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Financial Markets Foundation Course (FMFC)
 
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

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.


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.



 

Details of the next seminars

LuxembourgIFBL - L‘Institut De Formation Bancaire Luxembourg
21-23 September 2015

  

Centre de formation Chambre de Commerce/IFBL
7, rue Alcide de Gasperi
L-1615 Luxembourg

This is an ICMA Executive Education course hosted by IFBL – L‘Institut De Formation Bancaire Luxembourg’. Based at the Chamber of Commerce, IFBL is Luxembourg’s leading financial training institute offering a broad range of training courses, qualifications, conferences and e-learning programmes for financial institutions.
LondonICE Education
4-6 November 2015

  

ICE Education
5th Floor Milton Gate
60 Chiswell Street
London EC1Y 4SA
United Kingdom

Based at ICE Education London offices: IntercontinentalExchange® (NYSE: ICE), is a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets.
 


Cost

Luxembourg Course*
The cost of the Luxembourg FMFC is €1,875.00 + 3% VAT for ICMA Members and €2,450.00 + 3% VAT for non-members.

London Course*
The cost of the London FMFC is £1,875.00 for ICMA Members and £2,450.00 for non-members.

ICMA Executive Education encourages all member and non-member companies to send multiple candidates on our courses, thereby ensuring that a range of individuals benefit from the experience at the same time. As a result, we are happy to offer the following discounts for multiple candidates:

2 to 4 candidates – 5% discount each*
5 to 9 candidates – 10% discount each*
10+ candidates - 15% discount each*

*Please note that discounts are applied by way of a refund to the organisation when registration has closed and the final number of candidates from the firm has been determined.


The course fee includes all lunches, coffee breaks and training materials.

Payment can be made by secure online credit card or by invoice. Please note that selecting the invoice method will add £50 (administration fee) to the course price. Multiple candidates from the same company can request one invoice, reducing the overall administration fee.


Please note:

The FMFC is a non-residential learning programme, so candidates are responsible for arranging their own travel and accommodation.

Course materials will be provided to candidates in electronic format prior to the start of programme. Please ensure that you have access to this document during the course by either printing off a copy or by downloading it on your laptop, iPad or tablet.

Should you have any queries about the Financial Markets Foundation Course please contact education@icmagroup.org.

FMFC certificate holders

The names of the successful candidates from previous examinations are included in our list of certificate holders.



Mikkel S. Lyngbye


Organisation: ALOC A/S
Job title: Senior Sales Executive

Describe what you do on a day to day basis in your job:
Business Development Manager within the financial sector;
Employed at a ‘FinTech’ company, which provides software solutions to the Capital Markets industry;
Responsible for several of our major accounts, as well as establishing new business relations.

Reasons for taking the course:

Partly to get a certificate on my current knowledge, but also to be able to expand more rapidly in the future.

Benefits of taking this course:
Good programme, great teacher.  New contacts and updated know-how a great benefit.






 

 

Fixed Income Certficate (FIC)