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Goal: To describe the underlying cash capital markets and their instruments - fixed income and equity and the chief variants of each - and to examine issuance, trading and settlement processes.
Overview
- Who issues bonds and equities and for what reasons
- Investors in debt and shares, and what they seek to achieve
- How bonds and shares are brought to market
- The roles of market makers and brokers
- How cash equities and bonds are traded and settled
Fixed Income Markets
- The relative attractions of debt issuance
- Vanilla bond description
- Variations on the theme – bells and whistles
- Degrees of subordination
- Asset-backed securities
Equity Capital Markets
- Fundamentals of equities – rights and risks
- The prospectus, offer documents and stock exchange reporting
- Trading, settlement and delivery, custodianship
- Stock lending
- The nature of equity markets and their alternatives
Specialist themes
- The influence of the ratings agencies
- The role of stock indices as a substitute for direct equity investment
Andrew Simpson
Consultant
* FTSE 100 Competition starts *
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