Public Financial Markets

Program Description

This is the operating muscle of wealth management. Here participants learn to read the market, build positions, hedge risk, take informed views and execute. From FX and rates to global equity, ETFs, derivatives and structured products. All with real exercises, simulated portfolios and institutional logic.

The program is divided into five parts covering the main areas of public markets. FX: currency hedging with forwards, futures and options, and the management of currency risk. Fixed Income: the yield curve, Cetes, Bonos M, Udibonos and strategies along and across curves. Global Equity Markets: price formation, fundamental analysis, valuation, and IPOs, SPACs and M&A. TRACs & ETFs: the local and international exchange-traded fund market, from NAFTRAC to CKDs and CERPIs. Derivatives and Structured Products: portfolio protection for wealth management and family offices. Each section includes hands-on workshops.

The faculty combines exceptional track records: Antonio Castaño, Treasury Director with experience at BBVA, Nafin, UBS and the Mexican Ministry of Finance (Secretaría de Hacienda), MBA from Stanford; José Oriol Bosch, Chief Executive Officer of Grupo Bolsa Mexicana de Valores from 2015 to 2024; Mariana Garza, with 20 years of experience and training at BlackRock; and Rodrigo Román, Chief Investment Officer and partner at NSC Asesores, CFA and CAIA. Eighteen sessions, 36 hours, in a blended Virtual Live and in-person format.

General Objective

Deepen understanding of how public financial markets work and acquire the analytical capacity to make informed investment and hedging decisions. Upon completing the course, participants will master the fundamentals and strategies in currencies, fixed income, equities and derivatives/ETFs, will be able to evaluate instruments across different markets, understand global versus local dynamics, and build tactical (trading) and strategic (asset allocation) portfolio strategies in public markets.

Learning Objectives

• 01Master currency hedging with forwards, swaps, futures (MexDer, CME) and options, and manage a portfolio's currency VaR.
• 02Formulate a fixed-income view and express it in trades: steepeners and flatteners, curve positioning and cross-curve spreads (Treasuries vs Bonos M).
• 03Analyze equities through fundamental analysis and valuation: multiples (P/E, EV/EBITDA), discounted cash flows and comparables.
• 04Distinguish and apply equity strategies: value, growth, momentum, factor investing, smart beta and ESG.
• 05Implement tactical views through TRACs and ETFs, evaluating replication, tracking error and the local market (NAFTRAC, CKDs, CERPIs).
• 06Design hedges with options, futures and structured products: protective puts, covered calls, collars and capital-protected notes.
• 07Interpret the impact of monetary policy (Fed, Banxico, ECB) and the macro environment on valuations.
• 08Build tactical and strategic portfolio strategies in public markets with institutional logic.

Why Take This Program

1. Five markets in a single program: FX, fixed income, global equity, TRACs & ETFs, and derivatives and structured products.
2. José Oriol Bosch, Chief Executive Officer of Grupo Bolsa Mexicana de Valores from 2015 to 2024, teaches Global Equity Markets in person.
3. Antonio Castaño, Treasury Director with a career spanning BBVA, Nacional Financiera, UBS and the Mexican Ministry of Finance (Secretaría de Hacienda); MBA from Stanford.
4. Rodrigo Román, Chief Investment Officer and partner at NSC Asesores, CFA and CAIA Charterholder, leads the derivatives and structured products module.
5. Mariana Garza, 20 years of product and sales experience with BlackRock and Compass serving intermediaries and family offices.
6. Hands-on workshops in every section: cases with real market data and simulated portfolios.
7. 18 sessions and 36 hours: the deepest coverage of public markets in the Executive Program.
8. Blended format: Virtual Live plus in-person sessions at Club de Industriales (Polanco) and IADA Anáhuac.
9. Executive schedule from 7:00 to 9:00 pm, Mexico City time, compatible with daily operations.
10. Designed for private wealth bankers, HNWIs and families executing real decisions over wealth.

Syllabus — Key Topics

• Part 1 — FX (4 sessions): the role of the currency market in wealth portfolios, market view and consensus
• Currency hedging instruments: forwards, swaps, futures on MexDer and CME, and FX options
• FX risk management: currency VaR, partial versus full hedging and opportunity cost
• Part 2 — Fixed Income (4 sessions): bond market structure, the yield curve and primary versus secondary markets
• Cetes, Bonos M, Udibonos, eurobonds and high yield: characteristics, risks and use cases
• Strategies along and across curves: steepeners, flatteners and Treasuries vs Bonos M spreads
• Macroeconomic impact on fixed income: the Fed, Banxico and the ECB in valuations
• Part 3 — Global Equity Markets (4 sessions, in person): price formation, bull/bear cycles and market participants
• Equity investment strategies: value vs growth, momentum, factor investing, smart beta and ESG
• Fundamental analysis and valuation: P/E, EV/EBITDA, DCF, the Gordon model and comparables
• Corporate events: IPOs, SPACs and mergers and acquisitions, and their effect on portfolios
• LatAm versus global equity markets: ADRs, GDRs and ETFs for accessing international markets
• Part 4 — TRACs & ETFs (2 sessions): physical versus synthetic replication, NAFTRAC, CKDs and CERPIs
• Workshop: building a 100% ETF global portfolio for a moderate risk profile
• Part 5 — Derivatives and Structured Products (4 sessions): options, futures, swaps and structured notes
• Bespoke structuring for UHNWIs: capital protection, contingent coupons and tailor-made notes
• New trends: crypto derivatives, cat bonds, ESG structured products and the tokenization of derivatives
• Final workshop: hedging a multi-asset portfolio through a crisis, with real market data

Faculty

Antonio Castaño — Director de Tesorería · José Oriol Bosch — Former CEO, Bolsa Mexicana de Valores · Mariana Garza — Intermediarios & Family Offices · Rodrigo Román — Chief Investment Officer y Socio, NSC Asesores