Course on Financial Markets and Instruments

The IMF’s Institute for Capacity Development (ICD) delivered its “Financial Markets and Instruments” course at the Joint Vienna Institute (JVI) during August 18-29, 2025. The course provided participants with a foundation in the functioning of financial markets and the design of financial instruments. It explained the economic rationales behind various markets and instruments and introduced the building blocks used to construct them. Participants also learned how to apply basic pricing models to identify potential mispricing and misuse of financial instruments.

The course was highly interactive, with participants from 17 countries across the JVI region engaging actively in discussions during classes and breakout sessions. Each lecture included practical examples and was followed by workshops that allowed participants to apply concepts in practice. Participants shared the status of financial market development in their home countries and perspectives on the factors hindering progress, creating a valuable forum for exchanging ideas and experiences.

Participants emphasized how the course would support both their professional development and the advancement of their financial markets. Many noted the pressing need to strengthen legal and institutional foundations for market development, and valued the practical knowledge gained on pricing tools, risk evaluation, and supervision. They also highlighted the usefulness of case studies in drawing lessons from other countries. Overall, participants underscored the course’s value in equipping them with the skills and perspectives necessary to foster sound market development and financial stability across the region.

Rasool Zandvakil, Senior Economist, IMF