- •Financial market: notion, structure and infrastructure.
- •Notion, functions, types of financial intermediaries. Financial intermediaries in Russia.
- •International foreign exchange market: functions, participants, operations.
- •Foreign exchange risks: definition, types, insurance methods.
- •3 Types of currency risk:
- •Definition and types of exchange rates. Exchange rate forecasting, currency parity. Factors of exchange rates.
- •Foreign exchange regulation: purposes and instruments.
- •International securities market: definition, structure, participants.
- •Financial system of a country: structure, interrelation between the elements.
- •Budgetary system of a country: principles of construction, structure, Russian and foreign experience.
- •12. State budget revenues and expenditures.
- •Income distribution
- •13. Public debt and sources of its formation.
- •14. Federal budget of the Russian Federation: revenues, expenditures, modern peculiarities.
- •Imf's main responsibilities:
- •2.1 Over the counter (otc) and exchange-traded derivatives
- •2.2 Forward contracts
- •2.3 Futures contracts and their difference to forwards
- •2.4 Options
- •2.5 Swaps
- •Interest rate swaps,
- •19. Securities market regulation in Russia and abroad.
- •20. Professional activity on securities market.
- •21. The problem of risk and the notion of insurance. Functions of insurance company.
- •Insurance aids economic development in at least seven ways.
- •22. Features of corporate insurance products. Commercial insurance.
- •23. Notion and purpose of reinsurance. Types of reinsurance contracts.
- •25. Obligatory and voluntary types of insurance in Russia and abroad.
- •Voluntary:
- •Voluntary:
- •27. Bank liquidity: notion, analysis, regulation.
- •29. Bank’s credit risks: methods of evaluation and minimization.
- •Interest Rate Risk
- •30. International banks: transactions and risks.
- •31. Monetary policy: purpose, types, tools.
- •32. International credit: notion, functions, forms, tendencies.
- •33. Credit market: functions, participants, instruments, indicators.
- •34. Analysis of a borrower’s creditworthiness by banks.
- •7 Functions of financial management:
- •37. Structure of a company’s balance sheet. Analysis of assets and liabilities structure
- •39. Capital structure and company’s cost of capital.
- •42. Classification of sources of corporate financing.
- •Instruments
- •Issuing and trading
- •Valuation
- •Ipo via foreign bank
- •44. Corporate credit policy.
- •Various Types of Corporate Credit and Corporate Credit Policy
- •45. Types of financial risks, quantitative analysis.
- •46. Investment portfolio construction: calculation and analysis of risk and return.
- •48. Types of bonds, calculation of present value of discount and coupon bonds. Types of bond yield.
- •50. Capital Assets Pricing Model (capm).
- •52. Price structure and its components. Factors of a price.
- •53. Methods of pricing.
- •55. Profit taxation in Russia.
- •56. Taxation of foreign corporate entities in Russia.
- •57. Income taxation of individuals.
- •59. Tax planning: notion, purposes, stages.
International foreign exchange market: functions, participants, operations.
The foreign exchange market is the market on which foreign currencies are bought and sold. The Foreign Exchange market, also referred to as the "Forex" or "FX" market, is the largest financial market in the world, with a daily average turnover of well over US$1 trillion -- 30 times larger than the combined volume of all U.S. equity markets. FOREX is global decentralized market which virtually operates around the clock. It facilitates the transfer of purchasing power denominated in different currencies. The foreign exchange market is not a physical place/location; rather it is an informal arrangement between large commercial banks and foreign exchange brokers for buying and selling foreign currencies.
Functions
First, the FOREX market provides a mechanism for transferring purchasing power from individuals who normally deal in one currency to other people who generally transact business using a different monetary unit, thus facilitating the importing and exporting of goods and services. Second, FOREX provides a means of passing the risk associated with changes in exchange rates to professional risk takers. This “hedging” function is particularly important to corporations in the present era of floating exchange rates. The third important function of the FOREX market is the provision of credit. The time span between shipment of goods and their receipt can be considerable. While the goods are in transit, they must be financed. Foreign exchange markets provide a device by which this financing and related currency conversions can be accomplished efficiently and at low cost.
Structure and infrastructure
There is no single formal foreign exchange market such as the one that exists for the sale of stocks and bonds on the New York Stock Exchange. In fact, FOREX market is an over-the-counter market. More specifically, FOREX is composed of a group of informal markets closely interlocked through the international branch banking and correspondent bank relationships. The participants here are linked by telephone, telegraph and cable. This market has no fixed trading hours as well as no written rules governing operation of the foreign exchange market.
Participants:
• Retail customers (juristic persons) - importers/exporters of goods, services and financial assets (stocks/bonds). They are most numerous.
• Dealers - large commercial banks. Specifically, they are the international departments of large commercial banks in the financial centers of the world: London, New York, Tokyo, Zurich, Frankfurt, Paris, Singapore, Hong Kong, and Toronto.
• Brokers – the intermediaries between banks, investments firms, dealing centers and so on
• Central Banks: participate (i) to facilitate Treasury's transactions, and (ii) to prevent or effect a change in the value of their currency
• Private investors (physical persons)– whose major aim is conducting speculative operations
• Arbitrager and speculators