Course 08 · Capital Markets Trading & Risk Academy

Equities & Equity Derivatives

Hold the share. Hedge the delta. Handle the corporate action.

Each of the 100 chapter descriptions contains 30-50 words and a distinct decision, calculation or control. A full lesson must add dated market or issuer inputs, explicit share and currency units, a worked payoff or order example, at least one adverse scenario, an independently checked solution, and a graded artifact. Distinguish assumptions from observed prices and executable quotes.

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 Equity Desk holds shares of Aster Components (the issuer studied from the creditor side in Course 06), fictional Helios Devices, and an equity index basket. Aster faces a possible rights issue; Helios has a concentrated earnings event and dividend decision. The desk sells and buys stock, uses listed options, index futures and an illustrative equity-linked note, then defends a combined market-risk response. Names, quotes and financial numbers are illustrative.

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 Equity ownership and market map Ch 1-10
  1. The Shareholder's Residual Claim
  2. Common Shares, Preferred Shares and Voting
  3. Market Capitalization, Float and Free Float
  4. Primary Issuance Versus Secondary Trading
  5. Exchange, Broker and Clearing Chain
  6. Equity and Credit Signals from One Issuer
  7. Index Membership and Weighting
  8. ETF Share Versus Underlying Basket
  9. Long Ownership, Short Exposure and Borrow Interface
  10. Equity Map Capstone: The Aster Claim
M2 Dividends, issuance and corporate actions Ch 11-20
  1. Dividend Announcement to Ex-Date
  2. Regular Versus Special Dividends
  3. Stock Splits and Reverse Splits
  4. Buybacks, Treasury Shares and Ownership
  5. Rights Issue and Theoretical Ex-Rights Price
  6. Follow-On Sale and Block Placement
  7. Merger Consideration and Stock Exchange Ratio
  8. Spin-Off Shares and Entitlements
  9. Corporate Action Processing and Position Reconciliation
  10. Corporate Actions Capstone: Recapitalize Aster
M3 Cash-equity market structure and execution Ch 21-30
  1. Bid, Offer, Depth and Quote Size
  2. Market, Limit and Stop Order Decisions
  3. Opening and Closing Auctions
  4. Fragmented Venues and Consolidated Price
  5. Spread, Impact and Slippage Decomposition
  6. VWAP and Participation Strategies
  7. Volatility Pauses and Market Dislocation
  8. Short Sale Availability and Buy-In Exposure
  9. Settlement, Custody and Share Entitlement
  10. Execution Capstone: Helios Earnings Gap
M4 Equity valuation, expectations and factors Ch 31-40
  1. Earnings, Cash Flow and Owner Return
  2. P/E, Enterprise Multiples and Leverage
  3. Revenue Growth Versus Per-Share Value
  4. Expectations in the Current Share Price
  5. Dividend Forecast and Total Return
  6. Market Beta and Issuer-Specific Return
  7. Sector Rotation and Style Factors
  8. Earnings Quality and Guidance Revision
  9. Index Rebalance and Mechanical Demand
  10. Equity Thesis Capstone: Debt Relief, Equity Cost
M5 Listed equity options and share-delivery risk Ch 41-50
  1. Equity Option Series and Multiplier
  2. Stock Option Versus Index Option
  3. Covered Call and Lost Upside
  4. Protective Put and Premium Budget
  5. American Exercise and Ex-Dividend Decisions
  6. Put-Call Parity with Stock Dividends
  7. Binomial Tree and Early Exercise Boundary
  8. Implied Volatility Through Earnings
  9. Vertical Spread and Defined Maximum Loss
  10. Listed Options Capstone: Dividend Surprise
M6 Equity volatility, event hedging and structured payoffs Ch 51-60
  1. Equity Volatility Skew Across Strikes
  2. Volatility Term Structure and Event Window
  3. Realized Versus Implied Volatility Trade
  4. Delta Hedging with Stock Inventory
  5. Gamma, Vega and Earnings Gap
  6. Dispersion and Index Correlation Exposure
  7. Equity Barrier and Observation Rules
  8. Autocallable Note and Capital-at-Risk Terms
  9. Worst-of Basket and Correlation Stress
  10. Structure Capstone: The High-Coupon Pitch
M7 Equity forwards, futures, swaps and dividend risk Ch 61-70
  1. Equity Forward Cash Flow and Ownership
  2. Index Futures Fair Value and Dividends
  3. Index Futures Hedge Notional
  4. Futures Roll and Basis P&L
  5. Single-Stock Future or Forward Delivery
  6. Equity Total-Return Swap Cash Flows
  7. Dividend Futures and Dividend Swaps
  8. Stock Borrow and Forward Basis Interface
  9. Synthetic Equity and Missing Rights
  10. Derivatives Capstone: Hedge Aster Dilution
M8 Equity portfolio risk, hedging and stress Ch 71-80
  1. Equity Exposure by Issuer, Sector and Index
  2. Beta Hedging and Residual Alpha Risk
  3. Single-Name Concentration and Gap Loss
  4. Nonlinear Option-Book Risk Aggregation
  5. Equity VaR Data and Backtest Boundaries
  6. Earnings, Dividend and Capital-Raise Stress
  7. Market Sell-Off and Correlation Breakdown
  8. Execution Liquidity Under Stress
  9. Equity-Credit Contagion in Aster
  10. Equity Risk Capstone: Three-Shock Week
M9 Lifecycle, market conduct and independent control Ch 81-90
  1. Equity Trade Capture and Allocation
  2. Option Exercise and Assignment Control
  3. Corporate Action Adjustment Notice
  4. Dividend and Short-Position Reconciliation
  5. Closing Price and Volatility Mark Challenge
  6. Index and Dividend Data Governance
  7. Conflicts, Information and Trading Conduct
  8. Equity-Linked Note Client Explanation
  9. Model Approval and Event Exceptions
  10. Control Capstone: Wrong Option Deliverable
M10 Integrated Meridian equity desk defense Ch 91-100
  1. Opening Book and Mandate Reconstruction
  2. Aster Equity Thesis After Credit Review
  3. Helios Earnings and Dividend Forecast
  4. Cash Equity Execution Proposal
  5. Option and Volatility Hedge Design
  6. Index Future and Dividend Basis Check
  7. Structured Product Challenge
  8. Event-Day Repricing and Operations
  9. Risk Committee Recommendation
  10. Senior Desk Defense and Sign-Off
How it is delivered

Three ways to take Equities and Equity Derivatives

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