Globalisation and deregulation of the financial markets have resulted in an abundance of borrowing and investment opportunities for financial institutions and companies. But today’s financial markets are also complex and volatile, and it is essential that the mechanics, risks and interdependencies of these markets are well understood by ALL people involved in these activities - whether directly as traders and portfolio managers or more indirectly. The objectives of this course are to give the participants an overview of the international capital markets and a good understanding of how they work. We shall start with an overall introduction to financial markets, giving a brief account of their evolution and current status. We shall then explore the markets in more detail, focusing on stocks, fixed income, hybrid and derivative instruments. In each case, we shall explain the instruments, the way they are traded and settled, and the interactions between the institutions and people who trade and/or use the instruments for investing or financing purposes.