This Euromoney Training course is designed to give you a structured and comprehensive introduction to the current workings of the major international financial markets and products. Terms, concepts and products are explained as they are introduced and whilst no prior knowledge is required the course will also be of interest to delegates who wish to consolidate their passive 'book learning' with active practice of calculations, formulae, trading techniques and other market conventions.

How will this course assist you?

This 5-day course gives participants a thorough understanding of:

• International money flows: how the international financial system works
• Essential financial arithmetic: time value of money
• Raising long-term debt: issuing, pricing and market comparisons
• Money markets and syndicated loans
• Fundamentals of foreign exchange, interest rate and currency swaps, futures and options
• Equity markets and key ratio analysis

Who should attend?

• This expert course will be of benefit to new or recent recruits to banking and finance
• Experienced bank / finance staff with new responsibilities in money or capital markets

Supported by:

Day 1

The economy and financial institutions

• The national economy
• Economic indicators
• Different types of banks
• Wholesale vs. retail banks
• The pension fund and insurance industries
• Developments in the financial markets

Forecasting interest rates

• Forecasting techniques
• Fundamental models
• Technical analysis
• Yield curve theories
• Introduction to implied forwards

The time value of money concept

• Present and future values
• Using the HP17B calculator

The time value of money - practical exercises Delegates in small groups will work through a number of simple exercises to reinforce their understanding of the concepts and use of the calculator.

Day 2

Overview of the major instruments

• Risk vs. return
• Short maturity instruments
• The bond markets
• Foreign exchange
• Simple derivatives
• Equities

Introduction to the money markets

• Types of instruments
• The repurchase agreement
• Discount vs. interest bearing
• Short dated bonds

Money markets - practical exercises
In groups, delegates will work through a number of exercises to reinforce their understanding of the money markets

How the bond markets work

• What is a bond?
• The origination process
• Credit rating agencies
• The major markets
• Eurobonds
• Syndication role
• Fee structures

Day 3

Bond arithmetic

• Valuation techniques
• Analysing cashflows
• Types of yield
• Yield to maturity
• Zero yields
• Credit and quality spreads
• Mispriced bonds

Bond arithmetic

• The weighted average cashflow approach
• Macaulay duration
• The convexity adjustment
• Present value of a basis point

Bond markets - practical exercises
Delegates will work through a number of exercises to reinforce their understanding of bond arithmetic.

The foreign exchange markets

• Spot transactions
• Mechanics of a forward transaction
• The foreign exchange swap
• Different types of exposure
• Currency hedging decisions

Foreign exchange - case studies Delegates will calculate the number of foreign exchange “quotes” to reinforce their understanding of the methodology.

Day 4

Overview of the equity markets

• The concept of equity valuation
• Forecasting earnings
• Valuation models~
• Equity risk premiums

The tools of risk management

• Forward rate agreements
• Futures contracts
• Options on futures
• Interest rate swaps
• Interest rate options
• Caps and floors
• Currency swaps
• Swaptions
• Advantages and disadvantages

Day 5

Using derivatives - simple examples

• Risk management with derivatives
• Swaps and capital markets
• Asset swaps

Derivatives - practical exercises
Delegates will calculate the implied forward to reinforce their understanding of one of the foundations of derivatives.

Portfolio management - simulation
In small groups, delegates will manage a portfolio of equities, bonds and cash over four simulated calendar periods. The objectives are to maximise returns under simulated market conditions whilst obeying the trustee’s requirements. Delegates will also have the opportunity to reduce risk with the use of futures contracts and enhance return with options.

 

• Keith Corsby

  Keith Corsby is a specialist in capital markets and treasury with over 20 years experience in trading, risk management, treasury and assetliability management. Keith was formerly Assistant Treasurer to the UK-based Portman Building Society where his responsibilities included managing the liquidity books and the balance sheet. Prior to this, Keith gained extensive experience with Bank of America as the Senior Financial Engineer / Structured Finance Consultant and Executive Director / Chief Trader (FRNs, Euronotes and EuroCP). Keith was also with Ford Motor Company as a manager in banking, portfolio and FX, a role which included the structuring and application of risk management strategies to specific underlying exposures as well as day-to-day corporate treasury management. Keith has extensive training experience both in the UK and internationally. He is much in demand for his clear teaching style and practical market insights.

How the Financial Markets Work

Interested in holding this course in-house? Please fill out your details and a member of our team will be in touch with more information.

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