Capital Markets Development Training Course

Duration 10 days 20 modules · 65 contact hours
Level Intermediate Certificate on completion
Who attends Central bank managers, Public debt managers and others
Fee from USD 2,200 KSh 190,000 for Kenyan organisations
Where 52 cities + online See dates by city
Next start 16 Nov 2026 Course code SD-TI-016

Before you join: Participants should understand basic financial statements, interest rates, bonds, equity instruments and the roles of banks, central banks and securities regulators.

Dates & prices

Two start dates a month in every city, and live online on weekdays or weekends. Fees are per participant; classroom fees include tuition, materials, lunch and refreshments, and the certificate.

Suggest a date or city

Showing the next six months. Later dates, other cities and private deliveries for your team are available on request.

Course overview

Developing capital markets requires more than listing securities or establishing a stock exchange. Governments, central banks, regulators and market institutions must create credible issuance programmes, reliable price discovery, sound market infrastructure and a diversified investor base. In emerging economies, these tasks are often constrained by shallow liquidity, concentrated banks, volatile capital flows, weak disclosure, limited hedging instruments and gaps in legal or settlement arrangements. Poor sequencing can raise borrowing costs, deter issuers and expose the financial system to avoidable risk.

This course examines how domestic debt, equity, money and foreign-exchange markets are developed as connected parts of a financial system. Participants assess market readiness, diagnose bottlenecks, design government securities programmes, strengthen primary dealer arrangements, build benchmark yield curves and evaluate reforms to trading, clearing, settlement and disclosure. The course also addresses institutional investors, corporate bond markets, securitisation, derivatives, market conduct, financial inclusion and sustainable finance instruments.

Participants work with realistic cases involving sovereign debt offices, central banks, securities regulators, stock exchanges, pension funds and development-finance institutions. Short instructor briefings are followed by structured analysis, group design work, market simulations and application planning. Each participant develops a capital markets development plan for a selected country or market segment, including diagnosis, reform priorities, sequencing, implementation responsibilities and performance indicators. The course is delivered over 10 days in the classroom or live online and concludes with a certificate of completion.

The programme suits professionals involved in financial-sector policy, public debt management, regulation, market infrastructure, treasury, investment management and development finance. It is particularly relevant where institutions are seeking to reduce dependence on bank financing and establish dependable local-currency funding channels.

What you will be able to do

  • Diagnose capital market constraints using a structured market-development assessment
  • Design a sequenced capital markets reform roadmap with governance and milestones
  • Construct a government securities issuance calendar and benchmark-building strategy
  • Evaluate yield curve formation, liquidity conditions and primary dealer performance
  • Assess legal, regulatory and market-infrastructure requirements for securities markets
  • Compare financing instruments for sovereigns, corporates, infrastructure projects and households
  • Apply IOSCO and PFMI principles to market conduct and post-trade arrangements
  • Present a capital markets development plan supported by indicators and implementation priorities

Benefits of attending

For you

  • Produce credible capital-market reform proposals for senior policy and investment discussions
  • Interpret sovereign yield curves, auction results and liquidity indicators with confidence
  • Assess whether market reforms address real issuance, investor and infrastructure constraints
  • Contribute effectively to central bank, debt office or regulator reform projects
  • Build a reusable portfolio of market-diagnostic and implementation-planning documents

For your organisation

  • Improves the quality and sequencing of domestic capital-market reform initiatives
  • Supports lower-risk government funding through stronger domestic debt-market structures
  • Strengthens coordination among debt offices, central banks, regulators and market operators
  • Identifies barriers preventing corporate issuers and institutional investors from participating
  • Provides practical templates for monitoring reform delivery, liquidity and market confidence

Course modules

20 modules over 10 days

Participants can explain how capital markets support public funding, private investment and financial stability.

  • Functions of money, debt, equity and derivatives markets within financial systems
  • Bank-based and market-based financing models compared through funding and risk channels
  • Capital market development objectives linked to growth, resilience and financial inclusion
  • Sequencing reforms around macroeconomic stability, legal certainty and institutional capacity
  • Market-development constraints distinguished from cyclical liquidity or confidence shocks
  • Public-sector coordination among finance ministries, central banks and securities regulators

Participants can conduct a structured diagnosis of a domestic capital market.

  • Market diagnostic framework covering issuers, investors, intermediaries and infrastructure
  • Assessing macroeconomic credibility through inflation, fiscal balances and exchange-rate conditions
  • Legal review of property rights, insolvency, collateral and investor protections
  • Mapping market participants, incentives, concentration and conflicting institutional mandates
  • Liquidity analysis using turnover ratios, bid-ask spreads and trade-size data
  • Prioritising constraints by economic impact, feasibility and implementation dependencies

Participants can assess macro-financial conditions required for sustainable market development.

  • Inflation expectations and credible monetary policy as foundations for local-currency markets
  • Fiscal dominance risks and their effects on interest-rate formation
  • Exchange-rate regimes assessed for foreign-currency borrowing and hedging demand
  • Capital-flow volatility analysed through maturity mismatches and currency exposures
  • Macroprudential policy interactions with market liquidity and investor risk appetite
  • Financial-stability indicators used to monitor systemic market-development vulnerabilities

Participants can identify legal and regulatory reforms needed for orderly securities markets.

  • Securities law provisions covering issuance, disclosure, licensing and enforcement powers
  • IOSCO Objectives and Principles applied to regulatory design
  • Issuer disclosure requirements based on materiality, timeliness and comparability
  • Market-abuse rules addressing insider dealing, manipulation and misleading statements
  • Licensing standards for brokers, dealers, advisers and fund managers
  • Enforcement pyramids combining supervision, remediation, sanctions and criminal referral

Participants can design core elements of a domestic government securities market.

  • Debt-management objectives balancing cost, refinancing risk and market development
  • Treasury bill and bond instruments matched to investor demand
  • Auction formats compared: multiple-price, uniform-price and syndication methods
  • Annual borrowing plans translated into predictable issuance calendars
  • Benchmark bonds built through re-openings, consolidation and maturity selection
  • Cash-management coordination between treasury operations and debt issuance

Participants can evaluate primary dealer systems and auction participation arrangements.

  • Primary dealer obligations for auction participation, quoting and market-making
  • Eligibility criteria covering capital, distribution capacity and compliance record
  • Performance scorecards using bid coverage, secondary turnover and quotation quality
  • Auction rules designed to reduce collusion, concentration and settlement failures
  • Non-competitive bidding arrangements for smaller institutional and retail investors
  • Dealer privileges calibrated against measurable market-development responsibilities

Participants can interpret yield curves and identify barriers to reliable price discovery.

  • Spot rates, forward rates and discount factors derived from bond prices
  • Bootstrapping zero-coupon curves from actively traded government securities
  • Yield curve shapes interpreted for inflation, growth and policy expectations
  • Liquidity premiums separated from credit, duration and market-risk components
  • Repo markets supporting collateralised funding and secondary-market liquidity
  • Price-reporting arrangements assessed for transparency, timeliness and data quality

Participants can relate money-market development to monetary policy implementation.

  • Overnight rates, term rates and policy-rate transmission channels
  • Central bank open-market operations using bills, repos and reverse repos
  • Standing facilities designed to contain rate volatility and liquidity stress
  • Interbank market barriers identified through credit limits and settlement arrangements
  • Reference-rate reforms addressing transaction depth, governance and manipulation risk
  • Reserve requirements assessed alongside market-based liquidity-management instruments

Participants can assess how investor institutions influence market depth and stability.

  • Pension funds, insurers and mutual funds mapped by liability profiles
  • Investment regulations reviewed for concentration limits, valuation and asset eligibility
  • Asset-liability management links long-term savings to bond-market demand
  • Foreign investor participation assessed for liquidity benefits and reversal risks
  • Retail investor access designed through distribution, disclosure and investor education
  • Collective investment schemes structured under custody, valuation and governance rules

Participants can formulate measures that support credible corporate bond issuance.

  • Corporate funding choices compared across loans, bonds, equity and private placements
  • Credit-rating frameworks examined for methodology, governance and conflicts management
  • Prospectus requirements aligned with issuer size, investor type and risk
  • Credit enhancement structures using guarantees, reserves and subordinated tranches
  • Covenant packages designed around leverage, cash flow and investor protections
  • Default resolution procedures linked to insolvency law and trustee powers

Participants can assess reforms that improve equity issuance, disclosure and shareholder protection.

  • Initial public offering pathways compared with private placements and rights issues
  • Listing rules covering free float, financial reporting and governance standards
  • Corporate governance codes addressing boards, related-party transactions and minority rights
  • Bookbuilding processes allocate shares through price discovery and investor demand
  • Market-maker models evaluated for small-cap liquidity and continuous quotations
  • Shareholder remedies assessed for disclosure failures and abusive related-party dealings

Participants can assess capital-market structures for financing infrastructure assets.

  • Project finance cash-flow waterfalls allocate operating, debt-service and reserve payments
  • Bankability assessment addresses revenue certainty, permits and contractual risk allocation
  • Project bond structures combine senior debt, guarantees and subordinated support
  • Public-private partnership risks allocated through concession and offtake agreements
  • Credit enhancement options assessed for construction, demand and political risks
  • Infrastructure investor mandates matched with project duration and inflation-linked revenues

Participants can evaluate when securitisation can broaden funding without obscuring risk.

  • True-sale requirements distinguish asset transfer from secured borrowing arrangements
  • Special-purpose vehicles isolate assets, liabilities and bankruptcy-remoteness provisions
  • Cash-flow waterfalls allocate collections among senior, mezzanine and residual tranches
  • Originator retention requirements align underwriting incentives with investor protection
  • Servicing standards address collection controls, reporting and borrower treatment
  • Asset-backed securities risks assessed through prepayment, default and concentration analysis

Participants can assess foreign-exchange market reforms and basic hedging market requirements.

  • Spot, forward and swap markets support trade, investment and risk management
  • Covered interest parity links currency forwards to interest-rate differentials
  • Foreign-exchange dealer codes address conduct, confirmation and settlement discipline
  • Currency hedging demand mapped across importers, exporters and foreign investors
  • Onshore derivatives restrictions assessed against convertibility and financial-stability objectives
  • Settlement-risk controls apply payment-versus-payment principles and exposure limits

Participants can identify preconditions for responsible derivatives market development.

  • Interest-rate swaps exchange fixed and floating payment obligations
  • Futures markets require standardised contracts, margining and central counterparties
  • Over-the-counter derivatives documented using ISDA master agreement principles
  • Central clearing assessed for netting benefits, collateral needs and concentration risk
  • Trade repositories improve supervisory data on positions and counterparty exposures
  • Suitability controls address product complexity, client knowledge and sales incentives

Participants can assess post-trade arrangements against market safety and efficiency requirements.

  • Trading venues compared by order handling, transparency and market-access rules
  • Central securities depositories maintain immobilised securities and ownership records
  • Delivery-versus-payment models reduce principal risk during securities settlement
  • CPMI-IOSCO PFMI applied to financial market infrastructure risk management
  • Central counterparty safeguards cover margin, default funds and recovery planning
  • Custody arrangements protect client assets through segregation and reconciliation controls

Participants can design supervisory priorities for fair, transparent and orderly markets.

  • Risk-based supervision prioritises firms, activities and conduct with greatest potential harm
  • Surveillance alerts identify unusual prices, volumes and cross-market trading patterns
  • Know-your-customer controls support market integrity and beneficial-ownership transparency
  • Investor complaint systems classify cases, remediation outcomes and recurring failures
  • Financial literacy initiatives distinguish education from product promotion and advice
  • Regulatory reporting frameworks define data fields, frequency and validation rules

Participants can assess market conditions for credible green, social and sustainability-linked instruments.

  • Green bond frameworks define eligible projects, proceeds management and reporting
  • ICMA Green Bond Principles applied to issuer documentation and external review
  • Sustainability-linked bond terms connect coupon adjustments to performance targets
  • Climate-risk disclosure assesses transition, physical and liability risk exposures
  • Taxonomy design distinguishes eligible activities from unsupported environmental claims
  • Blended-finance structures allocate concessional support without distorting market discipline

Participants can build an implementable capital markets reform programme with measurable outcomes.

  • Theory of change links reforms to market outputs and economic outcomes
  • Reform roadmaps sequence legal, institutional, infrastructure and product interventions
  • Governance structures assign sponsors, owners, decision rights and escalation paths
  • Implementation risks assessed through probability, impact and mitigation registers
  • Market indicators track issuance, turnover, spreads, concentration and settlement efficiency
  • Stakeholder communication plans address political economy and resistance to reform

Participants can build, review and present a complete capital markets development plan for a selected market.

  • Market diagnosis synthesises macroeconomic, legal, institutional and infrastructure evidence
  • Priority reforms selected using impact, feasibility, sequencing and resource criteria
  • Government securities, investor-base and market-infrastructure actions integrated coherently
  • Implementation roadmap specifies milestones, accountable institutions and budget assumptions
  • Performance dashboard defines baseline measures, targets and review arrangements
  • Peer review challenges assumptions, risk controls and stakeholder-management proposals

Exercises and examples are adapted to each cohort's sectors and roles.

What you take back to work

  1. Capital market diagnostic template
  2. Government securities issuance calendar
  3. Primary dealer performance scorecard
  4. Yield curve and liquidity analysis model
  5. Capital markets reform roadmap
  6. Market-development performance dashboard

Who should attend

  • Central bank managers — responsible for monetary operations, liquidity and market development
  • Public debt managers — designing domestic borrowing programmes and government securities markets
  • Securities regulators — strengthening disclosure, conduct supervision and investor protection
  • Treasury and finance ministry officials — coordinating fiscal funding and financial-sector reforms
  • Stock exchange and depository managers — improving trading, clearing and settlement arrangements
  • Development finance professionals — appraising financial-market reform programmes and investments

Skills and tools covered

Market diagnosticsDebt market developmentYield curve analysisSecurities regulationMarket infrastructure designReform programme management

Tools and standards

IOSCO Objectives and Principles of Securities Regulation, CPMI-IOSCO Principles for Financial Market Infrastructures, IMF-World Bank Medium-Term Debt Management Strategy, ICMA Green Bond Principles

How the course runs

Training methodology

The course combines short technical briefings with country cases, market-data interpretation, facilitated group work and structured simulations. Participants examine sovereign auction results, yield curves, issuer pipelines, investor-base data and post-trade operating models. Teams assess reform choices for emerging-market scenarios and test sequencing decisions against fiscal, monetary and financial-stability constraints. Individual application planning begins during the first week and develops through the second week. Instructor feedback focuses on practical decisions, institutional roles, implementation risks and measurable results.

Requirements and prerequisites

Participants should understand basic financial statements, interest rates, bonds, equity instruments and the roles of banks, central banks and securities regulators. Experience in treasury, public debt, investment, banking supervision, financial regulation, exchange operations or development finance is useful. Participants should be comfortable interpreting tables, charts and simple market data. Prior work on capital-market reforms is not required. Advanced derivatives pricing, econometrics, programming and professional investment qualifications are not required; relevant technical concepts are introduced before they are applied.

A typical training day

08:30 – 10:30First session
10:30 – 10:45Refreshment break
10:45 – 12:30Second session
12:30 – 13:30Lunch and networking
13:30 – 15:00Third session
15:00 – 15:15Refreshment break
15:15 – 16:30Workshop and daily review

Live online deliveries follow the same structure in East Africa Time, with shorter screen blocks and longer breaks.

What the fee includes

  • Instruction by a practitioner facilitator
  • Full course workbook and materials
  • Exercise files, templates and case studies
  • Refreshments and lunch on classroom deliveries
  • Certificate of completion
  • Post-course application plan

Frequently asked questions

Participants need working familiarity with basic bonds, equities, interest rates and financial institutions. The course does not require advanced quantitative finance, derivatives pricing or prior work in securities regulation.

Bring a laptop capable of opening spreadsheets and presentation files. Participants are encouraged to bring publicly available market data, policy documents or reform questions from their country or institution.

It is designed for professionals involved in central banking, public debt management, securities regulation, treasury, exchanges, depositories, investment management and development finance. It is most useful for those working on domestic market development or financing reforms.

Treasury and investment courses focus primarily on managing an institution's funding, liquidity or portfolio decisions. This course focuses on building the market institutions, rules, instruments and infrastructure that enable issuers and investors to transact reliably.

Participants leave with diagnostic, planning and performance-monitoring materials that can be adapted for a market-reform initiative. The capstone plan can address a domestic bond market, exchange reform, investor-base initiative or post-trade improvement.

Each training day runs from 08:30 to 16:30 and provides about 6.5 contact hours. The first week builds diagnostic, debt-market and institutional foundations; the second week addresses infrastructure, regulation, instruments, reform delivery and the capstone presentation.

Questions about this course?

Ask about dates, fees, group bookings or running it for your team. Our training team replies by email.

Ask on WhatsApp info@skillsetdevelopment.com

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