Assets and players in the new financial economy

Financial markets through its asset classes and participants

Course objectives

  • Understand the role and fundamentals of financial markets, from creation of money to allocation by asset class
  • Develop a reading grid of market movements and understand the analysis professionals
  • Know the different market players and their objectives and investment horizons

Introduction to financial markets

  • Reminder of the types of products and exchange platforms : list Vs OTC cash Vs derivatives
  • Main derivative products, quotations and mechanisms: swaps, futures, options, ETF
  • Introduction to spread strategies
  • Types of risks by product and underlying

Case Study: Subprime 2007, post-mortem analysis through rates

Understanding the world of financial products and asset class correlations

  • Equity: types of equity, international quotations and sources of liquidity
  • Stock indexes:
    • Review of the main national and international indices
    • Methods of calculation of indices
    • Regional correlations
  • Bonds markets and instruments
    • Understand the risk to analyse the yield
    • Review of bond exchanges
    • Main bond indices
  • Commodities: metals, grains and energy
    • The physical market and its derivatives: source hedging or speculation?
    • Seasonality of products
    • The particular case of gold and oil
  • Forex:
    • What determines the value of a currency ?
    • The peculiarity of the foreign exchange market relative to other assets
    • What is the carry trade ?
  • Volatility: a new asset class ? VIX analysis
  • The importance of market liquidity * Analysis of trading volume in specific situations
  • Analysis of the main correlations between assets and asset classes

Case study: Economic Indicators, reaction by asset type

Who are the key players in the new financial economy and what are their relationships?

  • Corporate banks, hedge funds, private equity funds, sovereign funds ... who does what ?
  • Rating agencies: Rationale, economic role and reading grid
  • The BRICs phenomenon of (Brazil, Russia, India, China) and the new global hierarchy
  • Has the machine killed the trader ? Analysis of algorithmic trading and its impact on the liquidity and market volatility: the 'flash crash'
  • Understand the formation and bursting of a bubble by its investor types

Case study: Debt crisis in Europe: why and how?

Tigrane Kibarian

Tigrane Kibarian

Tigrane Kibarian graduated from ESSEC and began his career in audit at Arthur Andersen before joining General Electric, where he worked in corporate finance. He then joined Goldman Sachs in London where he was first team leader in charge of the Business Development of Equities Division. He then worked in restructuring large institutional portfolios across all asset classes. Now an independent trader, active in major index, currency and bonds markets, his broad vision of the economy and his cross – trading room and products experience give him a very practical understanding of financial markets.

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