Twenty representatives from the capital market institutions and market players were trained in the basics of derivatives from July 07 through July 09. BEA has engaged Mr. Patrick Armstrong, Director of Global Bond Risk management at State Street Global Advisors, Boston, USA to deliver present the training, which included description of the trends and developments in the global capital market; introduction to derivatives; deepened presentation of fixed income securities; characteristics of the equity markets; risk factor identification; modeling risk factors; credit derivatives, etc.

Participants on the training, after having received their certificates

The representatives from the Ministry of Finance, Securities Exchange Commission, Macedonian Stock Exchange, banks and investment fund managing companies had the opportunity to learn about the features of the basic derivative instruments with reference to interest rates, currency and credit swaps, and options, and about the methods of optimizing portfolio performance as well. Derivatives are financial instruments that have not been traded on the domestic market so far. They are usually used by institutional investors to increase the overall portfolio return or to hedge the portfolio risk. Taught by an international derivatives expert, this training course was developed to provide participants with understanding of equity derivative products and their application in trading, hedging and portfolio management.