The Global Capital Markets
What is a ‘financial market place’
Historical development of today’s global financial market
The role of the financial media
Structure of the major capital markets:
Exchanges, Clearers, Regulators
The modern day surge in global investment
The different types of ‘Stock Exchanges’
Where Stock Exchanges fit in today’s markets
US, European, Middle Eastern and Asian Stock Exchanges
Financial Markets Regulation:
Capital Adequacy Requirement
Basel I
Basel II
Basel III and its implications
Source for New Product Development
The Different Asset Classes and Their Markets
What is traded on Stock Exchanges today?
Equities – Common and Preferred
Bonds – Corporate and Government
Bonds – Fixed, Floating and Zero coupon, the Yield Curve
Money Market instruments
The currency markets
Why do investors buy them, and what makes them sell?
Income/Capital Gain
The relationships between the various asset classes
How Exchange traded and Over-The-Counter markets interrelate
Short Term Money Market
Certificates of deposit
T Bills
Commercial paper
Trade paper & BAs
Market norms and practices
Market participants
The Different Types of Stock Exchange investor
Investors
Fund managers
Hedge funds
Stock Exchange participants
Investment banks, Stockbrokers, Hedge Funds and Prime Brokers
Intra-market relationships – the buy and sell side of the industry
The Role of the Stock Exchange
Where are these products traded?
The importance of the OTC market
The past development of Stock Exchanges
The main Stock Exchanges in today’s markets
US, European and Asian Markets and their differing architecture
Asset classes traded on different Stock Exchanges around the world
The major Primary and Secondary markets
New York, Euronext, London, Shanghai, Hong Kong
The attraction of “listed” companies to investors
Using Stock Exchanges to pool liquidity and raise capital
Methods of Capital Raising
‘Floating’ the company – different methods
Clearing & Settlement
Settlement and settlement risk
The different Settlement Conventions in the major markets
Equities, Bonds and derivatives
The process for Derivatives Clearing
The Central Counterparty (CCP)
CCP services provided to Stock Exchanges
Margin
The security trade settlement process
Pre-settlement
Settlement
Potential problems – unmatched trades, delayed settlement, bad delivery
Stock Exchange Settlement Discipline
The ‘life cycle of a trade’– how the process links up from trade to settlement
The role of International Central Securities Depositories (ICSDs) and Central Securities
Depositories (CSDs) – LCH.Clearnet, Euroclear,Crest, Clearstream International, the DTC
Custody
The role of Custodians in the Stock markets
Settlement and safe keeping
Income collection and Corporate Actions
Cash management and funding transactions
Additional services
Accounting
Stock Lending and collateral management
Trustee services
Valuation reports
Alternative Investments
What are Alternative Investments?
Structured products - Risks and returns
Hedge funds - Risks and Control
Venture Capital Valuation issues, Risk and Control
Private Equity/Angel Finance
The use of derivatives in Asset Management
OTC vs ETD
Types of Derivatives used in Asset Management
Futures
Options
Risks and controls associated with derivatives, including documentation, valuation and
reporting issues
The Management of Quoted Equity Investment
The risks associated with acquiring securities
The risks associated with managing securities
Risk associated with corporate actions
Pricing of quoted equity investments
Major sources of risk
General controls within equity investment
Risks associated with international equity markets
The Management of Quoted Fixed Income Investment
The risks associated with acquiring and disposing of fixed income securities
The use of ratings and associated risk issues
The risks associated with pricing of fixed income securities
Risk and controls within the corporate fixed income processing
Risks associated with Government Securities
Sovereign risk ratings
The valuation of government securities
Risk and controls within sovereign bond processing
The Market and Credit Risks of investing in Global Market
Market risks
VAR calculations
Market risk modelling
Credit Risks
Measuring Credit risks
Global Market Risks
Money Market Risks
OTC Risks
Exchange risks |
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