IMF course on Financial Markets and Instruments

September 03, 2018

We asked two participants in the IMF course on Financial Markets and Instruments in July-August 2018 at the JVI, what was special about the course they took and how they expected to use the knowledge they gained when they went home to Kazakhstan. Here is what they had to say:

Ms. Madina Aitpisheva, Ministry of Finance of Kazakhstan

Mr. Serik Rustanov, National Bank of Kazakhstan

Madina Aitpisheva, Division Chief, Department of State Borrowing, Ministry of Finance of Kazakhstan:

The course gave me the opportunity to learn not only theory and specifics about how derivatives are used in financial markets but also how they are applied in practice through the course workshop and case studies about different countries.

The State Borrowing Department of the Ministry of Finance, where I currently work, is responsible for arranging government borrowing in order to finance the republic’s budget deficit and also for promoting development of the domestic debt market. Therefore, for me, it was useful to learn about how basic instruments are priced in order to estimate any mispricing and potential misuse.

Serik Rustanov, Division Chief, Department of International Cooperation, National Bank of Kazakhstan:

The most important thing about this course is that not only does it introduce the basics of derivative contracts but it also provides effective sessions to practice the procedures introduced. As a result, I think it offers a better chance for participants to master the materials covered.
Pricing and valuation of derivative contracts and measuring the associated risks and volatilities were of particular interest to me. Since I work in the Financial Stability Department of the central bank and deal mainly with liquidity and the funding issues of the banking sector, the course will be particularly useful to me in analyzing the time deposit market in order to measure the option value of early withdrawal penalties for a time deposit portfolio. Topics related to the methods for assessing credit and market risks—such as VaR, historical and Monte Carlo simulations, expected losses, and the Loss Given Default (LGD), Merton, and KMV models—were also crucial as preparation for dealing with different methods of stress testing and volatility modelling.

Prepared by Tamara Tsikhistavi, Program Officer & Alumni Relations JVI

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