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Masterclass in Financial Markets Dynamics
Join a cohort of ambitious learners with our fully online, self-paced certificate programmes
Led by industry experts in a modern, engaging and flexible format, these 4-6-week intensive programmes are design to develop real expertise, challenge your thinking, and build confidence. Built using our social learning platform, the Euromoney Masterclasses consist of weekly on-demand lessons with intermittent live interactive classes/Q&As with a Euromoney subject matter expert to discuss the latest modules and reinforce key takeaways.
Participants will be able to understand the effect of current events on markets across all the major asset classes including Equity, Fixed Income, Credit, Foreign Exchange (FX) and Commodities.
Participants will gain a robust understanding of how derivatives are used to manage risk in these markets in reality.
This programme has been designed to target participants with a familiarity with one, or some, area(s) of financial markets but who realises that there is a lot about financial markets that they don’t know. There is sufficient scope within the course to tailor it towards the appropriate level for each participant through the supporting materials, discussions and trainer input.Those likely to receive most benefit from this course will already be working in the following departments at financial institutions:
• Senior Management
• Relationship Managers
• Sales Traders
• Middle Office
The following case studies will be employed:
- USA v China Trade War: who are the winners and losers!
- Participants consider the “Impact of Crisis” (Corona Virus) on the running of a Bank
- A bank advises its clients on how to manage currency risk in a time of heightened volatility?
- Building a Portfolio to manage risk in times of crisis
- Pricing and risk in Bonds
- Investigating and considering the value of corporate bonds from around the world
- Commodity Hedging mistakes: Silly mistakes cost $ Billions!
- Impact on Companies of volatility in commodity markets
- The “New Normal”. What shape will the recovery take, “V”, “U” or “L”?
- Live “Trading Simulation” : putting what you’ve learnt into practice.
- Game Stop; The rise of the retail trader. The role that Reddit and Robinhood played on the “short squeeze” , which caused losses for many Wall Street Hedge Funds. What impact will this have on markets going forward?
- The “Fall of the Tiger Cub”. What caused the failure of Archegos Capital, who in turn have reportedly caused losses at Credit Suisse and Nomura? We look at the Margin Calls that couldn’t be met, leading to major sell off’s in some of China’s tech stocks.
Note - A good level of spoken and written English is required to attend this course. Delegates should be of an intermediate standard in English at a minimum. Please refer to the Common European Framework of Reference for Languages - as a guide the level required is B2.
Delegates wishing to take this course will receive their access on the course start date. Materials will be provided on Euromoney's Social Learning platform, and will be a mix of weekly on-demand lessons with intermittent live interactive classes/Q&As with Euromoney Faculty to discuss the latest modules and reinforce key takeaways.
The course is designed to be primarily self-paced, but allows participants to meet and collaborate with fellow participants, learn from and speak to expert faculty, and access a wealth of learning materials.WEEK ONE - TRANSITION FROM POST-CRISIS TO NEW MARKETS
Topic 1 – Trade Wars
By the end of this topic, participants will understand the impact on Financial Markets. In particular the effect on currencies and how they themselves can be used as “weapons” in this war.
- How trade wars work;
- USA v China trade war;
- Winners and losers in trade wars.
Topic 2 – Climate Change
By the end of this topic, participants will appreciate the impact climate change is currently having and will continue to have on the markets. They will learn about specific cases that are currently affecting the world.
Key Take Aways:
- The impact that ESG and specifically Sustainability is having on the markets today and the potential effect in the near future.
- What is COP21 hoping to achieve and what might this mean to the way investors view companies and their actions?
- Why are investors putting their money in to “Clean Energy”?
Topic 3 – Macro Data
By the end of this topic, participants will be able to interpret Economic Data and be able to assess its impact upon markets.
- GDP pre and post crisis;
- CPI and why inflation matters;
- Unemployment: How high can it go?
- Impact on different market participants.
Topic 4 – Corona Virus Case Study
By the end of this topic, participants will be able to understand how the Markets interpret the impact of the Corona Virus is having on individual economies and the world as a whole. Participants will gain an appreciation of what actions companies are taking in response to the crisis.
- Impact on corporate earnings;
- Impact on redundancies;
- Impact on share prices;
- Impact on banking departments;
- Impact on FX and interest rates;
- Governments’ responses to minimise impact on our economic systems;
- Where are we now?
- Organisational risks and solutions for the future.
WEEK TWO - EXPLORING THE SOURCES OF FX VOLATILITY
Topic 1 – FX Spot Markets: Basics
By the end of this topic, participants will have a good knowledge of how and where FX markets trade, how they operate and their size and importance in the Financial World.
- Trading Hubs
Topic 2 – Key Currencies
By the end of this topic, participants will learn how investors and traders view the FX markets and how and why they make their decisions on which currencies to buy and sell.
- King Dollar
- The ultimate Risk-off Currency
- Why the USD is always the safe-haven currency
- What is Risk-on and Risk Off
- Euro and Yen
- Why they move
- Pound collapse and recovery
- From Risk Off Currency to Risk On
- Why the wild swings, what does it mean?
- Emerging market currency pressure
- What has happened to Emerging Market currencies?
- Emerging market currency drivers during the crisis
- Currency risk solutions for clients given current volatility
By the end of this topic, participants will have a good knowledge of how FX Forwards and Options are priced and how they are used for speculation and hedging in the “real world”.
- Basic structure and terms
- Understanding the uses of FX Forwards and Options
- Speculating and Hedging with FX Derivatives
- Understanding Volatility…the “Greeks”
Topic 4 – Managing FX Risk for Corporates
By the end of this topic, participants will have learnt how regulations have forced derivatives to be sold as “risk solutions”. They will understand why Corporates use them to hedge risk and how Banks make money out of these products.
- Identifying Corporate FX Risk
- Selling Derivative Solutions: Best Practice
- Derivative Regulation
- A look at the Major FX Derivative Solutions used by Corporates
- How Banks make money from Derivatives
WEEK THREE - US STOCK MARKET VOLATILITY EXPLORED
Topic 1 – US stock market volatility explored
By the end of this topic, participants will understand how volatility is traded and how a crisis is viewed by market professionals, from Bank Traders, to Asset Managers and even the Retail Market.
- The VIX - What is it and how does it help us measure volatility?
- Stock winners from the covid-19 crisis
- What does history tell us about a crisis?
- Portfolio performance during the covid-19 crisis
Topic 2 – Case Study: Portfolio Construction
By the end of this topic, participants will have detailed understanding of how asset managers advise and manage institutional client money, focusing in on portfolio construction techniques for the current market:
- A client of an asset management firm is 60% invested in equity, 30% in bonds and 10% in cash. We look at how their portfolio performance would have been over the last few months
- The client is asking for advice: Given current market conditions, how should their investments be allocated going forward?
Topic 3 – Equity Performance
By the end of the topic delegates will have a good understanding of how Equity Markets have been impacted by the crisis and they will appreciate the risks going forward.
- Deeper look at which Equity Sectors and the winners and losers so far during the pandemic…
- What does the future of the Equity Market look like?
- Bull or Bear Markets Ahead?
WEEK FOUR - FIXED INCOME MARKETS
Topic 1 – Government bond and money markets
By the end of this topic, participants will understand how interest rate markets operates. From the building blocks of the yield curve, to how these markets are traded and what drives them.
Building the yield curve;
- Bond pricing and why it matters;
- Yield curve comparisons – historical analysis;
- Interest rate environment around the world and what will happen next;
- Government Bond markets
- US Treasury market
- Germany v other European Yields
- Italian Default?
- Bloated Government Balance Sheets
- The size of the debt
- QE and government loans
- What does this mean?
Topic 2 – Credit markets: Corporate bonds
By the end of this topic, participants will have an in-depth understanding of how the Credit Markets operate. They will understand how Corporate Debt is priced and traded. They will learn how the Credit Derivatives markets operate and the impact of Government intervention.
- Corporate Bond markets explained;
- Corporates, their credit ratings and how that influences their funding costs;
- Corporate bond risk/return analysis and portfolio construction;
- Credit spreads across credit grades e.g. AAA, AA etc;
- Focus on spread from Investment Grade (IG) to High Yield / Junk;
- Credit Indicators
- Credit Derivatives
- The X-Over Index
- Government’s promise to buy junk;
- The Fed and other central banks strategies to keep sub IG companies afloat
- Feeding Frenzy: Sub IG new issues
- Why junk bonds are so popular
- What will impact credit spreads going forward
Topic 1 – Derivatives basics
By the end of this topic, participants will have a good knowledge of how futures markets operate and how they are used by corporates all over the world to hedge their risk. Not always successfully!
- Structure of Futures markets
- Focus on commodity derivatives
- How corporates use commodity derivatives to hedge risk
Topic 2 – Focus on Oil Markets
By the end of this topic, participants will have a thorough understanding of what drives the oil price and how crises including the current pandemic have a major impact. They will also understand the inner workings of these markets and how investors can end up paying to sell their oil.
- Drivers of Oil prices;
- OPEC, USA, and the pandemic;
- The crack spread;
- Case study: Oil Futures Trade Negative;
- “Paying to sell your oil”: Why Oil futures’ prices turned negative
- The role and impact of ETFs
- Case Study: Hedging mistakes of the past
Topic 3 – Focus on Gold
By the end of this topic, participants will know why Gold is seen as the ultimate safe haven! They will also appreciate there are other impacts on the price and consider what is next for the Gold price?
- History of the gold price;
- Impact of the pandemic on the gold market;
By the end of this topic, participants will gain an understanding how and why commodity prices move and learn how corporates around the world manage this volatility.
Silver, Palladium etc;
- Softs, Grains etc;
- Case study: Commodity market fluctuations – Impacts on profitability and future supply and demand;
- Case study: Commodity market fluctuations – Client solutions for hedging commodity, FX and interest rate risks with derivatives.
Topic 5 – What the ‘New Normal’ might look like?
Bringing it all together. By the end of this topic, participants will explore what the ‘New Normal’ might look like and how that will affect each participant’s institution. The discussion will cover different perspectives on key topics including:
- Short Term Deflation
- Long Term Inflation
- “U shape” or “L shape” Recovery?
- Impact on Supply Chains
- What we have learnt from previous pandemics and crisis
Course participants have the opportunity to put what they have learnt into practice. They will be able to trade FX and commodities. By actually experiencing the ebb and flow of trading, delegates gain a real understanding of how markets work, and the risks and therefore controls that need to be in place for them operate safely and efficiently.
Our Tailored Learning Offering
Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.
If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.
We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.
We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.
We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:
- Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
- Track record – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
- Knowledge – our 100+ strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
- Reliability – if we promise it, we deliver it. We have delivered over 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
BiographyMark worked in Investment Banks including HSBC and Bank of Montreal for nearly 20 years. During this time he worked in Global Custody and then as a trader, running books in FX, bonds and derivatives.Mark has run courses all over the world including Amsterdam, Dublin, London, New York, Hong Kong, Singapore, Jakarta, Johannesburg, Delhi, Accra, and all over the world.Mark delivers courses which focus on providing a practical and in depth understanding of the markets from a Trading, Asset Management, Custody and Risk viewpoint. His courses are interactive and stimulating, offering delegates the opportunity to participate in an environment which encourages free discussion of the real issues faced in the workplace. In nearly 20 years of delivering training Mark has spent a lot of that time delivering courses on Global Custody and Fund Services for the major Custodians including; Citi, BoNY, JPMorgan, Deutsche, State Street, HSBC along with others In addition to his training activities, Mark has undertaken various consultancy projects, such as an in depth collateral risk assessment at a major European Investment bank. Mark held the position of Non-Executive Director of Cazenove’s Risk Oversight Committee for many years. Acting as a member of the committee in a general consultative capacity to assess the firm’s risk.. Mark has also presented at JPMorgan Forums in London, speaking on topics such as the Benefits and Risks of Derivatives. He along with representatives from regulators, law firms, hedge funds etc were asked to give their views on the risks of derivatives to 150 / 200 Directors and senior managers from the top investment firms in the UK.