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Equities

Learning Outcomes

  • Using a case study to understand equities
  • Equity Trading
  • Primary Equity Issuance
  • Equity Markets
  • Understand the difference between book, market and fair value of an equity

Discourse

As a meeting point for issuers and buyers of stocks, equity markets are a method for companies to raise capital and for investors to own a piece of a company. Stocks can be issued in public markets or private markets. Depending on the type of issue, the venue for trading changes. Most equity markets are stock exchanges that can be found around the world, such as the New York Stock Exchange and the Tokyo Stock Exchange. In this course you will be exposed to a wide variety of learning material regarding Equities and have the opportunity to engage in a large-scale equity trading simulation to complete the course.

Program Overview

Case Study
  • From IPO to Trading – Review of a Company Deal
Equity Overview
  • Introductory Quiz with bonds to ascertain current knowledge and gaps
Equity Valuation
  • A quick exercise to refresh delegates’ memory of equity valuation so as to be able to put the techniques into practical situations today
  • Dividend discount models
  • Discounted free cash flow (DCF) models
  • Multiple valuation methods (comparables)
  • Asset-based valuation methods
Primary Equity Issuance
  • Examine the role of ECM and the challenges they face
  • Consider, in depth, the role that research, sales and trading play in ensuring a successful IPO
  • Know the role of ECM in an initial public offer (IPO)
  • Understand the main reasons a company may go public:
    • Raise capital
    • Allow investors to exit
    • Motivate employees
    • Facilitate acquisitions with stock
  • Know key reasons against going public
    • Loss of control
    • Increased disclosure
    • Increased compliance costs
  • Understand each of the stages involved in an IPO
Equity Markets
  • Observe major equity exchanges around the world and the impact of Dark Pools, MTFs, multiple listing and new exchanges
  • Explore indices and how they are compiled and used as benchmarks
  • Understand the purpose and function of a stock exchange
  • Know the major stock exchanges in the following countries: United States, Japan, Europe, United Kingdom, Hong Kong, China, Canada, India
  • Understand the differences between order and quote driven markets
  • Understand the relative advantages of open outcry versus electronic exchange trading
  • Understand the growth in alternatives trading venues such as dark pools and competing exchanges and the impact this has had on the global equity market
  • Understand the process of algorithmic trading including high frequency trading and the impact it has had on the global equity market
  • Know the main uses of equity indices
  • Understand the difference between market, price and equal weighted indices
  • Understand the mechanics of an equity index in terms or rebalancing and stock splits
  • Know which markets are represented by the following stock indices
Equity Trading
  • End the course with large-scale equity trading simulation
  • Review the role of Instinet and how the margins of Equity Trading have been declining
  • Demonstrate how technology can be used to successfully take on the role of an equity trader

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