Equity, FX, and Rate Futures

This course teaches an overview of currency futures, equity index futures, and interest rate futures and forwards.

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Corporate Finance Institute

Overview

Equity, FX, and Rate Futures Course Overview

This course focuses on currency futures, equity index futures, and interest rate futures and forwards. The course provides insight into key concepts such as cross rates, triangular arbitrage, and currency swaps. You will also learn how to calculate the fair value of equity index futures and use these instruments to hedge a position. By the end of the course, you will also have an understanding of forward rate agreements (FRAs), short-term interest rate futures (STIRs), interest rate swaps (IRS), and the relationship between spot rates and forward rates. Equity, FX, and Rate Futures Learning Objectives

Upon completing this course, you will be able to:

Identify triangular arbitrage opportunities by calculating cross rates
Understand how to use equity index futures to hedge a position
Describe the relationship between spot rates and forward rates
Explain FRAs, STIRs, and IRS
Understand currency futures, equity index futures, and interest rate futures

Who Should Take This Course?

This Equity, FX, and Rate Futures course is ideal for anyone looking to enhance their understanding of futures and forwards. It is designed to benefit students and professionals looking to begin a career in derivatives trading or for anyone interested in learning more about the space.

What you'll learn

Lesson

Multimedia

Exams

Files

Introduction

Course Introduction Free Preview

Learning Objectives Free Preview

Downloadable Files

Currency Futures Contracts

Exchange Rates Reminder Free Preview

Cross Rates and Triangular Arbitrage Free Preview

Triangular Arbitrage Steps

Cross Rate Examples

Forward Exchange Swap

Forward Exchange Swap - Example

Interactive Exercise 1

Foreign Currency Futures - Example

Bid Offer in FX

Buying and Selling Currency Futures - Example

What Is a Currency Swap

Currency Swap - Example

Currency Swap Stages

Managing Currency and Interest Rate Risk

FX Forwards - Example

FX Forwards - Example Continued

Forward Price Formula

Quoting Forward Rates

Interactive Exercise 2

Equity Index Futures Contracts

Individual Equity Futures – Example

Index Futures – Example

Index Futures Contract Sizes

Index Futures Contract Profit - Example

Interactive Exercise 3

Calculating the Fair Value of an Equity Index Future

Fair Value of Index Futures - Q1

Index Arbitrage

Index Futures Calculations

Simple Hedge Ratio

Hedge Outcome

Interest Rate Futures and Forward Contracts

Spot Rates vs. Forward Rates

2x5 FRA Example

Series of FRAs

STIR Futures Contracts

Futures Codes

STIR Future - Example

FRA vs. Futures Contracts

Creating a Forward Rate

Forward Spot Interest Rate - Answer

Interest Rate Swap - Example

Interactive Exercise 4

Bond Futures

Notional Coupon

Deliverable List and Price Factors

Price Factor

Course Outro

Qualified Assessment

This Course is Part of the Following Programs

Why stop here? Expand your skills and show your expertise with the professional certifications, specializations, and CPE credits you’re already on your way to earning.

All Capital Markets & Securities Analyst (CMSA)® Courses

Equity, FX, and Rate Futures is part of the Capital Markets & Securities Analyst (CMSA)® certification, which includes 42 courses.

Skills Learned Trading strategies used in the finance and capital markets
Career Prep Work in capital markets, whether on the buy-side or the sell-side

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What our students say

CMSA Course
Has been a wonderful journey

Bartholomew Wilson Mombanya

AWESOME
A must for all thoses interested in Equity, Fx rates , Futures and forward contratcs.

Donald Patrick Okumu Ringa

Most practical and informative finance course
As a person who has been working in the financial industry near a decade, I would say CFI is the art of revealing the applicable dimension of highly academic knowledge in finance. My experience with CMSA has been beyond my expectation. I am so grateful for this opportunity to learn from the professionals. Thank you CFI team

Ali Mortazavi

Very good lecturer
This course requires a firm understanding of maths, but the lecturer explains very step very precisely.

Auron Illing

Frequently asked questions

What are the requirements to take the courses?

All of our certification programs are open to students and professionals in various industries and levels of experience. Our curriculum is designed to teach what you need to know from basic fundamentals to advanced practical case studies. To take the courses and complete the exercises, students will only need access to a PC and/or Mac, Microsoft Suite (2016 or newer), and a stable internet connection. Click here to view the Technical Requirements

Can I download the Excel files and financial modeling templates for the course?

Absolutely! All the files and templates needed in a course are available for download. Just look for a module that shows Downloadable Files within the course dashboard. See here for a visual guide on how to do this.

How long do I have to complete the courses?

You will have yearly access to the courses as long as you maintain an active subscription. All the courses are self-paced as well so you can take your time in learning without worrying about any deadlines. Click here to compare our available enrollment options.

Are CFI courses officially accredited?

Yes, CFI is accredited by the Better Business Bureau® (BBB) to maintain training standards, the CPA Institutions in Canada, and the National Association of State Boards of Accountancy (NASBA) in the USA. Most of our courses qualify for verified CPE credits for CPA charter holders. Please refer to this page to view all available CPE credits.

Are there any additional fees or costs?

None! The bundle price includes everything and there are no additional fees or charges to earn your digital certification. You can see our enrollment fees listed here.

What currency are your courses priced in?

All our online courses are priced in USD. As this is a recurring payment, we accept all major credit and debit cards including Visa, MasterCard, and American Express.

How do I earn my certificates?

Students must complete all the video lessons, quizzes, and final assessments in each course. You can retake the assessments as many times as necessary until you reach an 80% passing grade. For more information on how to earn a course certificate, click HERE.

How are the exams conducted?

Students are required to complete an online assessment (Multiple choice questions, Fill-in-the-Blanks, and Excel Questions) at the end of each course. You can take the exams on your own schedule and will need to earn at least 80% to pass the course and earn your certificate of course completion. Please note that course exams can be repeated as many times as you need. Students are also required to complete the FMVA® final exam to earn their certification. How to Take a Qualified Assessment

Can I email the instructor if I have questions?

While the courses are designed mainly for self-study, we are happy to provide email assistance for general or technical support inquiries. The Full Immersion bundles include a premium email support function that allows you to communicate directly with in-house experts regarding course content. This is one of the key features that sets the Full Immersion bundle apart and makes it a worthwhile upgrade over the more affordable self-study bundle. You can compare more features in our bundles here.

Will these courses help me advance my career?

Based on hundreds of reviews from thousands of students we know how CFI courses have helped so many people advance their finance careers. Our courses are designed to be extremely practical and simulate the experience of being trained as a professional financial analyst…the ultimate way to advance your career. For real-world examples and to help delve even deeper into the course concepts, please look into our free career resources library.

Equity, FX, and Rate Futures

Overview

Equity, FX, and Rate Futures Course Overview

Who Should Take This Course?

Equity, FX, and Rate Futures

Get Recognized With CFI

What you'll learn

This Course is Part of the Following Programs

What our students say

Bartholomew Wilson Mombanya

Donald Patrick Okumu Ringa

Ali Mortazavi

Auron Illing

Irakli Partsvania

Nicole Persi

Manoj Kumar P

Sylvain DAVID

Kwong Sang Yeung

Kwong Sang Yeung

Frequently asked questions

Get certified for Capital Markets (CMSA)®