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DTSTART;TZID=UTC:20221113T090000
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SUMMARY:Mastering Derivatives Seminar
DESCRIPTION:The global financial markets have shown considerable volatility in recent years, especially over the past two years, as a result of the coronavirus pandemic, energy prices, and the geopolitical situation in Eastern Europe.\nDerivatives provide flexible tools that allow banks, investors, and corporates to protect against the downside while maintaining exposure to the upside, to enhance price or yield, to make money in a stagnant market, to implement optimal buying or selling strategies over time, and many other possibilities. \n \nWHO SHOULD ATTEND\nAnyone working in the financial markets, investment managers, and those working in private wealth management.\n \nPROGRAM OBJECTIVES\nThe global financial markets have shown considerable volatility in recent years, especially over the past two years, as a result of the coronavirus pandemic, energy prices, and the geopolitical situation in Eastern Europe.\n\nDerivatives provide flexible tools that allow banks, investors, and corporates to protect against the downside while maintaining exposure to the upside, to enhance price or yield, to make money in a stagnant market, to implement optimal buying or selling strategies over time, and many other possibilities.\nThis seminar explains how derivatives are priced, valued, and used in practical, real-world applications focusing on Europe in general, and Portugal in particular. The principal objectives are to:\n\nGive participants a clear understanding of the basics and fundamentals of derivative products\nEnsure participants have an intuitive understanding of derivatives pricing\nDemonstrate the practical applications of derivatives and their use by clients\nConsider the needs and perspectives of investors who need performance-driven solutions\nPromote pro-active and innovative strategies using derivative products that add real value\nConsolidate the learning experience by giving participants hands-on experience of derivatives using simulations, practical workshops, and case studies\n\nAt a time of considerable uncertainty in the markets, this seminar provides a timely insight into the management and use of derivatives in solving the problems faced by banks, investors, corporates, hedge funds, and other participants in the markets.\nSimulation\nThe seminar features the award-winning Global Trader Cloud simulation which includes powerful analytical tools for structur­ing hedging solutions, identifying trading strategies, and attributing profit and loss. Using the simulator, participants will gain a deep and practical understanding of how derivatives can be used and a wide range of hedging and trading applications.\nProgram Structure\nThe program will be run over three days from 09:00 to 12:30 and 13:30 to 17:30, with each session comprising a number of engaging components, including:\n\nInteractive discussion and instructor-led presentations, encouraging frequent questions.\nQ&A sessions where the instructor can resolve any aspects causing difficulty in comprehension.\nInstant polls to check on pre-existing knowledge or to gauge the cross-section of views or ideas.\nWorkshops, cases, and mini projects for participants to work on in groups.\nDiscussions of and presentations by participants of case study solutions.\nInteractive simulations and subsequent debriefing.\nQuick quizzes to check that participants have assimilated and internalized the learning content.\n\nPre-Course Self-Study\nTo maximise the benefit of the live sessions, we recommend that participants complete a short series of eLearning courses that introduce futures, options, and swaps. Those already familiar with the basics can test their knowledge by completing the short end-of-course exams. Participants can also try their hand at three short case study exercises.\n \nPRE-COURSE SELF-STUDY\nIntroduction to Futures \n\nDefinitions and terminology of futures\nTrading features\nHow clearing and margin systems work\nStandardization of contracts\nPhysical delivery vs. cash settlement\nAdvantages and uses for futures\n\nCase Study: Margining \nSelf-Study – Introduction to Options\n\nOptions definitions and terminology\nCalls and puts; buying and selling\nAmerican vs. European style\nIn-, at-, and out-of-the-money\nIntrinsic and time value\nProfit profiles at maturity\n\nCase Study: Using a Call Option \nSelf-Study – Introduction to Swaps \n\nDefinitions and terminology\nCash flows and timing\nQuotation conventions\nInterest rate swaps\nHedging applications\n\nCase Study: Using Interest Rate Swaps to Lower Borrowing Costs \n \nDAY ONE – EQUITY DERIVATIVES\nProgram Introduction  \nStock-Index Futures  \n\nContract definitions\nCash-and-carry pricing\nHedging equities portfolios using futures\nTactical asset allocation using futures\n\nTactical asset allocation using PSI20 and Bund futures contracts  \nPrinciples of Option Pricing\n\nAn intuitive insight into option pricing\nPut-call parity\nVolatility – historical vs. implied\nVolatility smiles and skews\nOption Greeks\n\nOption pricing workshop  \nCombining Options  \n\nDesigning your own structure – a fluent transition between payoff diagrams and component parts\n\nChallenge – Building a bull spread \nPrice and Yield Enhancement Strategies \n\nPrice and yield enhancement strategies\nIncome generation strategies\n\nChallenge – Building a double-up structure \nBreak\nOption Trading Strategies\n\nDirectional vs. volatility trading\nNear vs. far dates\nOut-of-the-money vs. at-the-money\nDirectional views with options\nTrading volatility – straddles and strangles\nTrading the smile – ‘flies’ and risk reversals\n\n\nOptions Trading Simulation  \nParticipants will be able to structure and trade a portfolio of options using ACF’s Global Trader simulation, based on their view of forthcoming market prices and implied volatility. At the end of simulation, the instructor will conduct an in-depth debriefing, showing how profits can be attributed between delta and vega exposures.\nQuerifi knowledge retention quiz  \n \nDAY TWO – FX AND INTEREST RATE DERIVATIVES\nReview of FX Forwards  \n\nPricing of outright forwards\nRelation between spot and forward markets\nImpact of interest rates\nForward discounts and premiums\nQuoting forward rates using swap points\n\nChallenge – Avoiding currency risk on foreign investments  \nUnderstanding FX Options  \n\nCalls are Puts!\nFX option trading conventions\nKey dates\nTokyo vs. New York cuts\nQuoting volatility\nQuoting deltas\nLive options vs. delta exchange\n\nThe 25 ⍙ strangle and the 25 ⍙ risk reversal\nFX option pricing workshop  \nUnderstanding Interest Rate Swaps \n\nQuotation and trading conventions\nDocumentation – ISDA and CSA\nInterest rate swaps – vanilla and non-standard\nOvernight Indexed Swaps (OIS)\nSwap Execution Facilities (SEFs)\nCentral Counterparties – SwapClear\nCurrency swaps\nReplacing LIBOR – SOFR and other benchmarks\nAsset swaps\n\nSwap Applications  \n\nFixing financing costs\nFixing investment returns\nReducing financing costs\nIncreasing investment returns\n\nCase study – Swap applications in funding and investing \nYield Curves, Pricing and Valuing Swaps \n\nDiscount factors and the discount function\nZero-coupon rates\nSwap and par rates\nForward rates\nLinks between swap, zero & forward rates\nCalculating discount factors\n\nDeriving the discount function from market rates \nPricing and Valuing Swaps  \n\nSwap valuation principles\nValuing the fixed leg\nValuing the floating leg\nValuing a swap\nPricing a swap\nCancelling or unwinding a swap\n\nPricing and valuing standard and non-standard swaps  \nTrading Ideas using Swaps  \n\nSwap spreads\nTrading the yield curve\nDirectional trade example\nRelative value example\n\nCase study – Trading the swaps curve  \nQuerifi knowledge retention quiz  \n \nDAY THREE – INTEREST RATE OPTIONS AND CREDIT DERIVATIVES\nInterest Rate Options  \n\nReview of terminology\nInterest rate caps\nConstructing and pricing an interest rate cap\nInterest rate floors and collars\nCap/floor parity\nSwaptions\nPayers / receivers parity\n\nSwaption pricing workshop  \nInterest Rate Options  \n\nCancellable and extendible swaps\nCreating a cancellable / extendible swap\n\nChallenge – Creating a cancellable swap \nSingle-Name CDS  \n\nIntroducing credit derivatives\nTerms and definitions\n\nCase study – Using CDS to exploit a view \nSingle-Name CDS  \n\nCredit events\nSettlement methods\nAuctions\nDetermination Committees\nMarket and trading conventions\nStandardized premiums and recovery rates\n\nCDS Applications  \n\nManaging credit risk exposure\nHedging default risk\nProviding market access\nDirectional trading\nExploiting relative value\nTrading the CDS basis\nCurve trades\n\nUsing CDS  \nIndex Products  \n\nThe CDX and iTraxx indices\nGeographic and sector coverage\nIndex series and versions\nIndex trading applications\n\nCase study – Trading the CDX  \nCDS Trading Simulation  \nParticipants will be able to trade a number of single-name CDS with the aim of exploiting their views on evolving credit conditions. At the end of the simulation the instructor will conduct an in-depth briefing analysing participants’ strategies and the resulting risk/return profiles.\nProgram Close  \n \nINSTRUCTOR\nDr Lawrence Galitz is a director and founder of ACF Consultants. Dr Galitz has an international reputation for delivering training seminars for the Global Financial Markets. His book – the Financial Times Handbook of Financial Engineering – when published has become an international standard. He has also contributed to The Handbook of European Fixed Income Securities (2004) edited by Frank Fabozzi.\nABOUT ACF\nACF Consultants provides learning services and supporting technology to the finance sector. Our clients are global investment and commercial banks, financial institutions, and regulators. ACF is innovative, resourceful, and agile, and we aim to provide a personal tailored service to every client.\n \nLOCATION: Lisboa (Location to be confirmed)\nDURATION: 3 Days\n \n
URL:https://ifb.pt/cursos/mastering-derivatives-seminar/
ORGANIZER;CN=Ana Margarida Soromenho:MAILTO:a.m.soromenho@ifb.pt
CATEGORIES:- (Cursos),(Conferências, Seminários e Workshops),(Seminários),Management
LOCATION:Lisboa
ATTACH;FMTTYPE=image/png:https://ifb.pt/wp-content/uploads/2023/05/IFB-Formacao-159.png
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