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  CAPITAL MARKETS  
CAPITAL MARKETS - AN INTRODUCTION TO SECURITY VALUATION AND THE BASICS OF DERIVATIVE INSTRUMENTS
(complete with explanations in Hungarian and English-Hungarian glossary)


Recommended for:

This course of two modules will be of benefit to those who wish to develop a basic understanding of fixed income securities, equtiy instruments and derivatives and the markets in which they operate.


Objective of the program:

The first day gives an overwiew on how the value of a particular asset can be determined. In investment management, the most important decision made is the allocation of funds among asset classes. The two major asset classes are equities and fixed income securities. Our focus is on the underlying priciples of valuation of equities and fixed income securities after looking at the various features of those financial instruments. It is also explained how those features affect the risks associated with investing in them thus giving a synopsis of the risk-return relationship as well as return concepts.

To many within the financial services industry derivatives are thought of as very complicated. The second day of this course demystifies the terminology and ensures a full understanding of the concepts behind derivatives. It also fosters an understanding of the instruments used and the potential risks involved.

Theoretical explanations are underpinned by numerous practical examples in order to enhance understanding and practicability of the material.


Details of the program:

Module 1 - Introduction to security valuation (1 day)
  • Introduction to the theory of valuation
  • Fixed income securities
    • Features of debts securities
    • Risks associated with investing in bonds
    • Introduction to the valuation of debt securities
    • Yield measures, spot rates and forward rates
    • Understanding yield spreads
  • Valuation of equity instruments
    • The dividend discount model
    • Free cash flow valuation
    • Relative valuation techinques
    • Price and enterprise value multiples
Module 2 - The basics of derivatives (1 day)
  • Introduction to derivatives - What, who, how and why?
  • Why use derivatives as well as or in place of cash assets?
  • The Participants in the Market
    • Types of traders
    • Types of investors
    • Exchange traded products - Futures
    • Central counterparties and margining
    • Applications of futures
    • Using futures for leverage
  • Options
    • Pay-off profiles
    • Settlement
    • The concept of pricing
    • Intrinsic and time value
  • Forward rate agreements
  • Interest Rate Swaps - hedging interest rate risk
    • Uses of swaps
    • Tying swaps to underlying instruments
    • Asset / liability Swaps
  • Other Derivatives
    • Swaptions
    • Credit Default Swaps
    • Total Return Swaps


Tutor:

Attila Csutora


Price:

The modules can be taken separately as well:

Module 1 : 70.000 Ft + VAT
Module 2: 70.000 Ft + VAT

The course fee includes: - participation at the course, - printed course notes - refreshments

In case of registering at least 1 month before the course start date 10% discount is offered. In case of multiple participants registering from the same company, 10% discount is offered for the 2nd and 15% discount for the 3rd and any further participants.

The different discounts may not be applied simultaneously.


Please contact us for further information:

Kiss Eszter
Tel: + 36 1 483 1221
mobil:+36 70 866 4790
Fax: + 36 1 483 0762
Email: eszterkiss@bppinternational.hu