## Financial Markets and Instruments (FMI)

## Source details

**Canonical URL:** [Financial Markets and Instruments (FMI)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/jv/2027/fmijv27-28)

## Other formats

- [Markdown version](/en/capacity-development/training/icdtc/schedule/jv/2027/fmijv27-28/index.md)
- [Structured JSON version](/en/capacity-development/training/icdtc/schedule/jv/2027/fmijv27-28/index.json)
- [Bundle manifest](/en/capacity-development/training/icdtc/schedule/jv/2027/fmijv27-28/bundle-manifest.json)

## Bibliographic details
- Session: JV 27.28
- Location: Vienna, Austria
- Dates: August 23, 2027 - September 3, 2027 (2 weeks)
- Delivery method: In-person Training
- Primary language: English
- Status: Apply online by May 23, 2027

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### Qualifications and prerequisites
- Expected background: advanced degree in economics or finance or equivalent work experience.
- Technical skills required: heavy use of Microsoft Excel spreadsheets; participants are expected to be proficient.
- Recommended prior training: strongly recommended that applicants first complete the online Financial Market Analysis (FMAx) course.
- Participant deliverable: participants are expected to prepare final presentations on a set of predetermined current financial market issues.
- Application note: due to the transition to a new IMF course registration system, formal applications cannot be submitted at this time; interested participants should submit their details to be notified when applications open.

### Course description and content coverage
- Foundation beyond standard bond and equity treatment covered in the FMAx course, starting with a short review.
- Instruments covered: forwards, futures, swaps, and options, and combinations of these building-block instruments with practical applications.
- Teaching approach: lectures introduce underlying theory; workshops and case studies allow application and testing of understanding of strategies.
- Policy focus: time devoted to policy implications, notably related to regulation of financial markets; separate course on financial sector policies is recommended for those seeking deeper coverage.
- Risk and misuse: course highlights misuse of financial instruments, which can lead to large losses and financial instability.

### Learning objectives
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.

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## References

- [In-person Training](https://www.imf.org/en/capacity-development/training/icdtc/delivery-methods)
- [Apply Now](https://www-ins.imf.org/TAS/signon.aspx?pkey=JV27.28E)
- [Core Elements of Banking Supervision (CBS)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/at/2027/cbsat27-10)
- [Advanced Government Finance Statistics (GFS-A)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ce/2026/gfs-ace26-45)
- [Fiscal Sustainability (FS)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ce/2026/fsce26-38)
- [Safeguards Assessments of Central Banks (SAC)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/at/2026/sacat26-30)
- [Macroeconomic Management in Resource Rich Countries (MRC)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ce/2026/mrcce26-44)

_Source: https://www.imf.org/en/capacity-development/training/icdtc/schedule/jv/2027/fmijv27-28_