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, a graduate of ESSEC and Warwick Business School, began his career in auditing at Arthur Andersen before joining General Electric - Energy Division - in corporate finance, working on industrial, regulatory and M&A assignments in France and Italy.
He joined Goldman Sachs in London, first as COO in the Equities division and then as VP on the institutional portfolio restructuring desk, working on ALM and cross-asset allocation issues.
He made a transition to asset management by becoming Global Macro portfolio manager at Odin Capital, before becoming its COO. After this experience, he founded Zentak Capital with a partner to offer institutional clients a volatility arbitrage strategy.
He has been working in training for 10 years, as a trainer and also in charge of CIB-AM clients for Bärchen. Tigrane is Lean Six Sigma and FCA certified.

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