Introduction to the Capital Market
This program is the starting point for anyone who wants to understand how the capital market works, with no prior knowledge of finance. You will learn what role the stock exchange plays in the economy, who the market participants are, how shares and bonds work, and what steps you take to open an account and place your first order. The explanations are simple, with illustrative numerical examples in MDL.
What you will learn
- Explain what the capital market is and the difference between the primary and secondary markets.
- Know what BIMx is, which markets it operates, how an order travels from the investor to the exchange, and what stage the trading launch has reached.
- Understand how prices are formed on the exchange when buy and sell orders meet.
- Identify the main market participants and the role of each, including the CNPF.
- Tell shares apart from bonds and calculate basic returns: dividend, coupon, capital gain.
- Understand the link between risk and return and why diversification and time horizon matter.
- Know what to check when choosing a broker and how to use market, limit and stop orders.
Syllabus
First Steps on the Stock Exchange
An introductory course on what the capital market is, how a stock exchange works and who the players are that make it work, with a lesson dedicated to the Republic of Moldova's stock exchange, BIMx.
- 01
What Is the Capital Market
Learn why the capital market exists, how the primary market differs from the secondary market and what role it plays in the economy.
10 min - 02
How a Stock Exchange Works
Discover how the order book forms the price, how a trading session unfolds and what T+2 settlement means.
12 min - 03
Market Participants
Get to know the players in the capital market – issuers, investors, brokers, the exchange, the central depository and the CNPF – and how they work together.
11 min - 04
BIMx: The Stock Exchange of the Republic of Moldova
Learn what the Moldova International Stock Exchange is, who supervises it, who its shareholders are and what stage the trading launch has reached.
10 min
Shares and Bonds Made Simple
This course explains, in plain terms, the two basic instruments of the capital market and the link between return and risk.
- 05
Shares
Understand what it means to own a share, what rights it gives you and how you can earn from dividends and price increases.
12 min - 06
Bonds
Learn how a bond works – face value, coupon, maturity – and why its price falls when interest rates rise.
13 min - 07
Return and Risk
Understand why a higher potential return comes with higher risk and how time horizon and diversification help you.
13 min
How to Open an Account with a Broker
A practical guide to choosing a broker, opening an investment account and placing your first orders on the exchange.
- 08
Choosing a Broker and Opening an Account
Learn what to check before choosing a broker and the steps you take to open your investment account.
12 min - 09
Order Types and Your First Trade
Learn the difference between market, limit and stop orders and walk through a first trade step by step, with all the costs.
14 min
Other learning tracks
How to List a Company on the Stock Exchange
A company's journey from the decision to list through admission to trading, plus the admission of municipal and government bonds to BIMx.
11 lessons Track 03Financial Analysis for Investors
Tools for evaluating and interpreting issuers' financial reports.
9 lessons Track 04ESG and Green Finance
Sustainability standards and instruments designed to finance green projects.
5 lessons Track 05The Capital Market for Women Entrepreneurs
A dedicated program on how women entrepreneurs can access financing through the capital market.
5 lessons Track 06BIMx Trading Infrastructure
ARENA Trading, exchange trader certification, trading simulations, membership admission, and the broker's role in admitting issuers.
9 lessons