Financial Markets and Instruments

Source details

Event: Financial Markets and Instruments (FMI), Session No.: JV 26.27.
Organizer: Institute for Capacity Development, International Monetary Fund (IMF).
Deadline status: Deadline passed.
Location: Vienna, Austria.
Date: August 17-28, 2026 (2 weeks).
Delivery Method: In-person Training.
Primary Language: English.

Target Audience: Mid-level to senior officials in central banks, ministries of finance, and financial regulatory agencies who are interested in more advanced finance topics than those covered in the Financial Market Analysis course.
Qualifications:
- 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, with which participants are expected to be proficient.
- It is strongly recommended that applicants first complete the online Financial Market Analysis (FMAx) course.

Purpose: Designed to give participants a foundation in financial instruments beyond the standard treatment of bonds and equity covered in the FMAx course.
Structure:
- Short review followed by coverage of forwards, futures, swaps, and options.
- Combination of building-block instruments with practical applications.
- Lectures introduce the underlying theory.
- Workshops and case studies allow participants to apply knowledge and test understanding of how and why some strategies are used.
- Final presentations: Participants are expected to prepare final presentations on a set of predetermined current financial market issues.
Policy focus:
- Course devotes time for policy implications, notably related to regulation of financial markets.
- Note: A separate course devoted to financial sector policies is recommended for those interested in that topic.
Risk emphasis: Misuse of financial instruments is highlighted as a source of large losses and financial instability.

Upon completion of the course, participants should be able to:

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.