Training Programs

Mastering ETFs, Futures & Options Trading, Portfolio Management and Risk Management in Modern Capital Markets

Paid On-site Workshop

Workshop Objective

To provide participants with a comprehensive understanding of Exchange-Traded Funds (ETFs) and listed derivatives, equipping them with the knowledge to understand ETF structures and trading mechanisms, apply ETFs in portfolio management, explore futures and options markets, and assess how these instruments contribute to market development, liquidity, risk management, and innovation in regional and global capital markets.

Learning Objectives

By the end of this workshop, participants will be able to:

Understand the structure, mechanics, and key features of Exchange-Traded Funds (ETFs).
Differentiate between ETFs, mutual funds, stocks, and other investment vehicles.
Evaluate the role of ETFs in portfolio construction, asset allocation, and risk management.
Gain insights into ETF trading, market making, liquidity, and pricing mechanisms.
Explore the latest trends in global and GCC ETF markets, including thematic, active, and Shariah-compliant ETFs.
Understand the fundamentals of futures and options markets and their role in modern capital markets.
Examine how derivatives support hedging, price discovery, liquidity, and financial innovation.
Identify regional opportunities and global trends in listed derivatives and their implications for AFCM member exchanges.

Day 1

Session by Anthony Sassine, Co-founder and CEO of OCEANE Global
CFA Society member

ETF Fundamentals

What is an ETF?

ETF vs Mutual Fund vs Stock

Passive vs Active ETFs

Benefits: diversification, liquidity, transparency, cost efficiency

How ETFs Work

ETF ecosystem and participants

Creation & redemption mechanism

NAV, premiums & discounts

Understanding ETF liquidity

ETF Trading & Market Making

Bid/ask spreads and execution

Role of market makers

Cross-listed ETF mechanics

Liquidity myths vs reality

Building Portfolios with ETFs

Asset allocation

Core vs satellite investing

Risk management

Income and thematic strategies

ETF Categories & Innovation

Equity, fixed income, commodity ETFs

Thematic and AI ETFs

Shariah-compliant ETFs

Active ETF growth

GCC-Listed ETFs vs Global ETFs

Local vs international access

Currency and FX considerations

Liquidity and settlement

Cross-listings and GCC ETF growth

Workshop Deliverables: ETF presentation deck, glossary, due diligence checklist, portfolio templates, and GCC ETF market overview.

Day 2

The Futures & Options Ecosystem for AFCM Members (2-3 Hours)

Session by Jamal Oulhadj, Managing Director Business Development- Clearing , MAREX Capital

1. Contrasting Equities Markets vs. Listed Derivatives

1.1 Market Structure and Purpose

Equities Markets — Ownership instruments; capital formation; long‑only exposure; direct link to corporate performance.
Listed Derivatives — Risk‑transfer instruments; standardized contracts; margining; leverage; hedging and speculation.

1.2 Price Discovery and Liquidity

Equity Price Discovery — Driven by fundamentals, earnings, macro sentiment.
Derivatives Price Discovery — Forward‑looking; incorporates interest rates, cost of carry, volatility expectations.

1.3 Market Participants

Equity Investors — Retail, institutional, sovereign wealth funds.
Derivatives Participants — Hedgers, market makers, proprietary traders, asset allocators.

1.4 Risk Profile and Leverage

Equity Risk — Full capital at risk; no embedded leverage.
Derivative Leverage — Margin‑based exposure; risk managed through daily settlement and clearing.

2. Derivatives as the Building Blocks for New Financial Instruments

2.1 Core Instruments

Futures — Foundation for price exposure across asset classes.
Options — Foundation for volatility, convexity, structured payoffs.

2.2 How Derivatives Enable Innovation

Structured Products — Capital‑protected notes, yield‑enhanced notes, autocallables.
ETFs and Index Products — Futures used for replication, liquidity, and hedging.
Volatility Products — VIX‑style futures, variance swaps.
Commodity & FX Instruments — Enable hedging for energy‑dependent and trade‑exposed economies.

2.3 Why This Matters for AFCM Exchanges

Market Development — Deeper liquidity, more sophisticated participants.
Risk Management Infrastructure — Strengthens financial stability.
Regional Competitiveness — Aligns AFCM markets with global standards.

3. Global and Regional Trends in Futures Market Growth

3.1 Global Growth Drivers

Institutional Hedging Demand — Pension funds, sovereign wealth funds, asset managers.
Volatility Trading — Options and futures used for tactical positioning.
Commodities Supercycle — Energy, metals, and agricultural futures volumes rising.
Index Futures Expansion — Driven by passive investing and ETF flows.

3.2 Regional Trends Relevant to the Arab Markets

Energy‑Linked Derivatives — Natural fit for GCC economies.
Interest Rate Futures — Growing as monetary policy frameworks mature.
Equity Index Derivatives — Increasing foreign investor participation.
Commodity Hedging Demand — Agriculture, metals, and shipping derivatives gaining relevance.

3.3 What This Means for AFCM Exchanges

Liquidity Migration — Derivatives often become the primary venue for price discovery.
Cross‑Listing Opportunities — Regional cooperation can boost volumes.
Clearinghouse Modernization — Essential for scaling derivatives safely.