Financial Markets and Instruments

JVI is gradually resuming classroom delivery. This course is scheduled to take place at JVI, but may have to be delivered virtually in case safe travel to and in-person training in Vienna will not be possible. The decision to offer virtual instead of onsite training, or a combination of the two (hybrid), will be made within 5 weeks of the course start date.​


Please note that if this course is delivered virtually, it will run for one week only.


TARGET GROUP | Mid-level to senior officials in central banks, ministries of finance, and financial regulatory agencies who are interested in more advanced finance topics than those covered in the Financial Market Analysis course. Participants should have an advanced degree in economics or finance or equivalent work experience. The course requires heavy use of Microsoft Excel spreadsheets, with which participants are expected to be proficient. It is strongly recommended that applicants first complete the online Financial Market Analysis (FMAx) course.


DESCRIPTION | This course, presented by the Institute for Capacity Development, is designed to give participants a foundation in financial instruments beyond the standard treatment of bonds and equity covered in the FMAx course. After a short review, the course covers forwards, futures, swaps, and options and then combines these building-block instruments with practical applications. The course also devotes time for policy implications, notably related to regulation of financial markets, though a separate course devoted to financial sector policies is recommended for those interested in this topic. Lectures introduce the underlying theory, while workshops and case studies allow participants to apply the knowledge and to test their understanding of how and why some strategies are used. Also highlighted is misuse of financial instruments, which can lead to large losses and financial instability. Participants are expected to prepare final presentations on a set of predetermined current financial market issues.


OBJECTIVES | Upon completion of this course, participants should be able to:

• Explain the economic rationale for various financial instruments and markets.

• Identify and use the building blocks presented in the course to construct financial instruments.

• Use basic pricing models to identify possible mispricing and misuse of financial instruments.

• Identify threats to financial stability in markets and instruments based on case studies of previous financial crises.

• Extract lessons from previous financial stability threats to try to prevent their recurrence.


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Course Details

Start: 20221024Oct 24
End: 20221104Nov 04

Language: English

Sponsoring Organization: IMF

Admin Arrangements

Application Deadline: July 31, 2022

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