Financial Markets Foundation Qualification (FMFQ)

The Financial Markets Foundation Course (FMFC) is an introductory level qualification intended for anyone entering into a career in the financial markets.

The programme is intended to provide breadth of knowledge to make it relevant to people pursuing careers in the front office, middle office and operations areas. The course content places an even emphasis on introducing and explaining the key concepts of each subject area to develop candidates practical knowledge and skill sets.

The course content is delivered over two and a half days with the FMFC exam taking place on the afternoon of day three.

This course is provided through a partnership between ICE Education and the International Capital Markets Association (ICMA) Executive Education. All exam based courses are accredited and certificates awarded by Henley Business School, University of Reading.

Course Information

Price £2,575 + VAT
Duration 3 days
Location London
Available Dates

Who Should Attend

The course is relevant to a wide range of job functions and areas; anyone who would benefit from an understanding of financial markets, participants and products and how they all come together.

Candidates will come from organisations involved in both the sell-side and buy-side of the industry plus insurance, accounting, IT firms supporting the industry and the financial press.

The course does not assume any prior study or work experience other than a general knowledge of mathematics such as basic algebra and statistics.

Booking Information

Tel: +44 (0) 20 7065 7706

Course Content

1. Overview of the Financial Markets

  • Introduction to financial markets
  • Concept of disintermediation
  • Explain how banking and financial markets co-exist
  • Identifying the key players and their impact on the market
  • Inside a financial institution
  • Case study - how the changes in regulation are impacting the market

2. Debt Markets

  • Long-term and short-term debt
  • Discount and interest-bearing products
  • Interest rate and credit products
  • Deposits - bank to customer and interbank markets
  • LIBOR, EURIBOR and overnight indexed rates
  • Introduction to credit debt - commercial paper
  • Introduction to interest rate debt - treasury bills
  • Role of primary dealers
  • Calculating proceeds
  • Features of bond markets
  • Interest rate and credit products in the long-term market
  • Government debt in different countries
  • Corporate bonds
  • Understanding credit spreads
  • Valuing bonds - accrued interest
  • Case study - new issues in the market

3. Equities

  • Comparing equity to debt
  • Key features of equity products
  • Equity new issuance
  • Role of equity indices
  • Impact of MiFID and MiFID II
  • Role of MTFs
  • Impact of algorithmic trading
  • Equity valuation - understanding the cashflow
  • Case Study - study of an IPO

4. FX

  • Structure of the FX market
  • How the market trades
  • Understanding FX prices - spot rates
  • Reading prices and calculating simple values
  • Calculating and understanding cross rates
  • Introduction to FX forwards

5. Derivatives

  • Interaction between cash and derivative markets
  • Key uses of derivatives - risk management and risk replication
  • OTC and exchange-traded derivatives
  • Impact of legislation such as EMIR and Dodd-Frank
  • Review of currency forwards
  • Developing the model for interest rates and credit
  • Structure of the futures market
  • The role of a futures exchange
  • Process of margining
  • Options - comparison with forwards and futures