Bond Trading

This course examines today's fixed income markets with a focus on trading and market tactics. Trade simulations will be used to look at optimal trading strategies like buy/sell executions from your posted portfolio, investment strategies and examination of the relevant rules and regulations that apply to professional traders.

15-Sep-2008 -- 15-Sep-2008New YorkUSD$1475
NY Institute of Finance - Midtown9:00am - 4:30pm Instructional Method:
Group-Live
Instructor(s): [ William Addiss; ] Mon Level: Intermediate
CPE Credits: 7.0

15-Oct-2008 -- 15-Oct-2008New YorkUSD$1475
NY Institute of Finance - Downtown9:00am - 4:30pm Instructional Method:
Group-Live
Instructor(s): [ William Addiss; ] Wed Level: Intermediate
CPE Credits: 7.0

Portfolio managers, traders, institutional sales staff and research analysts.
No advance preparation required.
Fixed Income Markets I or equivalent knowledge.
"Good intro to many FI products"
"Difficult concept explained simplistically"
  • Fixed Income Mathematics - Evening
  • Fixed Income Mathematics - Day
  • Yield Curve Analysis
    • Understanding the Dymanics of the Market (Part 1)
    • Understanding the role of brokers and dealers
    • Innovations to the Market

    		Understanding the Dymanics of the Market (Part 2)
    • The Technology of the trade
    • Brokers markets
    • Bloomberg

    Centralization (or lack there of) in the Market
    • Current Reporting requirements and TRACE ( NASDAQ)
    • GOVPIX and pricing issues
    • Bondnet and other centralized dealer systems

    		Understanding Value in the Marketplace (Benchmarking)
    • Problems and Issues related to the current treasury benchmarks
    • Understanding SWAPS as a benchmark
    • Other benchmarking initiatives (Government agencies, high grade corporates)

    Motivations for the Trade
    • Understanding Duration as a trading tool-volatility and liability matching (for the client and the trader)
    • Trading non-linear shifts in the yield curve (DV01)
    • Portfolio immunization strategies
    • Understanding the needs of various client profiles

    		Understanding Product Issues (Part 1)
    • Mortgage Backed Securities
    • Understanding the impacts of negative convexity
    • Construction issues, pricing and trading concerns regarding products such as I/O’s, P/O’s etc.
    • Understanding pricing modules, speeds and prepayment concerns

    Understanding Product Issues (Part 2)
    • Municipal Bonds
    • Role of the NRMSIR
    • Liquidity and pricing concerns related to size of the marketplace, bond construction, regionality of value
    • Corporate Bonds
    • Understanding liquidity issues of high yield vs. investment grade
    • Sector spreads, credit spreads and issue spreads

    		Regulatory Environment and Issues
    • Role of the SEC.
    • Role of Self Regulating Organization's
    • PSA
    • MSRB
    • Exchanges
    • NASDAQ
    • The Federal Reserve
    • Licensing Requirements
    • Series 7
    • Series 24

    Clients who register for this course will receive a complimentary 6 month subscription to the Financial Times and FT.com. The Financial Times is the world's most respected financial newspaper providing a broad assessment on finance, business and the industrial sector. Subscriptions will start within 6-8 weeks of the application process, and are limited to one per client. For questions about your subscriptions call 800-628-8088 or email uscirculation@ft.com. US and Canada enrollees only.

    Lunch included for all students taking day classes.