European Institute of Management and Finance | The International Capital Markets Association Financial Markets Foundation Course (FMFC)
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The International Capital Markets Association Financial Markets Foundation Course (FMFC)

Financial Markets Foundation Course (FMFC) – ICMA from University of Reading 

The EIMF is proud to present the Financial Markets Foundation Course offered by the International Capital Markets Association (ICMA).

The ICMA was established 50 years ago and is responsible for a significant contribution to the development of the international capital market by facilitating the interaction between all market participants: issuers, lead managers, dealers and investors.

The Financial Markets Foundation Course (FMFC) is an introductory level qualification intended for anyone entering into a career in the financial markets.

The programme is intended to provide ‘breadth of knowledge’ to make it relevant to people pursuing careers in the front office, middle office and operations areas. The course content places an even emphasis on introducing and explaining the key concepts of each subject area to develop candidates’ practical knowledge and skill sets.

By completing the programme you will understand:

  • The key players in the financial markets including issuers, investors and intermediaries
  • The interaction between cash and derivative markets
  • The key features of both equity and debt products
  • The structure of the FX market

Course Content:

The course content is divided into several topic areas, which are then broken down into multiple subtopics:

1. Overview of the Financial Markets

  • Introduction to financial markets
  • Concept of disintermediation
  • Explain how banking and financial markets co-exist
  • Identifying the key players and their impact on the market
  • Inside a financial institution
  • Case study – how the changes in regulation are impacting the market

2. Debt Markets

  • Long-term and short-term debt
  • Discount and interest-bearing products
  • Interest rate and credit products
  • Deposits – bank to customer and interbank markets
  • LIBOR, EURIBOR and overnight indexed rates
  • Introduction to credit debt – commercial paper
  • Introduction to interest rate debt – treasury bills
  • Role of primary dealers
  • Calculating proceeds
  • Features of bond markets
  • Interest rate and credit products in the long-term market
  • Government debt in different countries
  • Corporate bonds
  • Understanding credit spreads
  • Valuing bonds – accrued interest
  • Case study – new issues in the market

3. Equities

  • Comparing equity to debt
  • Key features of equity products
  • Equity new issuance
  • Role of equity indices
  • Impact of MiFID and MiFID II
  • Role of MTFs
  • Impact of algorithmic trading
  • Equity valuation – understanding the cashflow
  • Case Study – study of an IPO

4. FX

  • Structure of the FX market
  • How the market trades
  • Understanding FX prices – spot rates
  • Reading prices and calculating simple values
  • Calculating and understanding cross rates
  • Introduction to FX forwards

5. Derivatives

  • Interaction between cash and derivative markets
  • Key uses of derivatives – risk management and risk replication
  • OTC and exchange-traded derivatives
  • Impact of legislation such as EMIR and Dodd-Frank
  • Review of currency forwards
  • Developing the model for interest rates and credit
  • Structure of the futures market
  • The role of a futures exchange
  • Process of margining
  • Options – comparison with forwards and futures

The course content is delivered over two and a half days with the FMFC exam taking place on the afternoon of day three.

The exam consists of 50 multiple choice questions which candidates have two hours to complete. In order to pass, candidates must answer a minimum of 30 questions correctly, with a score of 45 or more earning a distinction.

In order to aid understanding of the concepts delivered during the course, delegates will be sent pre-course reading material. To prepare for the exam and assist candidates with the course content, end-of-day review sessions are held at the end of the first two days and prior to the exam on day three.

Who should attend:

Who should study the programme?

The course is relevant to a wide range of job functions and areas; anyone who would benefit from an understanding of financial markets, participants and products – and how they all come together.

Candidates will come from organisations involved in both the sell-side and buy-side of the industry plus insurance, accounting, IT firms supporting the industry and the financial press.

The course does not assume any prior study or work experience other than a general knowledge of mathematics such as basic algebra and statistics.  For anyone without that quantitative background, pre-course reading with a further bibliography is provided to allow candidates to acquire that knowledge directly.

DATES: 02/12/15 - 04/12/15

DURATION: 21 Hours

LOCATION: EIMF Premises, Nicosia

TIME: 09:00 - 17:30

FEES: £1,100.00

Online Registration

You can register for this course directly with the ICMA online here by following the ‘Register’ tab and choosing Cyprus as the location.

REGISTRATION DEADLINE 20 NOVEMBER

In-House Training

If you would like to discuss bringing this or another topic to your organization on an in-house basis please call us at 22274470 or email us at info@eimf.eu.

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