Titulación oficial: Título de Especialista en International Financial Markets

I.The economy
- Economic cycles: growth and recession
- Markets drivers: economic indicators
- Leading, lagging and coincident indicators
- Central banks and Monetary Policy
- Fiscal and budget policies
- Financial markets and participants
- Market regulation
Practices: Bloomberg training. Correlation studies between indicators and the main financial markets/products

II. Money Markets
- Money Markets
- Libor and Euribor
- Deposit
- Interest Rates Term Structure: yield curve theories
- Forecasting interest rates (implied rates)
- Taking positions: long, short, spread and curve
- Treasury bills: auctions, price and yield
- Repo market
Practices: All exercises will be in small groups.Excel. How to join a Treasury auction? (treasury bills). Price-rate calculator

III. Foreign Exchange Markets (FX)
- Foreign Exchange markets
- Can the central bank take advantages from the exchange rates?
- Spot FX
- Cross rates
- FX Swaps
- Forward prices (outright)
Practice: Excel: currency prices calculator. FX market simulation: dealing with currencies and position taking. Profit and loss calculation.

IV. Fixed income Markets
- Treasuries and corporate debt markets
- Who is who in bond market: origination, sales, research, trading and market making
- Different types of bonds: senior, subordinated, preferred
- Credit rating agencies
- What is the credit spread?
- Zero coupon bonds
- Yield to maturity and price
- Duration
- Modified duration
- Convexity
- Trading with treasury bonds: long/short positions; spread and curve positions
Practice: Excel and Bloomberg tools. Price/yield calculator. Finding and charting a bond in Bloomberg.

V. Equity Markets
- Characteristics of equity shares
- Structure of the Stock Exchange Markets
- Stock Exchange transactions
- Stock Market Indexes
- Price and dividend payments
- Major Markets and their Trading Systems

VI. Fundamental Analysis
- What is fundamental analysis
- The concept of equity valuation
- Reading a balance sheet
- Fundamental models
- Main ratios Practice: ¿is this company cheap or expensive? (Bloomberg tools)

VII. Technical Analysis
- Theories
- Traditional Chartism: main figures
- Candlestick analysis: main figures
Practice: Bloomberg training on technical analysis. Building a chart and how to read it (class discussion)

VIII. Derivatives
- Introduction to derivative markets
- Present and future values
- OTC and Organized Exchange markets
- Forward rate agreements (FRAs)
- Futures markets
- Credit markets: CDS
- Options
- The premium factors
- Volatility
- Call/put ratio
- Strategies using/combining options
- Exotic options
Practice: given a portfolio, choose different ways to hedge it
- Interest Rate Swaps (IRS)
- Currency swaps
- Caps, Floors and Collars
- Constant Maturity Swap
- Swaptions
- Structured products: different types. Advantages and disadvantages
Practice: analysis of different structured products frequently used by banks

IX. Portfolio management
- Investment theories
- Maximize returns under simulated market conditions using the all the tools learned so far
Practice: Excel and Bloomberg tolls. Portfolio analysis given different situations. Class/teacher discussion.