{
  "title": "Financial Markets and Instruments (FMI)",
  "sourceUrl": "https://www.imf.org/en/capacity-development/training/icdtc/courses/fmi",
  "canonical": "https://www.imf.org/en/capacity-development/training/icdtc/courses/fmi",
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  "summary": "After a short review, the course covers forwards, futures, swaps, and options and then combines these building-block instruments with practical applications.",
  "publishDate": "2025-07-23",
  "sections": [
    {
      "heading": "Overview",
      "content": "- The course is presented by the Institute for Capacity Development.\n- Designed to give participants a foundation in financial instruments beyond the standard treatment of bonds and equity covered in the FMAx course.\n- After a short review, the course covers forwards, futures, swaps, and options and then combines these building-block instruments with practical applications.\n- Emphasizes lectures for underlying theory and workshops and case studies for application and testing of strategies.\n- Highlights misuse of financial instruments that can lead to large losses and financial instability.\n- Participants prepare final presentations on a set of predetermined current financial market issues."
    },
    {
      "heading": "Topic and Policy Emphasis",
      "content": "- Topic: Financial Sector Issues.\n- Course devotes time to policy implications, notably related to regulation of financial markets.\n- A separate course devoted to financial sector policies is recommended for participants specifically interested in policy work."
    },
    {
      "heading": "Target Audience",
      "content": "- Mid-level to senior officials in central banks, ministries of finance, and financial regulatory agencies.\n- Intended for those who are interested in more advanced finance topics than those covered in the Financial Market Analysis course."
    },
    {
      "heading": "Qualifications and Technical Requirements",
      "content": "- Participants are expected to have an advanced degree in economics or finance or equivalent work experience.\n- The course requires heavy use of Microsoft Excel spreadsheets; participants are expected to be proficient with Excel.\n- Strong recommendation that applicants first complete the online Financial Market Analysis (FMAx) course."
    },
    {
      "heading": "Course Objectives",
      "content": "- Explain the economic rationale for various financial instruments and markets.\n- Identify and use the building blocks presented in the course to construct financial instruments.\n- Use basic pricing models to identify possible mispricing and misuse of financial instruments.\n- Identify threats to financial stability in markets and instruments based on case studies of previous financial crises.\n- Extract lessons from previous financial stability threats to try to prevent their recurrence."
    }
  ],
  "bullets": [
    "The course is presented by the Institute for Capacity Development.",
    "Designed to give participants a foundation in financial instruments beyond the standard treatment of bonds and equity covered in the FMAx course.",
    "After a short review, the course covers forwards, futures, swaps, and options and then combines these building-block instruments with practical applications.",
    "Emphasizes lectures for underlying theory and workshops and case studies for application and testing of strategies.",
    "Highlights misuse of financial instruments that can lead to large losses and financial instability.",
    "Participants prepare final presentations on a set of predetermined current financial market issues.",
    "Topic: Financial Sector Issues.",
    "Course devotes time to policy implications, notably related to regulation of financial markets.",
    "A separate course devoted to financial sector policies is recommended for participants specifically interested in policy work.",
    "Mid-level to senior officials in central banks, ministries of finance, and financial regulatory agencies.",
    "Intended for those who are interested in more advanced finance topics than those covered in the Financial Market Analysis course.",
    "Participants are expected to have an advanced degree in economics or finance or equivalent work experience.",
    "The course requires heavy use of Microsoft Excel spreadsheets; participants are expected to be proficient with Excel.",
    "Strong recommendation that applicants first complete the online Financial Market Analysis (FMAx) course.",
    "Explain the economic rationale for various financial instruments and markets.",
    "Identify and use the building blocks presented in the course to construct financial instruments.",
    "Use basic pricing models to identify possible mispricing and misuse of financial instruments.",
    "Identify threats to financial stability in markets and instruments based on case studies of previous financial crises.",
    "Extract lessons from previous financial stability threats to try to prevent their recurrence."
  ],
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  "generatedAtUtc": "2026-09-29T16:36:11.571Z"
}