## Financial Markets and Instruments (FMI)

## Source details

**Canonical URL:** [Financial Markets and Instruments (FMI)](https://www.imf.org/en/capacity-development/training/icdtc/courses/fmi)

## Other formats

- [Markdown version](/en/capacity-development/training/icdtc/courses/fmi/index.md)
- [Structured JSON version](/en/capacity-development/training/icdtc/courses/fmi/index.json)
- [Bundle manifest](/en/capacity-development/training/icdtc/courses/fmi/bundle-manifest.json)

## Bibliographic details
- Published: July 23, 2025

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## Upcoming offerings

| Start date | End date | Location | Delivery Method | Session No. | Primary & (Interpretation) language | Apply |
| --- | --- | --- | --- | --- | --- | --- |
| August 23, 2027 | September 3, 2027 | Vienna, Austria | [In-person Training](https://www.imf.org/en/capacity-development/training/icdtc/delivery-methods) | [JV 27.28](https://www.imf.org/en/capacity-development/training/icdtc/schedule/jv/2027/fmijv27-28) | English | [Apply online](https://www-ins.imf.org/TAS/signon.aspx?pkey=JV27.28E) by May 23, 2027 |

### Overview
- 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 and Policy Emphasis
- 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.

### Target Audience
- 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.

### Qualifications and Technical Requirements
- 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.

### Course Objectives
- 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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## References

- [In-person Training](https://www.imf.org/en/capacity-development/training/icdtc/delivery-methods)
- [JV 27.28](https://www.imf.org/en/capacity-development/training/icdtc/schedule/jv/2027/fmijv27-28)
- [Apply online](https://www-ins.imf.org/TAS/signon.aspx?pkey=JV27.28E)

_Source: https://www.imf.org/en/capacity-development/training/icdtc/courses/fmi_