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Description
Programme
Based on the the ISO definition of derivatives specifying that a derivative instrument is a financial contract the value of which is “derived” from the value of underlying instruments or commodities, the content of module 5 on derivatives focuses on:
Main characteristics of derivatives (based on ISO 10962)
Types of derivatives - Exchange-listed derivatives: Options, futures; OTC derivatives: Forwards, swaps, OTC options, others
Attributes of derivatives - Type, underlying assets, delivery, standardised/non-standardised
Pricing of derivatives - Exchange-listed derivatives (premiums, margin accounts, margin calls), OTC derivatives (swap prices, valuation of forwards)
Factors influencing the performance of a derivative - Price of the underlying asset, volatility, liquidity, macroeconomic factors
Costs associated with transactions and services involving derivatives - Brokerage, exchange fees, transaction fees, premiums, margin calls, collateral
Structure of the market for derivatives
Types of markets (regulated, OTC) - Exchange-listed derivatives, OTC derivatives, derivatives on MTFs, OTFs, SIs
Market players - Hedgers, dealers, speculators, arbitrageurs, derivatives exchanges, executing brokers, clearing houses, clearing brokers
Financial instruments as investments
Market practice - Hedging, speculation, arbitrage, dealing, leverage
Main risks - Market risk, commodities risk, currency risk, liquidity risk, operational risk
Tax aspects - Withholding tax, capital gains tax, transaction tax, tax reclamation
Market forces that impact performance - Macroeconomic factors, price of the underlying asset, volatility, liquidity, interest rates, currencies
Understanding instrument’s performance - Market perspective, macroeconomic factors, volatility, liquidity
Documentation related to the instrument - Contract specifications, market
Target Audience
The persons concerned by the Training Programme are all persons placed under the authority of a professional (or acting on his behalf) subject to prudential supervision by the CSSF, i.e. individuals providing investment advice (“Advisory profile”) or information (“Information profile”) on financial instruments, investment services or ancillary services to clients.
Speakers
Experienced professional specialists selected on the basis of their in-depth knowledge of markets and financial products under MiFID rules I and II, and ESMA criteria.
Language
Session delivery: French
Course material: English
Assessment and Certification: English or French
Conditions
Support de cours
Pour des raisons de respect de l'environnement veuillez noter qu'aucun support papier ne vous sera fourni lors de votre formation. Votre support de cours peut être téléchargé gratuitement avant le début du cours via notre portail client (télécharger ici le guide du portail client). Vous pourrez ainsi le consulter sur l’écran de votre appareil mobile ou l'imprimer en cas de besoin. Si votre inscription a été effectuée par un responsable formation de votre entreprise veuillez le contacter pour qu'il puisse vous y donner accès ou vous l'envoyer.
Certification
This module is part of the MiFID II Certification. For more details about this Certification, please click here.
Lieu
Sessions et horaires
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