The Trader
Learn how global markets really work with our online sales and trading course. Build a deep understanding of financial products, pricing, and trading floor mechanics.
Gain the knowledge, vocabulary, and confidence to discuss and analyze any major financial instrument or market.
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36.5
Hours
38
Topics
50
Practical exercises
6
Exams
The Trader includes
- Debt vs. equity
- Borrowed money vs. ownership
- Dilution vs. financial flexibility
- Risk-return considerations
- The company lifecycle and available sources of funding
- The concept of leverage
- Loans vs. bonds
- Secured vs. unsecured debt
- Government vs. corporate debt
- Investment grade vs. high yield
- Overview of the bond issuance process
- Understand the difference between private and public equity
- Initial public offerings
- Ordinary shares vs. preference shares
- Depositary receipts
- The concept of equity indices
- Key equity metrics and data points
- What do we mean by “sell side”?
- The difference between broker and dealer
- What do we mean by “buy side”?
- Types of investors and their investment styles
- Retail investors vs. high net worth vs. institutional investors
- Active vs. passive investing
- Institutional investor types, their primary investments and goals
- Financial markets as two-sided markets
- What does “spot price” mean in practice?
- Long positions – risk profiles and trade motivations
- Short positions – risk profiles and trade motivations
- Market price quotation
- Last price vs. bid and ask/offer
- The main drivers of bid-offer spreads
- Exchange traded vs. OTC
- Client onboarding
- Order and execution
- Clearing
- Settlement
- Ongoing position management and mark to market valuation
- The role of clearing houses and custodians
- Inflation and Unemployment
- Fundamentals and Gross Domestic Product (GDP)
- Fiscal and Monetary Policy
- Indicators
- Balance of Payments (BOP)
- What is a financial derivative
- The different types of derivatives
- Potential benefits of using derivatives
- The forward price – no arbitrage and the cost of carry
- Introduction to market risk in derivatives
- Introduction to counterparty risk in derivatives
- Client onboarding
- Order and execution
- Clearing
- Settlement
- Ongoing position management and mark to market valuation
- The role of clearing houses and custodians
- General mechanics of bonds and coupon types
- Bond pricing and yield to maturity
- Clean vs dirty prices
- Carry and roll down
- Interest rate risk and sensitivities defined
- An intuitive look at the key drivers of IR sensitivity
- Macaulay duration
- Modified duration
- Convexity: what is it and why does it matter?
- Dollar value of a basis point (DV01)
- Interest rate sensitivity for floating rate notes (FRNs)
- Yield curve fundamentals
- What is a yield curve?
- High level construction principles
- Classic yield curve shapes and the key drivers
- Why are yield curves less smooth in practice?
- Yield curve dynamics
- Slope vs. curvature
- Fundamentals of yield curve trading
- Duration neutral flatteners and steepeners
- Butterflies
- Client onboarding
- Order and execution
- Clearing
- Settlement
- Ongoing position management and mark to market valuation
- The role of clearing houses and custodians
- The general mechanics of repurchase agreements
- Repo vs. reverse repo parties and their motivations
- General collateral vs. specific repos
- What do we mean by “a bond goes special”?
- Bilateral and tri-party repos
- The link between credit risk and credit spreads
- How to assess credit risk
- Bond defaults
- A look at historical credit spreads and default rates
- A high-level discussion of the corporate bond issuance process
- How corporate bonds are quoted in the secondary market
- Credit spreads and their term structure
- The concept of credit duration and how it compares to rates duration for fixed coupon bonds and floating rate notes
- How can investors isolate the credit duration of a fixed coupon corporate bond?
- Introduction to some common credit spread measures
- Option terminology European vs. American vs. Bermudan options
- An intuitive look at the option premium
- Intrinsic value: the lower price boundary
- Time value: what drives it?
- Some common option strategies
- Protective puts
- Covered calls
- Collars
- Call and put spreads
- Straddles, strangles
- The Greeks
- Portfolio-Level Risk
- Delta & Gamma Hedging
- Time Decay (Theta)
- Volatility Exposure (Vega)
- Definition and key characteristics
- Players in the structured products market and their motives
- Introduction to Structured investment products
- Yield vs. growth products
- Levels of capital protection
- Principal-protected tracker notes
- The concept of credit-linked notes
- Dual currency deposits
- Key considerations for structured product investors and issuing banks
- The general mechanics of total return swaps
- Calculations of equity swap leg payments
- Equity swap valuation: the accrual method
- The general mechanics of total return swaps
- Calculations of equity swap leg payments
- Equity swap valuation: the accrual method
- Electronic vs. quantitative vs. algorithmic trading
- The purpose of execution algorithms
- Volume weighted average price (VWAP)
- Time weighted average price (TWAP)
- Percent of volume (POV)
- Implementation shortfall (IS)
- Electronic vs. quantitative vs. algorithmic trading
- The purpose of execution algorithms
- Volume weighted average price (VWAP)
- Time weighted average price (TWAP)
- Percent of volume (POV)
- Implementation shortfall (IS)
- The mechanics of securities lending
- Key participants and their roles and motivations
- The concept of equity index futures and contract specifications
- Hedging using index futures contracts: simple hedge ratio vs. beta adjusted
- The significance of contract expiration and the futures roll
- A look at the futures basis and index arbitrage
- The general mechanics of total return swaps
- Calculations of equity swap leg payments
- Equity swap valuation: the accrual method
- Equity index ETFs
- Index ETFs vs. mutual funds
- Index ETF NAVs
- Authorized participants, creation and redemption process
- Forward rate agreements (IBOR)
- Terminology
- Quotation
- Settlement process and calculation of the discounted settlement amount
- Short term interest rate (STIR) futures
- IBOR contract
- RFR contracts
- Interest rate swaps (IBOR contracts)
- Overnight index swaps (OIS)
- Interest rate swap application examples
- An intuitive look at interest rate risk in interest rate swaps
- Basis swaps
- Review: tenor basis and IBOR-OIS spreads
- Interest rate swap execution and clearing
- STIR futures options
- Contract specifications
- Quarterly/serial options vs. mid-curve options
- Caps and floors
- Terminology and conventions
- Caps, floors and collars
- General pricing/valuation considerations
- Backward vs. forward looking fixings and the impact on contract mechanics
- Swaptions
- European swaptions terminology
- Cash vs. physical settlement and the practical implications
- Swaption payoff profiles
- Introduction to Bermudan swaptions
- Single name credit default swap (CDS) mechanics
- CDS terminology and conventions
- Par spreads vs. standard coupons
- Standardized payment and maturity dates
- Upfront payments
- Credit events and an introduction to CDS settlement
- An intuitive look at CDS valuation and sensitivities
- The CDS basis
- Definition of the CDS basics
- Positive vs. negative basis and reasons why they exist
- Index CDS
- Introduction to the iTraxx and CDX index families
- Index CDS cash flow and settlement mechanics
- Characteristics of foreign exchange transactions
- Breakdown of the FX market
- Market participants and their motives
- The traded products
- The major currency pairs
- FX spot market
- Understanding FX spot quotes
- Settlement risk and continuously linked settlement (CLS)
- Strengthening and weakening: a brief overview of what influences FX spot rates
- The concept of a carry trade
- FX forwards (outrights)
- Outright forward quotation – how to get from points to the forward rate
- Interest rate parity and the theoretical forward rate
- The intuitive link between interest rate differentials and forward points
- Introduction to non-deliverable forwards (NDFs)
- Understanding risk exposures in outright forwards
- FX swaps
- FX swap terminology, cash flow mechanics and conventions
- FX swap application examples
- Interest rate parity in practice and the FX basis
- Understanding risk exposures in FX swaps
- Cross currency swaps (XCCY)
- XCCY mechanics
- The cross-currency basis
- Vanilla calls and puts in a foreign exchange context
- Call and put at the same time
- Possible ways to quote the premium
- Different ways to structure the FX option payout
- Introduction to binary and barrier options
- Main features of binary options and application example
- The main types of barrier options
- Knock-in
- Reverse knock-in
- Knock-out
- Reverse knock-out
- Key skills for a career in trading
- What a normal day looks like
- How to know your market and stay up to date on products and markets
The Trader
| Micro-Degree
Financial Market Fundamentals
9.5
Hours
12
Topics
10
Practical exercises
1
Exam
Learn the key principles that underpin all markets – how instruments are issued, traded, and valued, and the role of market participants and intermediaries.
Understanding the Corporate Lifecycle and Financing Decisions
43 video minutes
3 Excel exercises
Video minutes 43
Excel Exercises 3
Intro to Debt Markets
33 video minutes
1 Excel exercises
Video minutes 33
Excel Exercises 1
Intro to Equity Markets
69 video minutes
3 Excel exercises
Video minutes 69
Excel Exercises 3
Market Participants Overview
52 video minutes
Video minutes 52
Excel Exercises 0
Financial Marketplaces and Prices
42 video minutes
3 Excel exercises
Video minutes 42
Excel Exercises 3
Life Cycle of a Trade
23 video minutes
Video minutes 23
Excel Exercises 0
Macroeconomics – Inflation and Unemployment
27 video minutes
Video minutes 27
Excel Exercises 0
Macroeconomics – Fundamentals and GDP
33 video minutes
Video minutes 33
Excel Exercises 0
Macroeconomics – Fiscal and Monetary Policy
19 video minutes
Video minutes 19
Excel Exercises 0
Macroeconomics – Indicators
11 video minutes
Video minutes 11
Excel Exercises 0
Macroeconomics – Balance of Payments (BOP)
15 video minutes
Video minutes 15
Excel Exercises 0
Intro to Derivatives
77 video minutes
Video minutes 77
Excel Exercises 0
Money and Bond Markets
8
Hours
7
Topics
9
Practical exercises
1
Exam
Explore how governments and corporations raise capital, how yields and prices relate, and how to read and interpret yield curves.
Money Markets
57 video minutes
1 Excel exercises
Video minutes 57
Excel Exercises 1
Bonds and the Yield to Maturity
58 video minutes
3 Excel exercises
Video minutes 58
Excel Exercises 3
Interest Rate Risk and Sensitivities for Bonds
61 video minutes
2 Excel exercises
Video minutes 61
Excel Exercises 2
Yield Curve Fundamentals
45 video minutes
2 Excel exercises
Video minutes 45
Excel Exercises 2
Government Bonds
57 video minutes
Video minutes 57
Excel Exercises
Repos
27 video minutes
1 Excel exercises
Video minutes 27
Excel Exercises 1
Corporate Bonds
77 video minutes
Video minutes 77
Excel Exercises 0
Options and Structured Products
4.5
Hours
3
Topics
7
Practical exercises
1
Exam
Demystify options pricing and payoff structures, and understand how structured products are built to meet specific investor needs.
Option Mechanics
96 video minutes
2 Excel exercises
Video minutes 96
Excel Exercises 2
Options Risk Management and Greeks
54 video minutes
4 Excel exercises
Video minutes 54
Excel Exercises 4
Intro to Structured Products
56 video minutes
1 Excel exercises
Video minutes 56
Excel Exercises 1
Equity Markets and Derivatives
8
Hours
6
Topics
2
Practical exercises
1
Exam
Examine how equities are traded, how indices are constructed, and how options and futures allow investors to manage exposure to equity markets.
Stock Market Essentials
51 video minutes
1 Excel exercises
Video minutes 51
Excel Exercises 1
Equity Trading Practices
18 video minutes
Video minutes 18
Excel Exercises
Algorithmic Trading
20 video minutes
Video minutes 20
Excel Exercises 0
Index Investing
36 video minutes
Video minutes 36
Excel Exercises 0
Securities Financing and Lending
51 video minutes
1 Excel exercises
Video minutes 51
Excel Exercises 1
Equity Index Futures
51 video minutes
Video minutes 51
Excel Exercises 0
Equity Swaps
29 video minutes
Video minutes 29
Excel Exercises 0
Exchange Traded Funds (ETFs)
27 video minutes
Video minutes 27
Excel Exercises 0
Interest Rate and Credit Derivatives
5
Hours
5
Topics
12
Practical exercises
1
Exam
Understand swaps, futures, and credit derivatives – how they are structured, priced, and used to manage interest rate and credit exposure.
Short Term Interest Rate Forwards and Futures
60 video minutes
3 Excel exercises
Video minutes 60
Excel Exercises 3
Interest Rate Swaps
76 video minutes
2 Excel exercises
Video minutes 76
Excel Exercises 2
Interest Rate Options
45 video minutes
2 Excel exercises
Video minutes 45
Excel Exercises 2
Credit Derivatives (CDS)
56 video minutes
5 Excel exercises
Video minutes 56
Excel Exercises 5
Foreign Exchange (FX) Markets and Derivatives
9
Hours
3
Topics
9
Practical exercises
1
Exam
Learn how FX is quoted, traded, and settled in the world’s most liquid market. Understand spot, forwards, swaps, cross-currency swaps, and options, and how the FX basis influences pricing and funding costs.
FX Spot and Forwards
88 video minutes
3 Excel exercises
Video minutes 88
Excel Exercises 3
FX Swaps and Cross Currency Swaps
65 video minutes
2 Excel exercises
Video minutes 65
Excel Exercises 2
FX Options
70 video minutes
4 Excel exercises
Video minutes 70
Excel Exercises 4
Trading Expert Interview
0.5
Hours
Meet Richard Class, former Managing Director in Fixed Income, and discover what makes a great trader. Learn what the key skills for a trader are, how to stay up to date, and what sets great traders apart, as well as his top tips for anyone looking for a successful career in trading.
Trading Expert Interview
15 video minutes
Video minutes 15
Excel Exercises 0
Skills & Learning Objectives in The Trader Micro-Degree
Learn from our expert instructors
Learn more about our full facultyRecognized by industry experts
Colin Evans
Managing Director at J.P. Morgan
Colin Evans is a Managing Director at J.P Morgan and leads the financial institutions coverage team globally for the Corporate Banking.
Dr. Bridget Lyons
Professor of Finance
Professor of Finance at the Jack Welch College of Business at Sacred Heart University and Associate Instructor.
Chris Bishko
CFO
CFO with over 25 years experience as an operator, investor and investment banker in technology and financial services.
Wall Street Recognized Certification
Established on Wall Street, Financial Edge has taught at the biggest bulge-bracket firms since 2016, and now we offer that very same training online for you. It’s no secret that banking is fiercely competitive, which is why our Wall Street recognized certification is designed to let your employers know you have the skills to succeed.
Complete a Micro‑degree to join our exclusive alumni
Sit beside the world’s best investment bankers on LinkedIn, and take advantage of exclusive must-have benefits for new and experienced analysts.
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Single Course
- Lifetime access
- Expert instructor support
Boost Plan
Includes full access to all certified courses.
- 266+ hours of instructor-led learning
- Search across 520+ playlists, 4400+ videos and Q&As
- Role-focused pathways
- Expert instructor support
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Full Felix access including all learning content and data features.
- Everything in the Boost plan
- Streamlined company data
- Current and historic filings for over 7000 companies
- Market and industry data
- Ready-to-use sector and transaction models
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| Single Course | Boost Plan | Pro Plan | |
|---|---|---|---|
| Completion certificates | 1 | 43 | 43 |
| Skills certificates | 6 | 63 | 63 |
| Micro-degrees | 1 | 12 | 12 |
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| Practical exercises to work alongside videos and quick quizzes to test your understanding | |||
| Searchable library of 520+ playlists, 4400+ videos and Q&As | |||
| 12 role-based learning pathways, including Investment Banking, Equity Research, Sales and Trading and more | |||
| Weekly live webinars | |||
| Streamlined company data (WACC. & EV bridge calculator, custom comparables) | |||
| Current and historic filings for over 7000 firms globally | |||
| Current and historic filings for over 4000 US firms | |||
| Link to, label and share data points in filings (limited to 10 for Free and Boost users, unlimited for Pro) | |||
| Regional and industry data sets | |||
| Ready-to-use sector and transaction models | |||
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