Curso de International Financial Markets (Summer Course)

I.The economy
- Economic cycles: growth and recession
- Markets drivers: economic indicators
- Leading, lagging and coincident indicators
- Central banks and Monetary Policy
- Fiscal and budget policies
- Financial markets and participants
- Market regulation
Practices: Bloomberg training. Correlation studies between indicators and the main financial markets/products

II. Money Markets
- Money Markets
- Libor and Euribor
- Deposit
- Interest Rates Term Structure: yield curve theories
- Forecasting interest rates (implied rates)
- Taking positions: long, short, spread and curve
- Treasury bills: auctions, price and yield
- Repo market
Practices: All exercises will be in small groups.Excel. How to join a Treasury auction? (treasury bills). Price-rate calculator

III. Foreign Exchange Markets (FX)
- Foreign Exchange markets
- Can the central bank take advantages from the exchange rates?
- Spot FX
- Cross rates
- FX Swaps
- Forward prices (outright)
Practice: Excel: currency prices calculator. FX market simulation: dealing with currencies and position taking. Profit and loss calculation.

IV. Fixed income Markets
- Treasuries and corporate debt markets
- Who is who in bond market: origination, sales, research, trading and market making
- Different types of bonds: senior, subordinated, preferred
- Credit rating agencies
- What is the credit spread?
- Zero coupon bonds
- Yield to maturity and price
- Duration
- Modified duration
- Convexity
- Trading with treasury bonds: long/short positions; spread and curve positions
Practice: Excel and Bloomberg tools. Price/yield calculator. Finding and charting a bond in Bloomberg.

V. Equity Markets
- Characteristics of equity shares
- Structure of the Stock Exchange Markets
- Stock Exchange transactions
- Stock Market Indexes
- Price and dividend payments
- Major Markets and their Trading Systems

VI. Fundamental Analysis
- What is fundamental analysis
- The concept of equity valuation
- Reading a balance sheet
- Fundamental models
- Main ratios Practice: ¿is this company cheap or expensive? (Bloomberg tools)

VII. Technical Analysis
- Theories
- Traditional Chartism: main figures
- Candlestick analysis: main figures
Practice: Bloomberg training on technical analysis. Building a chart and how to read it (class discussion)

VIII. Derivatives
- Introduction to derivative markets
- Present and future values
- OTC and Organized Exchange markets
- Forward rate agreements (FRAs)
- Futures markets
- Credit markets: CDS
- Options
- The premium factors
- Volatility
- Call/put ratio
- Strategies using/combining options
- Exotic options
Practice: given a portfolio, choose different ways to hedge it
- Interest Rate Swaps (IRS)
- Currency swaps
- Caps, Floors and Collars
- Constant Maturity Swap
- Swaptions
- Structured products: different types. Advantages and disadvantages
Practice: analysis of different structured products frequently used by banks

IX. Portfolio management
- Investment theories
- Maximize returns under simulated market conditions using the all the tools learned so far
Practice: Excel and Bloomberg tolls. Portfolio analysis given different situations. Class/teacher discussion.

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Título de Especialista en International Financial Markets

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Título
Se realizarán pruebas de examen. Una vez superadas todas las pruebas los alumnos obtendrán el Título de Especialista en International Financial Markets. Aquellos que no superen dichas pruebas, recibirán certificado de asistencia.
Coste y Becas
El importe de la matrícula es de 3.000 Euros, que incluye toda la documentación, bibliografía y acceso a las instalaciones y servicios del IEB.
Los alumnos que lo precisen podrán acceder a condiciones especiales de financiación a través de las entidades financieras con las que el IEB tiene convenios.
Para solicitar información al respecto, el alumno deberá dirigirse a dichas entidades financieras de acuerdo con las instrucciones recibidas de la Secretaría del centro.
Está previsto el otorgamiento de becas y ayudas al estudio, para lo cual se informará oportunamente a los interesados.

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Inicio: 01-07-13
Final: 31-07-13


Duración: La duración del programa es de 100 horas, impartiéndose de lunes a viernes de 9:00 a 14:30 horas durante todo el mes de julio. Es preceptiva la asistencia a un mínimo del 80 % de las clases teóricas y prácticas, salvo causa justificada y comprobada por la Coordinación del Programa.
El incumplimiento del deber de asistencia impide la obtención del título aunque el alumno podrá obtener un certificado de asistencia.

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