Course 10 · Capital Markets Trading & Risk Academy

Digital Assets & Tokenized Markets

Read the new venue. Keep the old controls. Prove custody.

Courses 01-09 cover government bonds, rate derivatives, inflation, linear FX, FX options, corporate credit, securitized credit, equities and securities financing. Chapters 01-80 of Course 10 own native digital assets, tokenized money, tokenized financial claims, venue and custody mechanics, digital-asset derivatives, decentralized-finance exposures, and their market and operational risks. Chapters 81-100 own the missing cross-asset market-risk integration: a graded portfolio engine, VaR, expected shortfall, backtesting, stress, liquidity, hedging and independent senior-committee defense.

100 chapters · 10 modules · beginner to advanced · spreadsheet first, Python and SQL optional

Enrol or enquire See the 100 chapters
The continuous case

One book, carried through all ten modules

Meridian Digital Assets & Group Market Risk receives small illustrative positions in a native cryptoasset, a fiat-referenced token, a tokenized government-bond claim, a listed or documented derivative, and a decentralized lending exposure. The final market-risk exercise integrates the live Meridian positions accumulated in Courses 01-09, translated to a common reporting currency and a dated valuation cut. All quotes, counterparties, reserve figures and legal structures are fictional teaching assumptions.

The firm, positions, prices and counterparties are fictional teaching inputs. They do not describe any real institution or transaction.

Curriculum

10 modules · 100 chapters

Each module closes with an artefact, and the ten artefacts accumulate into the final pack the learner defends. Chapters build in order rather than standing alone.

M1 Digital-asset taxonomy and legal claims Ch 1-10
  1. Asset, Token, Ledger and Claim
  2. Native Assets and Protocol Economics
  3. Reserve-Backed Stablecoin Promise
  4. Tokenized Bank Deposit Versus Stablecoin
  5. Wholesale Central-Bank Money Concept
  6. Fungible Tokens and Contract Permissions
  7. Protocol Developers, Validators and Issuers
  8. Centralized Venue Versus On-Chain Exchange
  9. Fiat Rails and Currency Conversion
  10. Taxonomy Capstone: Four Similar Dollar Screens
M2 Transactions, custody and settlement finality Ch 11-20
  1. From Signed Instruction to Ledger Entry
  2. Confirmation and Finality Thresholds
  3. Fees, Congestion and Settlement Cutoffs
  4. Wallet Keys and Signing Authority
  5. Segregated and Omnibus Custody
  6. Reconcile Wallet, Custodian and Treasury
  7. Cross-Chain Bridge Exposure
  8. Fork, Upgrade and Governance Event
  9. On-Chain Transparency and Information Gaps
  10. Settlement Capstone: Missing Token Delivery
M3 Tokenized bonds, equities and settlement assets Ch 21-30
  1. Token Representation of a Government Bond
  2. Tokenized Treasury Yield and Fees
  3. Tokenized Equity and Corporate Rights
  4. Corporate Action Across Two Ledgers
  5. Delivery Versus Payment on a Tokenized Venue
  6. Permissioned Participants and Transfer Controls
  7. Registrar, Custodian and Token Supply
  8. Tokenized Repo Without Assumed Equivalence
  9. Interoperability and Redemption Bottleneck
  10. Tokenization Capstone: Bond Claim Audit
M4 Digital spot markets, liquidity and price formation Ch 31-40
  1. Spot Pair, Quote Currency and Venue Inventory
  2. Fragmented Order Books and Executable Depth
  3. Twenty-Four-Hour Trading and Risk Cut
  4. Market Data Quality and Wash Activity
  5. Stablecoin Depeg and Cross-Venue Basis
  6. Slippage and Market Impact Under Stress
  7. Reference Price and Price Manipulation Risk
  8. Automated Market Maker Execution
  9. Liquidity-Provider Return Versus Holding
  10. Spot Market Capstone: Sell During a Depeg
M5 Digital-asset futures, options and leveraged positions Ch 41-50
  1. Listed Future and Perpetual Contract
  2. Perpetual Funding Cash Flow
  3. Spot-Future Basis with Custody Frictions
  4. Digital-Asset Option Smile and Expiry Cut
  5. Cross-Venue Margin and Collateral
  6. Liquidation Trigger and Gap Loss
  7. Settlement Asset and Quanto Mismatch
  8. Calendar, Basis and Funding Roll
  9. Options Hedge for an Exchange Inventory
  10. Derivatives Capstone: Margin at the Wrong Venue
M6 Decentralized exchange, lending and liquidation Ch 51-60
  1. Smart-Contract Position and Actual Control
  2. Overcollateralized Token Loan
  3. Oracle Update and Stale Price
  4. Liquidation Incentive and Slippage
  5. Leverage Loop and Effective Exposure
  6. Yield Decomposition and Counterparty Chain
  7. Protocol Upgrade and Governance Vote
  8. Bridge-Backed Collateral Risk
  9. Liquidation Cascade and Shared Collateral
  10. DeFi Capstone: Yield Becomes a Liability
M7 Digital-asset risk, controls and regulatory scope Ch 61-70
  1. Separate Price Risk from Claim Failure
  2. Custodian Insolvency and Recovery Claim
  3. Stablecoin Reserve Liquidity Run
  4. Smart-Contract and Privileged-Key Failure
  5. Validator, Network and Fork Disruption
  6. Venue Concentration and Correlated Exposure
  7. Market Integrity and Data Challenge
  8. Classification and Jurisdiction Decision Tree
  9. Prudential and Reporting Scope Check
  10. Digital-Risk Capstone: Three Failures Together
M8 Digital-asset portfolio analytics and tokenized-market risk Ch 71-80
  1. Factor Map of the Digital Book
  2. Correlation Across Market Regimes
  3. Price Cuts for Mixed Trading Calendars
  4. Digital-Asset Historical VaR
  5. Digital Expected Shortfall and Exit Cost
  6. Risk Backtest After an Exchange Outage
  7. Tokenized Bond Double-Count Test
  8. Digital P&L Across Cash and Token Legs
  9. Digital Limits and Independent Escalation
  10. Digital Portfolio Capstone: Exit Before Redemption
M9 Cross-asset market-risk engine: VaR, ES and validation Ch 81-90
  1. Consolidated Meridian Risk Inventory
  2. Common Valuation Cut and Currency
  3. Cross-Asset Factor Taxonomy and Mapping
  4. Sensitivity and Full-Revaluation Bridge
  5. Historical Simulation VaR End to End
  6. Covariance VaR and Unstable Correlation
  7. Monte Carlo VaR with Nonlinear Positions
  8. Expected Shortfall and Tail Attribution
  9. Backtesting and P&L Attribution
  10. Model Validation Capstone: False Diversification
M10 Cross-asset stress, liquidity and final specialist defense Ch 91-100
  1. Scenario Design and Severity Calibration
  2. Rates, Inflation and Sovereign Shock
  3. FX Shock and Options Volatility Regime
  4. Issuer Default and Securitization Contagion
  5. Equity Gap, Dividend Cut and Option Assignment
  6. Repo Non-Roll and Digital Weekend Run
  7. Liquidity Feedback and Wrong-Way Dependence
  8. Limits, Risk Appetite and Recovery Actions
  9. Independent Risk Committee Challenge
  10. One-Stop Capital Markets Specialist Defense
How it is delivered

Three ways to take Digital Assets and Tokenized Markets

Self-paced is a document-and-media programme with lifetime access - no live sessions. Cohort and enterprise add live instructor-led training. Mentorship is not offered in any tier.
Feature Self-paced Cohort Enterprise
Format Written chapters, video explainers and podcasts Everything in self-paced, plus scheduled live sessions Everything in cohort, delivered privately to your team
Live sessions None Scheduled, instructor-led Scheduled, instructor-led, private
Mentorship Not offered Not offered Not offered
Access Lifetime Lifetime Lifetime for every enrolled seat
Pace Entirely your own Guided schedule with a peer group Agreed with your desk
Tailoring Fixed curriculum Fixed curriculum Sequenced to your markets, systems and governance
Best for Individuals learning around a job Individuals who want structure and deadlines Desks building the same capability together
For individuals

Get the programme guide

The full chapter list, what each module covers, and how the tiers compare - sent to your inbox as a PDF.

For teams

Run this for my desk

Private delivery for your desk, sequenced to your markets and systems. Tell us the team and we will scope it.

Run this for my desk

Take it on its own, or as part of the academy

Each course stands alone. Taken in order, the ten build one cross-asset trading and risk capability.

Enrol or enquire See the whole academy