Foreign Exchange, Money Markets and Derivatives
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1 Foreign Exchange, Money Markets and Derivatives Page 1 of 13
2 Why Attend The global foreign exchange (FX) and money markets are the world s largest markets and pivotal parts of the financial system. In foreign exchange alone, more than $5 trillion of transactions occur daily. These markets provide funding, trading and investment opportunities and are the conduit between all other components of the world s capital markets. In recent years, the importance of the money markets has become even greater as financial institutions focus more closely on the management and diversification of their sources of liquidity, apply greater discipline to their funding and examine the attractions of short term investment and trading strategies. This course provides a strong foundation on the instruments and activities of the international money and FX markets; and it focuses on the current profile of the markets and offers insights based on the lessons learned from the financial crisis as well as the latest market developments. Moreover, the course emphasizes the integrated nature of FX, money markets and derivatives. Mastering the mechanics and usages of such instruments provides excellent opportunities for arbitrage, hedging and risk management for those engaged in corporate treasury functions, commercial banks and asset management companies. The course also analyses the liquidity characteristics and risks of different instruments and funding strategies. Course Methodology This course uses a wide range of learning methods, including explanatory slides, case studies, detailed examination of Excel models in an interactive workshop style environment and others. Course Objectives By the end of the course, participants will be able to: Develop a deep understanding of the FX market, its mechanics and major participants Analyze the role and impact of central banks on FX and money markets Examine the nature of money supply, open market operations and quantitative easing Demonstrate a thorough understanding of liquidity, capital adequacy and solvency Apply analytical skills to key financial products within global money markets Explain the logic and uses of financial derivatives forwards, swaps and options Develop an understanding of key strands of financial risk management Target Audience This course is suitable for all those working within the banking industry, including wealth managers, auditors, accountants, finance specialists, risk managers, and treasury and product control professionals. It is also suitable for those working with financial services and in corporate finance positions. Target Competencies Exchange rate and interest rate risk best practices Analyzing unorthodox policies Global money, FX markets, and capital flows Thought leadership Course Outline Interface of money markets and foreign exchange (FX) Size of the markets Issuance of Treasury instruments, repos, bankers acceptances, commercial paper Overview of the Euromarkets London Interbank Offered Rate (LIBOR) Treasury bill issuance in different jurisdictions The mechanics of the Repo market Forward rates for interest rate and FX Effective yields when risk adjusted for FX exposures Arbitrage and interest rate parity Page 2 of 13
3 Current market conditions Risk premia, key money markets spreads and currency outlook Role of central banks in the financial system Overview of central banks Federal Reserve European Central Bank People s Bank of China Bank of Japan Bank of England Structure of a central bank balance sheet Characteristics of central bank s assets and liabilities Lender of last resort Summary of Open Market Operations Unorthodox monetary policy including quantitative easing (QE) Independence of central banks Financial stability and macro-prudential policy Forward guidance and transparency of decision making of FX reserves and exchange rate policy Nature of payments systems real-tim gross settlement systems (RTGS), net settlement, Fedwire, Target2 Monetary policy and money supply Overview of the policy committees Federal Open Market Commmittee (FOMC) Monetary Policy Committee of the Bank of England (MPC of BOE) European Central Bank (ECB Governing Council) The People s Bank of China (PBOC) governance Overview of money supply Monetary tools and how they impact money supply How is money created in a modern economy Inflation targeting Central bank reserves Explanation of the Taylor rule Term structure of interest rates Foreign exchange market characteristics Size of market, volumes, participants, major currency pairs Regional breakdown of where and when most FX trading takes place Key role of London market in FX trading Historical background to today s FX market Role of the International Monetary Fund (IMF) and Special Drawing Rights (SDR s) Global FX reserves Review of several key historical FX rates Price of gold and relationship to the US Dollar index Interest rate (IR) swaps Page 3 of 13
4 Basic structures and terminology of swaps Business case for using IR swaps Contrast money market rates and IR swap rates Notion of swap as an aggregation of forward rate agreements Pricing the fixed leg and interpreting the swap markets Counter party risk Recognition that credit valuation adjustment (CVA) is integral part of trading practices and pricing of derivatives and not just a regulatory (Basel) issue Over-The-Counter (OTC) market versus Swap Execution Facilities (SEF s) Collateralized OTC trades versus margin based Central Clearing Party (CCP) platforms Netting arrangements Credit default swaps (CDS) Terminology protection buyer/seller, reference entity, Naked CDS positions Contrast between a CDS and a financial insurance contract Equating actual and contingent payments Inputs to model - default probabilities, loss given default (LGD), forward curve Sovereign and corporate markets Single name CDS versus basket products, nth to default structures Determination of a credit event Recent amendments to the International Swaps and Derivatives Association (ISDA) protocols on determination of credit events ISDA protocols Using derivatives for general hedging purposes Key concepts of hedging equity and fixed income risk with derivatives Using index futures and options to hedge equity portfolio Hedge ratio calculation for equity futures Calculating portfolio beta Options strategies Using forwards to hedge forex risk Using swaps to hedge credit risk Using variance swaps to hedge volatility risk Asset/liability management and the treasury function Interest rate risks Market risk i.e. re-valuation of bank holdings from changes in interest rates Accounting issues related to fair value accounting Duration gap analysis Interest rate forecasting Review of inflation protected securities Estimating the Term Liquidity Premium in money markets Funds Transfer Pricing (FTP) mechanics Contingency buffers for liquidity risk management Funding Value Adjustment (FVA) Bank funding curves Applying the correct FTP charges for strategic balance sheet management Page 4 of 13
5 The global regulatory framework Overview of the Basel III framework Key provisions of Basel III related to market risk, credit risk, liquidity risk and operational risk Pillars 2 and 3 of Basel accords and role of central banks as supervisors Contrast macro-prudential policy initiatives with traditional micro-prudential Pro-cyclical and counter-cyclical risk management Dodd Frank Act and Financial Stability Oversight Council (FSOC), Volcker rule Regulatory investigations into market abuse USA - the Federal Reserve, Treasury, Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Corporation (FDIC) UK - Bank of England, Prudential Regulation Authority (PRA), Financial Conduct Authority European Union ECB, the European Stability Mechanism (ESM), the European Securities and Markets Authority (ESMA) Trans national Bank for International Settlements (BIS), Global Financial Stability Board etc. Sarbanes-Oxley risk disclosure, stringent accounting requirements, impact on IT policies Volcker Rule restrictions on activities/structure of banks Page 5 of 13
6 Location & Date 7-11 Apr, 2019 To be assigned 3-7 Nov, 2019 To be assigned : US$ (including coffee breaks and a buffet lunch daily) Per participant Per participant VAT as applicable UAE Tax Registration Number Page 6 of 13
7 4-8 Nov, 2018 Policies and Procedures 4-8 Nov, Nov, 2018 Managing the Collections and Credit Control Team 4-8 Nov, 2018 Professional Skills for Finance and Accounting Nov, 2018 Accounts Receivable and Credit Policies Nov, 2018 Advanced Budgeting Workshop Nov, 2018 Innovative Cost Savings Strategies Nov, 2018 International Financial Reporting Standards (IFRS) and 2018 Updates Nov, 2018 Certificate in Fixed Assets Accounting and US$ Nov, 2018 Financial Controller Workshop Nov, 2018 Preparing Financial Statements and the Annual Report Nov, 2018 Certificate in Advanced Financial Modeling US$ Nov, 2018 Certified Corporate Financial Planning & Analysis Professional (Cert FP&A): Preparation Course - Part 1 US$ Dec, 2018 Accounting for Non-Accountants 2-6 Dec, Dec, 2018 Accounts Payable: From Accounting to 9-13 Dec, 2018 Corporate Finance Workshop 9-13 Dec, 2018 Fast Closing Monthly and Year-End Accounts 9-13 Dec, 2018 Payroll: Preparation, Analysis and Dec, 2018 Effective Budgeting and Cost Control Dec, 2018 Efficient Finance and Accounting Operations: 2018 Best Practices and Updates Dec, Dec, 2018 Next Generation Excel: Advanced Business and Financial Reporting Dec, 2018 Page 7 of 13
8 23-27 Dec, 2018 Financial Analysis Workshop 6-7 Jan, 2019 Basic Mechanics and Accounting for VAT US$ Jan, Feb, 2019 Financial Modeling Workshop Using Excel Feb, 2019 Accounts Payable: Accounting and Best Practices Feb, 2019 Effective Budgeting and Cost Control Feb, Feb, 2019 Accounts Receivable and Credit Policies Feb, 2019 Certificate in Professional Accounting Feb, 2019 Certified Financial Manager Feb, 2019 Dynamic Business Reports and Dashboards Using Excel Feb, 2019 Financial Acumen: Roadmap to Business Success 3-7 Mar, 2019 Accounting for Non-Accountants 3-7 Mar, 2019 Certificate in Cost Analysis, Control and Optimization Mar, 2019 Certificate in Accounting and Financial Control Mar, 2019 Financial Analysis Workshop Mar, 2019 Payroll: Preparation, Analysis and Mar, 2019 Efficient Finance and Accounting Operations: 2019 Best Practices and Updates Mar, 2019 International Financial Reporting Standards (IFRS) and 2019 Updates Mar, 2019 Managing the Collections and Credit Control Team Mar, 2019 Preparing Financial Statements and the Annual Report Mar, 2019 Certificate in Fixed Assets Accounting and Mar, 2019 Certificate in Advanced Financial Modeling Mar, 2019 Certificate in Treasury and Cash Mar, 2019 Fast Closing Monthly and Year-End Page 8 of 13
9 Accounts 31 Mar - 4 Apr, 2019 Effective Budgeting and Cost Control 7-11 Apr, Apr, 2019 Professional Skills for Finance and Accounting Apr, 2019 Policies and Procedures Apr, 2019 Preparation for Certificate in Financial Planning & Analysis (Cert FP&A) Apr, 2019 Certificate in International Financial Reporting Standards (CertIFR): Preparation Course Apr, 2019 Next Generation Excel: Advanced Business and Financial Reporting Apr, 2019 Certificate in Advanced Budgeting and Forecasting Apr, 2019 Cairo 28 Apr - 2 May, 2019 Efficient Finance and Accounting Operations: 2019 Best Practices and Updates 28 Apr - 2 May, Jun, 2019 Certificate in Advanced Financial Modeling 9-13 Jun, Jun, 2019 Accounts Payable: Accounting and Best Practices Jun, Jun, 2019 Effective Budgeting and Cost Control Jun, 2019 Advanced Excel: Power Query, Power Pivots and Macros Jun, Jul, 2019 Certified Financial Manager Jul, 2019 Certificate in Advanced Budgeting and Forecasting Jul, 2019 Fast Closing Monthly and Year-End Accounts 28 Jul - 1 Aug, 2019 Financial Modeling Workshop Using Excel 4-8 Aug, Aug, 2019 Page 9 of 13
10 25-29 Aug, 2019 Istanbul Aug, 2019 Forecasting and Analyzing Cash Flow 1-5 Sep, 2019 Accounting for Non-Accountants 1-5 Sep, 2019 Dynamic Business Reports and Dashboards Using Excel 4-6 Sep, 2019 : A Hands-On Workshop Beirut US$ Sep, 2019 Corporate Finance Workshop 8-12 Sep, 2019 Efficient Finance and Accounting Operations: 2019 Best Practices and Updates Abu Dhabi 8-12 Sep, 2019 Financial Analysis Workshop 8-12 Sep, 2019 Payroll: Preparation, Analysis and Sep, 2019 Accounts Receivable and Credit Policies Sep, 2019 International Financial Reporting Standards (IFRS) and 2019 Updates Sep, 2019 Professional Skills for Finance and Accounting Istanbul Sep, 2019 Certificate in Accounting and Financial Control Sep, 2019 Financial Acumen: Roadmap to Business Success 29 Sep - 3 Oct, 2019 Certificate in Treasury and Cash Riyadh 29 Sep - 3 Oct, 2019 Reporting for Business Performance Review 6-10 Oct, Oct, 2019 Effective Budgeting and Cost Control 6-10 Oct, 2019 Preparing Financial Statements and the Annual Report Oct, 2019 Fast Closing Monthly and Year-End Accounts Oct, 2019 Next Generation Excel: Advanced Business and Financial Reporting Oct, 2019 Accounts Payable: Accounting and Best Practices Riyadh Oct, Oct, 2019 Financial Forecasting: Tools and Page 10 of 13
11 Techniques Oct, 2019 Managing the Collections and Credit Control Team Oct, Oct, 2019 Innovative Cost Savings Strategies 3-7 Nov, 2019 Certificate in Treasury and Cash 3-7 Nov, 2019 Trade Finance, Letters of Credit and Bank Guarantees Nov, 2019 Certificate in Advanced Budgeting and Forecasting Nov, 2019 Certificate in Advanced Financial Modeling Nov, 2019 Certificate in International Financial Reporting Standards (CertIFR): Preparation Course Nov, 2019 Payroll: Preparation, Analysis and Nov, 2019 Accounts Payable: Accounting and Best Practices Nov, Nov, 2019 Certificate in Fixed Assets Accounting and Nov, 2019 Advanced Excel: Power Query, Power Pivots and Macros Nov, Nov, 2019 Forecasting and Analyzing Cash Flow 1-5 Dec, 2019 Efficient Finance and Accounting Operations: 2019 Best Practices and Updates 8-12 Dec, 2019 Accounts Receivable and Credit Policies 8-12 Dec, 2019 International Financial Reporting Standards (IFRS) and 2019 Updates 8-12 Dec, 2019 Professional Skills for Finance and Accounting Dec, 2019 Policies and Procedures Dec, Dec, 2019 Effective Budgeting and Cost Control Dec, 2019 Certificate in Cost Analysis, Control and Page 11 of 13
12 Optimization Dec, Dec, 2019 Page 12 of 13
13 Page 13 of 13
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