Programme

Money Markets

Educational material, not professional, tax or legal advice. Figures reflect Irish law as understood when written — check Revenue.ie or a qualified adviser before acting. Not affiliated with or endorsed by any professional body.

Introduction to Money MarketsWhat money markets are, who uses them, the main instruments and how they link to central banks and the wider economy.15 lessons

Money Market MathematicsSimple interest, day counts, discount and yield, present value, forward rates and the yield curve, with worked examples.15 lessons

Money Market InstrumentsTreasury bills, commercial paper, certificates of deposit, deposits, bankers' acceptances and how each is issued, priced and used.15 lessons

Repo and Securities FinancingHow repos work, haircuts and margin, general collateral and specials, tri-party repo, securities lending and the risks involved.15 lessons

Central Banks and Monetary OperationsReserves, policy rates, corridor and floor systems, ECB operations and collateral, asset purchases, emergency liquidity and swap lines.15 lessons

Benchmark Interest RatesWhat benchmarks do, the LIBOR scandal and its end, the euro STR, EURIBOR, SOFR and SONIA, fallbacks and the Benchmarks Regulation.15 lessons

Money Market Funds and Cash ManagementHow money market funds work, the EU fund types and rules, Ireland as a fund centre, and corporate treasury cash management.15 lessons

Foreign Exchange MarketsQuotations, spot and forwards, covered interest parity, FX swaps, options, settlement risk, hedging and market conduct.15 lessons

Short-Term Interest Rate DerivativesFRAs, interest rate futures, swaps and overnight index swaps, caps and floors, documentation, collateral and central clearing.15 lessons

Risk Management in Money MarketsInterest rate, liquidity, counterparty, market and operational risk; gap analysis, LCR and NSFR, stress tests, ALM and limits.15 lessons

Regulation, Conduct and Market InfrastructureMiFID II, market abuse rules, reporting, payment and settlement systems, CCPs, prudential rules, AML, sanctions and accountability.15 lessons

Money Market Crises and Case StudiesFrom Northern Rock and Lehman to the euro crisis, the 2019 repo spike, the 2020 dash for cash, the 2022 LDI crisis and the 2023 bank failures.15 lessons