On 31.12.2016, ACI Deutschland e.V. terminated its membership in the ACI FMA and renamed itself AEFMA Deutschland e.V.. On this occasion, the certification was also redesigned and in autumn 2017 a corresponding German-language AEFMA financial market certificate was introduced. The AEFMA Financial Markets Certificate covers topics of trading and back offices and will certainly become the benchmark for trading certification in the German-speaking area in the coming years:

The AEFMA Financial Markets Certificate serves as basic training for the Allied European Financial Markets Association (AEFMA) Germany’s training and further education programme. The aim of the AEFMA Financial Markets Certificate is for candidates to acquire specialist knowledge of the structure and functioning of various financial markets (money market, capital market, and foreign exchange markets). This includes the financial mathematical and economic functioning of the financial products traded there.

The successful completion of the AEFMA Financial Markets Certificate enables candidates to trade the products covered by the syllabus.

  • Financial mathematics
    Interest calculation methods and conversions in the money and capital markets, interpolation, computing discount rates, interest yield curves, forward rates, present and future values
  • Cash money market instruments
    Deposits, bills of exchange, treasury bills, CDs, CPs, repos, margin calculations, cash flows, arbitrage strategies
  • Foreign Exchange
    Spot and crosses, outrights, FX swaps, forward/forward and precious metals, conventions, terminology, pricing, Arbitrage strategies, Interaction of instruments
  • Money Market Derivatives
    Forward Rate Agreements, Money Market Futures, Money Market Swaps, Overnight Index Swaps: Conventions, Terminology, Pricing, Arbitrage Strategies, Interaction of instruments
  • Bond market and Derivatives
    Bonds, Interest Swaps, Tenor Basis Swaps, Cross Currency Swaps, Bond Futures, Credit Default Swaps: Conventions, Terminology, Pricing, Risks, Arbitrage Strategies
  • Options
    FX and Interest options: intrinsic value and time value, statements of Delta, Gamma, Vega and Theta, Delta Hedging, Options strategies
  • Legal regulations
  • Risk management
    Credit-, market-, liquidity- and operational risk; risk capital, risk components of the relevant instruments, VaR; Basel 2/3 regulations (equity eligibility, equity requirements for credit and market risks, LCR/NSFR, leverage ratio, pillar 2 requirements)
  • Processing & banking operations
    Operations and organization, Business recording, Transaction confirmation , Clearing, Netting, Settlement, Reconciliation, Risks of settlement
  • Code of conduct
    Market terminology trade practices, Standards for client- and broker-relationship