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About the course
The course takes place over 16 weeks and comprises eight core units. The units will be released every two weeks from the start of the course. You can download the units or study completely online.
Unit 1 - BUSINESS MODELS AND DRIVERS OF CAPITAL FLOWS IN GLOBAL CAPITAL MARKETS
Unit one covers: Functions and business models of financial institutions; An overview of global capital markets; Macro-economic drivers of financial markets.
With case study analysis on: Global imbalances, deficit economies of the West and the surplus economies of Asia; Savings glut and distortion to global interest rates
Unit 2 - PRIMARY ASSET CLASSES
Unit two covers: Equities as an asset class; Sovereign & government bonds; Corporate debt instruments; Issuance of fixed income securities; Fixed income markets and trade execution; Structured products and Exchange Traded Funds (ETFs)
With case study analysis on: The UK gilt market, types of gilts, index linked gilts; Maturity structure of UK vs. US government debt; nature and trading of STRIPS
Unit 3 - MONETARY POLICY AND CREDIT MARKETS
Unit three covers: Monetary policy of central banks; Interpreting credit market data; Introduction to derivative instruments.
With case study analysis: The role of ECB and Eurozone as a special case – EMU currency union, AQR, SSM, EBA; Changes in derivatives market structure resulting from Dodd Frank, Basel III and EMIR regulations regarding OTC and Exchange traded derivatives and contrast collateralisation of bilateral (OTC) derivatives trades and CCP trades
Unit 4 - OPTIONS AND SWAPS Unit four covers: Key features of options; Overview of interest rate swaps: pricing, risks and valuation; Overview of Credit Default Swaps (CDS)
With case study analysis on: Dynamic delta hedging; AIG financial products debacle with credit default swaps; Wrong Way Risk (WWR)
Unit 5 - FOREIGN EXCHANGE AND FUTURES MARKETS
Unit five covers: Overview of the foreign exchange market; FX forwards, options and swaps; Exchange Traded Futures (ETFs): Features and risks
With case study analysis on: EUR/USD cross currency basis swap and the widening of a negative basis during periods of financial stress; Illiquidity episodes in futures markets – Flash Crash of 2010 and the Flash Rally in the US treasury futures market in October 2014
Unit 6 - PORTFOLIO THEORY, ASSET ALLOCATION AND HEDGE FUNDS
Unit six covers: Portfolio theory and the risk/return trade off; Asset allocation; Hedge funds
With case study analysis on: The significance of heightened correlations amongst the performance of diverse asset classes and the implications for portfolio diversification; Global Macro strategy offered by several prominent hedge funds
Unit 7 - FINANCIAL INSTABILITY AND RISK MANAGEMENT
Unit seven covers: Indicators of stress and financial instability; Drivers of asset bubbles; Overview of risk management.
With case study analysis on: The collapse of Northern Rock; JP Morgan’s $6 billion losses from the “London Whale” trades
Unit 8 - THE REGULATORY ENVIRONMENT AND CORPORATE GOVERNANCE
Unit eight covers: The regulatory environment and regulatory capital; Governance and risk culture of financial firms; Collation of themes and outlook for markets in the medium term
With case study analysis on: Circumstances surrounding the LIBOR fixing scandal
Clive Corcoran has been engaged in the finance and asset management sectors, on both sides of the Atlantic, for more than 25 years. After completing his education in the UK, Canada and the US, he co-founded and became the CEO of an asset management company based in the USA during the 1980s and 90...
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