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UNC Foundations of Capital Markets Certificate

L’UNC Foundations of Capital Markets Certificate a pour vocation de combiner le meilleur du savoir académique et du monde financier dans un programme online en anglais de 100 jours.

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L’université américaine UNC Kenan-Flager lance en partenariat avec FIRST FINANCE Institute la première promotion du programme online certifiant en Capital Markets, sous le format vidéo et social learning.

 

SYLLABUS DES 3 COURS

 

1 – Introduction to financial markets

Week 1: Illustrative story and lessons learned – Kirk Kerkorian/Ford

Economic environment

  • Role of the financial markets
  • Economic policy
  • Main economic indicators

Equity

  • Ordinary shares
  • Stock market indices
  • Equity valuation

Week 2: Introduction, illustrative story and lessons learned – Nick Maounis/Amaranth

Main economic players

  • Governments
  • Central banks
  • Banks and asset managers
  • Households
  • Corporates

Buy-side key players

  • Definition
  • Non-financial companies
  • Retirement funds
  • Insurers and mutual societies
  • Asset managers

Fundamental notions

  • Asset classes
  • Spot and forward
  • Vanilla derivatives

Week3: Introduction, illustrative story and lessons learned – Bill Ackman/Target

Options

  • Profit and loss on options
  • Using options
  • Option strategies

Factors influencing the value of options

  • Variation of underlying
  • Strike
  • Time
  • Volatility

Week 4: Introduction, illustrative story and lessons learned – Geoff Grant/ABS spread

Fixed income

  • Overview
  • Fixed-rate government bonds
  • Bond valuation principles
  • Interest rate risk

Credit products

  • Credit risk
  • Rating agencies
  • Credit spread

2 – Fixed income markets

Week 1: Money markets

  • Introduction & definition of interest rates
  • Relationship between macroeconomics and interest rates
  • Monetary policy of central banks
  • Unsecured loans
  • Secured loans
  • Day count factors and business day conventions
  • Term structure of interest rates
  • FRA and STIR (Short Term Interest Rate Futures)

Week 2: Bond markets

  • What is a bond?
  • Origination
  • Price quotation & accrued interests
  • Credit spread, rating
  • Credit Default Swap (CDS)
  • Other types of bonds

Week 3: Bonds markets

  • Pricing of a fixed-rate bond
  • Bond price analysis
  • Zero-coupon rates
  • Duration
  • Other sensitivities
  • Bond management strategies (1)

Week 4: Bond futures and swaps

  • Characteristics and uses of bond futures/li>
  • Pricing principles for bond futures
  • Characteristics and uses of interest rate swaps
  • Bootstrapping the swap curve
  • Pricing principles for interest rate swaps
  • Building an asset swap
  • Calculating I-spread, Z-spread and ASW spread

3 – Foreign exchange (FX) markets

Week 1: Spot FX and market mechanisms

  • Introduction to the foreign exchange market
  • Specifics of the foreign exchange market
  • Cross rates
  • Monetary policies (1)
  • Monetary policies (2)
  • Chinese currencies
  • Settlement

Week 2: Forward FX and FX swaps

  • Discounting cash flows
  • Forward FX
  • Examples (1)
  • Examples (2)
  • Non deliverable forward
  • FX swaps
  • Advantages of FX swaps
  • Blackboard – Discount factor (1)
  • Blackboard – Discount factor (2)

Week 3: FX options – Valuation and clients strategies

  • FX options
  • Principles of moneyless and valuation
  • Valuation of FX options, Black and Scholes and Monte Carlo
  • Hedging the FX risk (vanilla options)
  • Hedging the FX risk (option strategies)
  • Hedging the FX risk (exotic options)

Week 4: Dynamic management of a portfolio of FX options

  • The greeks
  • Delta-neutral book management
  • Option strategies
  • Exotic options
  • Volatility smile
  • Building an asset

 

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