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Overview

Intermediate Futures & Forwards (part 2) course overview

This Intermediate Futures & Forwards (Part 2) 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 how to 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.

Intermediate Futures & Forwards (part 2) 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

Intermediate Futures & Forwards (Part 2) Is an Elective Course of CFI’s CMSA® Program

CFI’s Capital Markets & Securities Analyst (CMSA)® program covers all the basic, intermediate, and advanced topics about sales and trading, investment banking, and asset management. This program teaches you trading strategies used in the finance and capital markets industry. It is ideal for students who want to learn how to trade different asset classes. The program is completely online so you can take it at your own pace, from anywhere in the world.

Common career paths for students who take the CMSA® are Sales & Trading, Asset Management, Wealth Management, Treasury, Risk Management, and other capital markets careers.

Who should take this CMSA® course?

This Intermediate Futures & Forwards (Part 2) 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.

Equity, FX, and Rate Futures

Level 3

Approx 2.5h to complete

100% online and self-paced

Subscribe to get access to CMSA and other programs

From $497/year

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What you'll learn

Lesson

Multimedia

Exams

Files

Introduction

Course Introduction

Learning Objectives

Downloadable Files

Currency Futures Contracts

Exchange Rates Reminder

Cross Rates and Triangular Arbitrage

Triangular Arbitrage Steps

Cross Rate Examples

Forward Exchange Swap Free Preview

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 Free Preview

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

Index Futures Calculations Exercise

Simple Hedge Ratio

Hedge Outcome

Fair Value of Index Futures Exercise

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 Free Preview

Forward Spot Interest Rate - Answer

Interactive Exercise 4

Interest Rate Swap - Example

Bond Futures

Notional Coupon

Deliverable List and Price Factors

Price Factor

FRA Quotes Exercise

Course Outro

Qualified Assessment

Share Your Feedback

Course Completion

Become a certified All Capital Markets & Securities Analyst (CMSA)® Courses

Equity, FX, and Rate Futures is part of the Capital Markets & Securities Analyst (CMSA)® certification, which includes 29 courses.

All Capital Markets & Securities Analyst (CMSA)® 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

Learn more

Path to certification

Prep courses

5 courses from beginner to intermediate level.

01 Optional

Core courses

8 courses from beginner to intermediate level.

02 Required

Elective courses

16 courses in advanced and intermediate levels.

03 Required

Get certified

Submit your CMSA® checklist and order your certificate.

04 Required

Join our community

Get access to the Global Corporate Finance Society.

05 Optional

How the certification works

Capital Markets & Securities Analyst (CMSA)® courses are offered 100% online, allowing you the flexibility to start the Capital Markets & Securities Analyst (CMSA)® program anytime and learn when it’s most convenient for you.

The program is a part of the All Access Subscription, which includes all programs and courses.

CFI courses are designed by instructors with over 21 years of financial analyst training experience.

Students must complete all core and 7 elective courses (13 in total) and demonstrate mastery of the topics through successful completion of course materials, quizzes, and assessments.

Within 48 hours of program completion, your Blockchain Verified (CMSA)® Certification will be emailed to you.

Frequently asked questions

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?

Depending on your enrollment type, you will either have two years, yearly, or monthly access to your courses. 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?

CFI is accredited by the Better Business Bureau® (BBB) to maintain training standards, and by 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?

No! 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. We accept debit/credit cards (Visa, Mastercard, Amex), PayPal, and wire transfers for one-time course payments. If you wish to proceed with a wire transfer from your bank, please see instructions here.

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.

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 help delve even deeper into the course concepts, please look into our free career resources library.

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 which 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.

What is the price of the subscription?

All Access Subscription is priced for $497 per year as Self-Study plan or $897 per year as Full Immersion plan.

What is included in the subscription?

All Access Subscription includes all courses from Financial Modeling & Valuation Analyst (FMVA)® Certification, Commercial Banking & Credit Analyst (CBCA)™ Certification, Capital Markets & Securities Analyst (CMSA)® Certification, Business Intelligence & Data Analyst (BIDA)™ Certification, Commercial Real Estate Finance Specialization and Environmental, Social & Governance (ESG) Specialization.

Equity, FX, and Rate Futures

Intermediate Futures & Forwards (part 2) course overview

Intermediate Futures & Forwards (part 2) learning objectives

Intermediate Futures & Forwards (Part 2) Is an Elective Course of CFI’s CMSA® Program

Who should take this CMSA® course?

Equity, FX, and Rate Futures

Subscribe to get access to CMSA and other programs

What you'll learn

Path to certification

Prep courses

Core courses

Elective courses

Get certified

Join our community

How the certification works

Frequently asked questions

Get certified for Capital Markets (CMSA)®