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FMI

Financial Markets and Instruments (FMI)

Apply online by July 31, 2022

Session No.: JV 22.35

Location: Vienna, Austria

Date: October 24, 2022 - November 4, 2022 (2 weeks)

Primary Language: English

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    Target Audience

    Mid-level to senior officials in central banks, ministries of finance, and financial regulatory agencies who are interested in more advanced finance topics than those covered in the Financial Market Analysis course.

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    Qualifications

    Participants are expected to have an advanced degree in economics or finance or equivalent work experience. The course requires heavy use of Microsoft Excel spreadsheets, with which participants are expected to be proficient. It is stronglyrecommended that applicants first complete the online Financial Market Analysis (FMAx) course.

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    Course Description

    "Disclosure: Due to COVID 19, courses will be delivered in person, hybrid, or virtual, according to safety guidelines. As of today, this course is scheduled to be delivered in person in Vienna, but its delivery method may change. By submitting your application, you confirm your availability to participate in the course either in person or virtually. Up-to-date Covid-19 vaccination is likely to be required and related information may be requested from participants for in-person courses." Please note that if this course is delivered virtually, it will run for one week only.

    This course, presented by the Institute for Capacity Development, is designed to give participants a foundation in financial instruments beyond the standard treatment of bonds and equity covered in the FMAx course. After a short review, the course covers forwards, futures, swaps, and options and then combines these building-block instruments with practical applications. The course also devotes time for policy implications, notably related to regulation of financial markets, though a separate course devoted to financial sector policies is recommended for those interested in this topic. Lectures introduce the underlying theory, while workshops and case studies allow participants to apply the knowledge and to test their understanding of how and why some strategies are used. Also highlighted is misuse of financial instruments, which can lead to large losses and financial instability. Participants are expected to prepare final presentations on a set of predetermined current financial market issues.

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    Course Objectives

    Upon completion of this course, participants should be able to:

    • Explain the economic rationale for various financial instruments and markets.
    • Identify and use the building blocks presented in the course to construct financial instruments.
    • Use basic pricing models to identify possible mispricing and misuse of financial instruments.
    • Identify threats to financial stability in markets and instruments based on case studies of previous financial crises.
    • Extract lessons from previous financial stability threats to try to prevent their recurrence.
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