hormuz, as Houthi drones targeted Riyadh.
•⁠ Xi in Washington: Xi Jinping made his first White House visit since 2015, and the U.S.-China trade truce was extended to January 2027.
•⁠ AI rally: The Nasdaq hit fresh records as AMD crossed $1tn in market value for the first time.

✨ Quote of the Week
“Only when the tide goes out do you discover who’s been swimming naked.” - Warren Buffett

Wishing you all a successful week ahead!

The TWAG Team

🗞️ One more thing: This is just a glimpse of The Week at a Glance!
For the full newsletter, subscribe here 👉 https://lnkd.in/gdMAKPa

This information does not represent the views of Master 203 and is in no way investment advice.

26/09/2026

LONDON BANKING TREK 2026 - DAY 3 🏦

The London Banking Trek 2026 continued with a visit to Royal Bank of Canada (RBC), where MSc 203 students were warmly welcomed.

The session opened with a welcome speech by Jason Goss, CFA (Managing Director, Head of European Solutions and Structured Products), followed by an overview of Royal Bank of Canada, its businesses and its presence in Europe by Matthew Parker (Senior Manager, Early Talent).

We then had a series of Q&As covering the main Global Markets roles:
- Client Coverage: Paul Jefferson (Managing Director, Head of Europe RSG Corporate FX) talked about working with corporate clients on their FX needs.
- Structuring: Olivier Van der Haegen (Director, Macro Solutions Structuring) explained how macro solutions are designed to meet client needs.
- Research: George Moran (Associate, European Macro Strategist) gave us a market update on European rates and economics.
- Trading: Jihad El Misbahi (Managing Director, Head of EMEA & APAC Structured Products Trading) told us about his experience of structured products trading across regions.

Next, the UK Campus Team (Matthew Parker, ABDUL N ENAM and Emily John) answered our questions about RBC’s recruitment process and early careers programmes.

The morning ended with a networking session with RBC Global Markets analysts and associates: Sofia Belarbi, Alban Bosy, Abhay Gupta, Helma L., Vadim Pouzynin, Will Semple, Nathan Y. and Léa Yung Zhang. They shared honest advice about their first years on the desk.

We sincerely thank Royal Bank of Canada and everyone who took the time to share their experience. A special thanks to Helma L. and Victor Dieudonné for organising this visit.

24/09/2026

LONDON BAKING TREK 2026 - DAY 2 (2/2) 🏦

The London Banking Trek 2026 continued with a visit to Crédit Agricole CIB (CACIB), where once again the MSc 203 students got a very pleasing welcome.

The session opened with Mariano Goldfischer (Head of Global Markets, UK) who took the time to give us an overall presentation of the CACIB bank, its activities, departments and challenges as well as his journey which debuted in Argentina, went through New York before reaching London.
Afterwards, Pierre Scemla (co-head of Global Markets Trading) introduced us to his path, the daily activities you could expect to do as a GM trader and answered our multiple questions about Credit Flow Trading.
Lionel Prunier (Global Head of Credit Trading) then told us about his very original career, which took him through New York, Tokyo and London and provided us with a detailed presentation supported by examples of the situations you have to deal with in credit trading. We are also extremely thankful to him for allowing us a visit of CACIB’s trading floor.
We then had a shared intervention from Raoul Cassen and Kushan Jayawardena (both managing directors in the Solution Sales department, respectively in FI and in Rates and Financing) who provided us with a clear explanation of their responsibilities at CACIB and how they already were working together when one was at UBS and the other at CACIB, showing us that in this segment you end up knowing extremely well some colleagues outside your company.
Finally, David Mitchell (managing director, FX institutional sales) and Zohra Bouharchich (Global Markets, Structured Finance Hedging) concluded this session of presentations with an introduction to the essential qualities needed in finance, the objectives one can expect to have as well as, a concrete example of how a sales team member could make a concrete impact in the world.

After the trading floor visit, we had the extremely pleasing opportunity to network with the aforementioned members of CACIB as well as a couple of juniors who all provided us with valuable advice.

A sincere thank you to CACIB for welcoming us in its London Office and to Nathalie Darbon for allowing it to happen.

23/09/2026

LONDON BANKING TREK 2026 - DAY 2 (1/2) 🏦

The London Banking Trek 2026 continued with a visit to Standard Chartered, where MSc 203 students were warmly welcomed.

The session opened with Mathieu Lépinay (Global Head, Macro Structuring), who presented Standard Chartered as a decentralised, FICC-focused bank, the transformation of its Markets business and its growing investment in Europe, and the level of responsibility given to interns from day one.

Paul Bjurstrom (Global Head, G10 Rates Trading) then shared why he joined to build out the G10 business, how the bank leverages its strength in Asia to distribute in the West, and how a less siloed structure creates more diversity in the work.

Joe Crawley (Director, Asia FX Trading) told us about his path from G10 trading to trading Hong Kong and Philippine markets, and the qualities that make a good trader: competitiveness, composure under pressure, pattern recognition, proactivity and resilience.

Sorcha Gorman (Associate, Commodities Structuring) highlighted the real-world exposure juniors get and the flexibility to move across desks and pursue the areas that interest them.

The visit closed with a talk on career development by Laura Billings Assoc CIPD (HR), followed by an informal Q&A where we had the chance to speak with the team one-on-one.

We sincerely thank Standard Chartered, Imad Georges Badran, and everyone who took the time to share their experience.

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