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FINANCIAL MARKET COURSES

Equities

Courses In This Course

This course provides in-depth coverage of a number of different aspects of the equity market, including the ever-changing trading environment, equity research and valuation methods, and portfolio management. The course also provides information on the leading global equity markets in the Americas, Europe, and Asia.

Objectives

In this course, you will explore:

The changing structure and growth in global equity trading

The emergence of dark pools as alternative sources of liquidity

The growth of algorithmic trading

The use of program trading strategies in the equity markets

The use of ratio analysis and various valuation techniques in the analysis of equity securities

The key concepts of expected return and risk in the context of equity portfolio management

The different types of stock market index, the construction of these indexes, and the use of index futures to hedge equity portfolios

The role of margin in the securities and derivatives markets

The key characteristics and features of the leading global equity markets

Prerequisite Knowledge

A reasonable level of mathematical understanding is assumed, in addition to a basic knowledge of equity securities.

Learner Profile

This course is designed for:

New or recent recruits to banking and financial organizations

Trainee dealers and traders

Operations and support staff

Sales and marketing executives

Finance and accounting staff

IT staff

Compliance and regulatory staff

  •    EQUITIES - TRADING

    Overview

    Equity trading is big business – each day, billions of dollars worth of shares change hands. The market has experienced unprecedented growth in recent years, with global trading volumes now exceeding USD 50 trillion according to some surveys. Technology has played a major part in enabling equity markets to grow on such a large scale, facilitating the movement of equity trading from traditional high-touch channels toward low- or no-touch channels.

     

    This course identifies the changing structure and the key drivers of the equity market trading. Sources of information and models that make equity trading effective are identified, while various trading strategies and transaction costs associated with equity trading are also discussed.

    Course Duration

    75 mins

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    Prerequisite Knowledge

    Equities- An Introduction

  •    DARK POOLS

    Overview

    Global equity market structure has undergone profound changes in recent years. The explosive development and continued maturation of the dark pool model are key factors in this. Equity trading is increasingly shifting from traditional securities exchanges to so-called dark trading venues.

    This course describes dark trading in detail, including its attraction to investors and traders. It also differentiates between the different types of dark pool operating in the marker, as well looking at some of the challenges facing the business model, not least the increased regulatory scrutiny.

    Course Duration

    50 mins

    Prerequisite Knowledge

    Equities – Trading

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  •    ALGORITHMIC TRADING

    Overview

    Algorithmic trading involves the use of computer algorithms to automatically make certain trading decisions, submit orders, and manage those orders after submission. A key attraction for traders is that it enables large orders to be broken up into smaller tranches to avoid moving the market against them.

     

    This course describes the growth and development of algorithmic trading, discusses the main features and strategies, and outlines some of risks and concerns associated with this form of trading.

    Course Duration

    60 mins

    Prerequisite Knowledge

    FX Spot Market – An Introduction

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  •    HIGH FREQUENCY TRADING (HFT)

    Overview

    This course describes how the growth of automated trading and changes in market regulation have led high frequency trading (HFT) to the forefront of new and innovative trading system design and implementation. While such developments have undoubtedly had a positive impact on financial markets, some practitioners argue that they are nothing but a disaster waiting to happen in an already fragile marketplace.

     

    The course also outlines some key algorithmic trading strategies, with a focus on liquidity provision and technical trading since these are the most commonly implemented strategies by HFT firms.

     

    A number of exciting developments and innovations in information technology, communications, and data processing that are required to meet the ever-developing HFT landscape are also discussed.

    Course Duration

    60 mins

    Prerequisite Knowledge

    Algorithmic Trading

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  •    EQUITY PROGRAM TRADING

    Overview

    A program trade is a single transaction that involves the simultaneous execution of a number of securities. There are a variety of program trading strategies, such as equity index arbitrage and algorithmic trading, that are formulated for arbitrage purposes or rule-based buying/selling of stocks.

     

    In this course, we outline the fundamentals of equity program trading and describe some of the most popular program trading strategies.

    Course Duration

    60 mins

    Prerequisite Knowledge

    Equities – An Introduction

    Equities – Trading

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  •    EQUITIES - RESEARCH & VALUATION

    Overview

    Fundamental analysis of stock markets has a broad scope, incorporating both a qualitative and quantitative assessment of companies, in attempt to derive an intrinsic value for the stocks. While a qualitative assessment is essential, it naturally incorporates factors that are difficult or impossible to quantify.

     

    This course focuses on the quantitative side of things. Ratio analysis, the subject of the first part of the course, is one form of quantitative assessment. It provides a way of summarizing a large volume of financial accounting information into simple measurements. The second part of this course looks at stock valuation models, beginning with the oldest and simplest method of valuing stocks - the dividend discount model - which equates the fundamental value of a stock to the present value of the stock's expected future dividends. The divided discount model is regarded by many analysts these days as conservative and outmoded, although much of the intuition from the model is also embedded in other valuation models. Two of these - the discounted cash flow model and residual income model - are also covered in this course.

    Course Duration

    75 mins

    Prerequisite Knowledge

    Equities – An Introduction

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  •    EQUITIES - RETURNS-BASED VALUATION

    Overview

    Research analysts typically focus on market multiples and discounted cash flow (DCF) techniques to derive estimates of valuation for a company. In times of economic uncertainty, however, with volatile markets and opaque forecasts, it can be extremely challenging to derive reliable estimates using these techniques.

     

    In this course, we examine alternative ‘returns-based’ valuation techniques, which can be used to determine how efficiently a company is using its capital resources. In particular, the concept of EVA as a method of calculating shareholder value creation is explored in detail. We demonstrate how EVA can be reconciled to the DCF valuation technique and compare the differences between accounting returns and cash returns used for discounting. Finally, we highlight what adjustments should be made to enterprise value in deriving a single stock price target.

    Course Duration

    75 mins

    Prerequisite Knowledge

    Equities – Research & Valuation

    Corporate Valuation – Discounted Cash Flow (DCF) Analysis

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  •    EQUITY PORTFOLIO MANAGEMENT - RISK

       & RETURN

    Overview

    This course looks at the fundamental concepts of expected return and risk (variance/standard deviation) in the context of equity portfolio management. Beginning with the idea of single stock risk, the course then moves on to discuss risk in the context of a portfolio. The effect of correlation between stocks on a portfolio’s standard deviation is described in detail. The course also looks at the marginal contribution of an individual stock to the overall risk of a portfolio, before concluding with an explanation of semi-variance, a downside risk measure that is used as an alternative to variance/standard deviation.

    Course Duration

    75 mins

    Prerequisite Knowledge

    Equities- An Introduction

    Probability

    Distributions & Hypothesis Testing

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  •    EQUITY PORTFOLIO MANAGEMENT - INDEXES

       & HEDGING

    Overview

    Stock market indexes serve a number of important functions, such as providing a barometer of equity market performance, acting as benchmarks against which investment performance for portfolio managers is measured, and index investing. This course looks at the different types of stock market index and the construction of these indexes. Examples of how each index is calculated are provided. The course also looks at how equity portfolios can be hedged by using stock index futures.

    Course Duration

    60 mins

    Prerequisite Knowledge

    Equity Portfolio Management – Risk & Return

    Forwards & Futures – An Introduction

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  •    US EQUITY MARKET

    Overview

    The fortunes of the US stock market are felt worldwide, with the market inextricably linked to global equity market performance and significantly influencing the overall global economy. It is by far the most important market of its kind, containing not only the largest stock market in the world (the New York Stock Exchange) but also the world-famous NASDAQ, an electronic stock market that lists more companies and, on average, trades more shares per day than even the NYSE. This course examines not only the NYSE and the NASDAQ, but the US equity market as a whole.

    Course Duration

    90 mins

    Prerequisite Knowledge

    Equities – An Introduction

    Equities – Issuing

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  •   UK EQUITY MARKET

    Overview

    This course describes the profound changes to the structure of the UK equity market in recent times, including the impact that regulations such as MiFID have had on a market that was once completely dominated by the London Stock Exchange.

    The growth in off-exchange venues such as dark pools is discussed in detail, as well as automated and high frequency trading (HFT) and the potential problems that such trading activity can have in the equity markets.

    Course Duration

    60 mins

    Prerequisite Knowledge

    Equities – An Introduction

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  •   EUROPEAN EQUITY MARKETS

    Overview

    A single, integrated cross-border securities market in Europe may ultimately be a pipe dream, yet the rate of consolidation between exchanges would suggest that it may actually be possible at some point. The Euronext merger between exchanges in Paris, Brussels, Amsterdam, and Lisbon, the merger between the London Stock Exchange and the Borsa Italiana, and the public listing of Deutsche Börse have perhaps been the most significant events in this regard.

     

    This course looks in detail at equity market structures, procedures, and trading practices in three of Europe’s leading markets: Germany, France, and Italy.

    Course Duration

    120 mins

    Prerequisite Knowledge

    Equities – An Introduction

    Equities – Issuing

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  •   HONG KONG EQUITY MARKET

    Overview

    Hong Kong is seen as the gateway to Mainland China; a commercial dynamo, strategically located in a region renowned for high levels of growth, and with close trading and business links to the rest of the Asian region. The Hong Kong equity market is an important source of capital for local companies and increasingly for companies incorporated in the People's Republic of China (PRC), with the result that it has managed to attract a significant amount of investment interest from overseas. This course provides a detailed introduction to the various aspects of equity securities traded in Hong Kong, including the history and development of the market, the different securities traded and trading locations, leading stock indexes, listing requirements and procedures, and trading operations.

    Course Duration

    60 mins

    Prerequisite Knowledge

    Equities – An Introduction

    Equities – Issuing

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  •   SINGAPORE EQUITY MARKET

    Overview

    Singapore is one of the key financial centers in Asia, being recognized in particular as the leading global foreign exchange trading hub outside London, New York, and Tokyo. It is also a major wealth management center in the Asia-Pacific region.

    Leading financial institutions and other market participants regard Singapore as a springboard to capture regional opportunities. Located at the heart of Southeast Asia, it is strategically well placed to serve the fast-growing markets of the Asia-Pacific region.

    This course provides a detailed introduction to the various aspects of equity securities traded in Singapore, including the history and development of the market, the different securities traded, leading stock indexes, listing requirements and procedures, and trading operations.

    Course Duration

    60 mins

    Prerequisite Knowledge

    Equities – An Introduction

    Equities – Issuing

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  •   CANADIAN EQUITY MARKET

    Overview

    This course provides an introduction to Canadian equity markets. It primarily focuses on the workings of the Toronto Stock Exchange. It examines the regulators, indexes and types of securities in the market and also general trading practices, market conventions and clearing and settlement procedures.

    Course Duration

    60 mins

    Prerequisite Knowledge

    Equities – An Introduction

    Equities – Issuing

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  •   JAPANESE EQUITY MARKET

    Overview

    This course examines in detail not only the Japan Exchange Group, which includes the Tokyo Stock Exchange, but also the Japanese equity market as a whole.

    It provides a detailed introduction to various aspects of Japanese equity securities, including the history and development of the market, the various securities traded and trading locations, leading stock indexes, listing requirements and procedures, and trading operations.

    Course Duration

    40 mins

    Prerequisite Knowledge

    Equities – An Introduction

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