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Course Outline
The Global Capital Markets
- The concept of a 'financial marketplace'
- The historical evolution of today's global financial infrastructure
- The influence of financial media
- The architecture of major capital markets:
- Exchanges, clearing houses, and regulatory bodies
- The contemporary surge in global investment activity
- Distinguishing between various types of 'Stock Exchanges'
- The positioning of Stock Exchanges within modern markets
- A comparative look at US, European, Middle Eastern, and Asian Stock Exchanges
Financial Markets Regulation:
- Capital Adequacy Requirements
- Basel I Framework
- Basel II Framework
- Basel III Framework and its broader implications
- Drivers for New Product Development
The Different Asset Classes and Their Markets
- Current instruments traded on Stock Exchanges
- Equities – both Common and Preferred shares
- Bonds – including Corporate and Government issues
- Bond types – Fixed, Floating, and Zero-coupon rates, as well as the Yield Curve
- Money Market instruments
- The currency markets
- Investor motivations for buying and selling
- The balance between Income and Capital Gains
- Interdependencies among various asset classes
- The interplay between Exchange-traded and Over-The-Counter markets
Short Term Money Market
- Certificates of deposit
- Government Bills
- Commercial paper
- Trade paper and Banker's Acceptances
- Standard market norms and practices
- Key market participants
The Different Types of Stock Exchange investor
- Individual and institutional Investors
- Fund managers
- Hedge funds
- Stock Exchange participants
- Investment banks, Stockbrokers, Hedge Funds, and Prime Brokers
- Intra-market dynamics – the buy-side and sell-side of the industry
The Role of the Stock Exchange
- Locations and venues for product trading
- The significance of the OTC market
- The historical development of Stock Exchanges
- Major Stock Exchanges in the current global landscape
- Comparative analysis of US, European, and Asian Markets and their distinct structures
- Asset classes traded on Stock Exchanges worldwide
- Major Primary and Secondary markets
- Key hubs including New York, Euronext, London, Shanghai, and Hong Kong
- The appeal of 'listed' companies to investors
- Leveraging Stock Exchanges to consolidate liquidity and raise capital
- Various methods of Capital Raising
- 'Floating' a company – an overview of different methods
Clearing & Settlement
- Settlement processes and associated risks
- Different Settlement Conventions across major markets
- Settlement for Equities, Bonds, and derivatives
- The Derivatives Clearing process
- The function of the Central Counterparty (CCP)
- CCP services delivered to Stock Exchanges
- Margin requirements
- The security trade settlement workflow
- Pre-settlement procedures
- Final Settlement
- Potential operational issues – such as unmatched trades, delayed settlement, and failed delivery
- Stock Exchange Settlement Discipline
- The 'life cycle of a trade' – connecting the trade execution to final settlement
- The role of International Central Securities Depositories (ICSDs) and Central Securities Depositories (CSDs) – including LCH.Clearnet, Euroclear, Crest, Clearstream International, and the DTC
Custody
- The role of Custodians in Stock markets
- Settlement and safekeeping services
- Income collection and Corporate Actions
- Cash management and funding transactions
- Additional value-added services
- Accounting functions
- Stock Lending and collateral management
- Trustee services
- Valuation reporting
Alternative Investments
- Defining Alternative Investments
- Structured products - Risk and return profiles
- Hedge funds - Risk management and control mechanisms
- Venture Capital - Valuation challenges, risk, and control
- Private Equity and Angel Finance
- The application of derivatives in Asset Management
- OTC versus ETD markets
- Types of Derivatives used in Asset Management
- Futures
- Options
- Risks and controls associated with derivatives, covering documentation, valuation, and reporting
The Management of Quoted Equity Investment
- Risks related to the acquisition of securities
- Risks involved in managing securities
- Risks associated with corporate actions
- Pricing mechanisms for quoted equity investments
- Primary sources of risk
- General controls within equity investment portfolios
- Risks specific to international equity markets
The Management of Quoted Fixed Income Investment
- Risks associated with the acquisition and disposal of fixed income securities
- The use of credit ratings and related risk considerations
- Risks associated with the pricing of fixed income securities
- Risk management and controls in corporate fixed income processing
- Risks specific to Government Securities
- Sovereign risk ratings
- The valuation of government securities
- Risk management and controls in sovereign bond processing
The Market and Credit Risks of investing in Global Market
- Market risks
- Value at Risk (VAR) calculations
- Market risk modelling techniques
- Credit Risks
- Methods for Measuring Credit risks
- Global Market Risks
- Money Market Risks
- OTC Risks
- Exchange risks
14 Hours
Testimonials (1)
The lecturer is very knowledgeable and can substantiate theories with his own personal experiences.
