Deadline for application

22 March 2024

Objective 

The aim of this online seminar is to help central bank colleagues identify and discuss measures to strengthen the national financial market. We begin with the difficult situation in Germany after the Second World War as a starting point and examine various initiatives intended to build and expand the German financial market. 

The financial market in Germany is, amongst other things, one of the most highly developed worldwide. Its multi-faceted and highly liquid financial market was forged thanks to the combined efforts of multiple players. The Bundesbank has played a key role in establishing and promoting this development. Together with the Ministry of Finance, the market supervisory authority and other market participants, it supported the emergence of a national bond market, a decisive factor in the development of other financial market segments and Germany’s macroeconomic success. 

This course focuses on key issues relating to building a monetary and bond market based on a national currency. Topics include the general framework of the bond market (e.g. issuing calendars, auction processes, settlement procedures). The course also provides participants with a platform to reflect upon and discuss similarities with their own countries. The seminar will be presented as a mix of lectures, case study exercises, group discussions and presentations by participants.

The online course will provide an overview of the various aspects that played a key role in the development of the German financial market. 

Contents

• Historical and current developments intended to strengthen the financial market (e.g. standardisation of bonds, central committee for capital markets, temporary capital market restrictions)
• Legal framework of the bond market
• Market surveillance and market restrictions
• Development and application of financial support measures

Target group

The course is aimed at mid-level central bankers who are active in the area of financial market development and would like to gain an overview and deeper understanding of strategic and operational approaches to developing financial markets. Applicants should have at least two years of practical experience in the field of financial market development, a sound grasp of the key concepts and knowledge of the fundamentals of financial market structures and operations. Participants are expected to make an active contribution to the course and to share their knowledge and experiences with their peers. Participants should have stable internet access and appropriate camera equipment.