This year, the study trip for the Executive Master of Laws (LL.M.) in Banking and Financial Market Law at the University of Liechtenstein took students to three major European financial centers: Frankfurt, Luxembourg, and Paris.

The trip began in Frankfurt. At the Frankfurt Stock Exchange, students first gained practical insight into how traditional financial market infrastructure works. This was followed by a visit to AllUnity, where the focus was on current developments relating to stablecoins and digital financial innovations. On the second day, the focus shifted to European financial market supervision. During visits to the European Central Bank (ECB) and the European Insurance and Occupational Pensions Authority (EIOPA), the mechanisms of banking and insurance supervision were explained: an essential foundation for understanding internationally networked financial markets.

The second stage took the students to Luxembourg. At the EFTA Court, they were welcomed by Liechtenstein judge Dr. Bernd Hammermann, who presented the workings of the court and discussed current issues in EEA law. The following day, the program included a visit to the Court of Justice of the European Union. In addition to attending a hearing, discussions with David Eisendle, LL.M. (WU), from the cabinet of Judge Univ.-Prof. Dr. Andreas Kumin, and with Judge Dr. Elisabeth Tichy-Fisslberger provided in-depth insights into decision-making processes at the European level.

The trip concluded in Paris. In the French capital, the students visited the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA). At the EBA premises, they also presented the results of their case studies from Module 7. A joint finale in Paris rounded off the study trip.