Mini MBA: Global Capital Markets

Mini MBA: Global Capital Markets

Euromoney Training
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Description

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 va…

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Didn't find what you were looking for? See also: Debt, Equities, MBA (Master of Business Administration), Accounting, and General Management.

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 How do financial markets relate to the real economy? The globalised nature of the world’s economy National economies: internal and external factors Key economic indicators The Business Cycle Financial intermediation: purpose and structure The banking system: wholesale, retail and “universal” banks The role of securities exchanges and market makers Institutional investors: pension funds and insurance firms Offshore markets: “Euro-” securities The global financial markets in 2012 Interest rates Interest rates as the opportunity cost of capital The time value of money: present and future values How are interest rates determined? Overview of global interest rate markets Pivotal role of interest rates in money, bond, equity and FX markets Exercise: Reinforcing understanding of key concepts Risk and return in financial markets Return generation factors Characterising risk in financial markets The risk / return trade off Day 2 Overview of the main instruments Money markets: short dated debt Bonds: longer dated government debt and credit markets Equities: ownership stakes in commercial enterprises Foreign exchange markets Commodities Introduction to derivatives - Swaps - Futures - Options - Interest rate derivatives: FRAs, caps and floors How securities markets are inter-related Introduction to money markets What distinguishes “money” markets from “capital” markets? Discount versus interest bearing securities Key instrument types - Certificates of Deposits (CDs) - Bills and Notes - Commercial Paper - Repurchase Agreements (Repos) Exercise: Reinforcing understanding of money markets and their associated financial arithmetic Introduction to bond markets What is a bond? How do bond markets work? The principal bond markets - Government bonds - The Credit market - US Dollar denominated debt securities - Emerging markets - The role of credit derivatives The key players - Originators and arrangers - Market makers - Institutional investors - Hedge funds - Credit ratings agencies Bond prices and yields - What does a bond’s price represent? - What information is contained in bond yields? Day 3 Bond analysis I – prices and yields Bonds as a series of future cash flows Valuation: calculating a bond’s fair value price Bond yields: the market price of risk Calculating yield: the internal rate of return (IRR) of a bond The role of benchmark bonds Credit spreads How the market adjusts for excess supply and demand Exercise: Testing understanding of bond analysis through a structured exercise involving the calculation of a bond’s price from fundamental inputs of cash flows and yield Bond analysis II – risk metrics Time-weighted cash flows Macaulay’s Duration: calculation and use Modified Duration: calculation and use Foreign exchange (FX) markets What drives FX markets? - Trade balances - Interest rates Key FX market participants Spot rates – pivotal role of US Dollar Cross rates – derivation and calculation Forward rates – derivation from spot rates and interest rates Exercise: Calculating cross and forward rates from spot rates and interest rates Technical analysis Underlying statistical theory and assumptions Key concepts - Mean reversion - Momentum - Support & resistance - Behavioural finance Overview of principal techniques - Chartist - Candlesticks - Filter rules - Momentum models - Moving averages Day 4 Introduction to equity markets The big picture: equity markets, inflation and global demographics Position of equity relative to debt in a firm’s capital structure Private versus public equity markets The role of stock exchanges How are returns generated for equity owners? Equity valuation and company accounts: the key ratios Equity valuation modelling Assessing risk and return in equity markets Exercise: A series of equity valuation exercises, based on case studies from different industrial sectors to deepen understanding of equity markets and valuation and the difficulties involved in fair market valuation Commodity markets What are commodities? The key global commodity markets - Energy - Minerals - Agriculture - Rising markets including freight, carbon credits and semi-conductors Principal participants: hedgers, investors and speculators How do financial markets facilitate commodity trading? Commodity pricing fundamentals Commodity derivatives Exercise: Commodity future valuation exercises based on different spot markets, deepening delegates understanding of commodity market dynamics Day 5 Financial derivatives Forwards and futures Swaps Options Financial market risk management What is risk? Risk specification -Asset-Liability Management (ALM) -Portfolio mandates -Risk tolerance Measuring risk Managing risk -Matching cash flows of assets to liabilities -Portfolio diversification Exercise: Exemplifying approaches to risk measurement and modelling to reinforce their understanding of the theory and practice of risk management Case Study: How the financial markets don’t work Securitisation and the sub-prime mortgage market Participating in financial markets Simulation: Optimising risk versus return whilst remaining within the constraints specified by trustees; managing their risk using futures, forward FX, options and swaps Course summary and close
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