INTRODUCTION TO TRADING AND INVESTING IN FIXED INCOME SIMULATION DEALING ROOM

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "INTRODUCTION TO TRADING AND INVESTING IN FIXED INCOME SIMULATION TRAINING@THE DEALING ROOM"

Transcription

1 INTRODUCTION TO TRADING AND INVESTING IN FIXED INCOME SIMULATION DEALING ROOM Leading Excellence in Banking & Finance

2 OUR PARTNERS CapitalWave provides truly dynamic educational simulation training platforms. CapitalWave s instructors, consultants and management team have a wealth of financial knowledge and experience and have designed, developed and delivered training programmes globally to many of these leading capital market banks and financial institutions Amplify Trading was founded in 2009 and has three core operations of business: 1. Proprietary trading across all major asset classes 2. Professional development using trading technology for live & simulation-based training 3. Market analysis and research for clients Part of Henley Business School, the practical application of finance theory is one of the ICMA Centre s key advantages. This integration of theory with practice is achieved through the use of the Centre s three state-of-the-art dealing rooms. With over 100 terminals, All equipped by Thomson Reuters, the terminals run the latest industry simulation software as well as the Centre s own simulation software platforms; ICTrader and StockTrak. Amplify Trading delivers training to the world s leading global banks using its proprietary trading and simulation platforms. The BIBF Dealing Room has a Live link to Amplify Trading s dealing room in London. Participants will be exposed to the Live trading activity of Amplify s trading team. The CISI is the largest and most widely respected professional body for those who work in the securities and investment industry in the UK and in a growing number of major financial centres around the world. Formed in 1992 by London Stock Exchange practitioners, we now have more than 40,000 members in 110 countries. Thomson Reuters is the world s leading source of intelligent information for businesses and professionals, combining industry expertise with innovative technology to deliver critical information to leading decision makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets. SimArch was founded in 1999 and has developed simulations related to commercial banking businesses. The simulations model all key components of a commercial bank and its operating and regulatory environment. SimArch has conducted over 450 workshops in more than 40 countries. SELECTIVE CLIENTS OF BIBF S PARTNERS

3 The BIBF Dealing Room is a state of the art facility, the first of its kind in the MENA region, which powers technologyenabled learning by doing. The facility has over 20 trading stations, fully-equipped multimedia and market tools such as Bloomberg and Thomson Reuters Eikon. In order to provide cutting-edge training expertise and technology, BIBF has partnered with specialist training and technology providers in the UK and US. Our partners have a successful track record of providing training to bulgebracket global banks, including JPMorgan, Citigroup, HSBC, Morgan Stanley, Barclays Capital & Deutsche Bank. A comprehensive range of courses are offered, covering subjects of interest to professionals in the financial sector across Treasury, Investments, Capital Markets and Risk Management.

4 SIMULATION TRAINING IN PORTFOLIO AND INVESTMENT DEALING ROOM

5 INTRODUCTION TO TRADING AND INVESTING IN FIXED INCOME This 4-day intensive course is designed to provide delegates with a high level understanding of interest rate markets and the associated derivative markets. By participating in this 4-day intensive course, delegates gain a deeper understanding of the global Fixed Income Markets. MAIN TOPICS COVERED IN THIS PROGRAMME Be aware of the key information that moves market prices and what information and data participants need Understand the key terminology, phrases and acronyms used in the money market, fixed income market and credit market Become familiar with the major products traded, how they are used and the trade strategies market participants employ WHAT YOU WILL LEARN Will have a clear understanding of the key cash and derivative products traded in the money market. Will appreciate the structure and pricing of the major cash and derivative products traded in the fixed income markets. Be able to identify the different types of risk management and trading analysis undertaken by market participants and understand their data needs. To describe the key data inputs used by option traders to price options and manage the risks on their positions. Understand the terminology used in the credit trading market and be able to identify the types of trades that are established, together with the information needed to assess them. PREREQUISITE COURSES Those interested in attending this course should have a foundational understanding of Fixed Income Markets. There are no pre-requisite courses. WHO SHOULD ATTEND From Commercial Banks, Central Banks, Investment Banks, Asset Management firms representatives, Pension Funds, Hedge Funds, Leasing companies, Insurance companies, Fund Managers, other financial institutions Fixed Income Traders Those who support Fixed Income Traders Financial Officers Risk Officers Internal Auditors Investment Analyst Portfolio Manager COURSE ACTIVITIES REAL MARKET NEWS TRADING GAME (RNTS) Each day begins with a class discussion of the current news stories; this reinforces the need for delegates to become news aware. Delegates are then broken into small groups that need to take trading positions within stated position limits across 6 markets using real market prices. The positions are marked-to-market and groups are able to change their positions during each analysis session. A leader-board ranks the team s performances and the winning team is one with the highest profit at the end of the programme. TRADING SIMULATIONS (FITS) Delegates take part in trading simulations using the Fixed Income Trading Simulator (FITS). These fast paced market simulations allow delegates to experience the high pressure of trading and volatile markets in a tightly controlled environment. Each delegate needs to manage their own positions, make prices, and react to market news while trying to make money in an exciting and competitive forex environment. For some participants this is often their first exposure to trading, and delegates find the experience highly engaging and enjoyable. ONLINE LEARNING TOOL (OSA) Delegates take part in using the Option Strategy Analyser (OSA). This online tool will provide delegates the opportunity to create and structure Options for a better understanding of how to use them in the Fixed Income marketplace.

6 COURSE OUTLINE DAY 1: THE MONEY MARKETS Module 1: Review of the Money Markets The role of the money market Key money market products LIBOR and Overnight Index Swaps Central Bank liquidity facilities The implications of the current low rate environment Pricing money market securities 7 Real News Trading Game Module 2: Introduction to Futures Background to futures markets Definitions and terminology Pit versus screen trading Clearing and margining Physical delivery versus cash settlement 7Excel Case Study Module 3: Yield Curves and Forward Rates Definition of the yield curve Yield curve shapes How traders use the yield curve Calculating implied forward rates Forward Rate Agreements Hedging using FRA s Understanding why traders focus on forward rates 7Understanding the Yield Curve 7Fixed Income Trading Simulator Module 3: STIR Futures Review Background to futures markets Definitions, terminology and features Understanding STIR futures STIR futures terminology Packs, bundles and strips STIR futures trading strategies Hedging using STIR futures DAY 2: THE BOND AND SWAP MARKETS Module 1: Bond Market Maths and Repos Pricing interest bearing securities The relationship between price and yield Day count conventions Accrued interest Introduction to duration and convexity The Repo Market 7Real News Trading Game Module 2: Interest Rate Swaps Basic principles of how swaps work Cash flows, timing and basic structure Market quotation conventions Interest rate swap applications The link between swaps and corporate bond issuance 7Excel Case Study Module 3: Fixed Income Products and Markets Overview of government and corporate bonds The US treasury market Government bond auction process Strips and agency securities The corporate bond issuance process Bond Ratings Bond futures, conversion factors and CTD 7Fixed Income Trading Simulator Module 4: Other Types of Swaps Non constant principal swaps Overnight Index Swaps (OIS) Cross currency swaps Swaps spreads, curve trades and what traders watch

7 DAY 3: US BONDS AND EMERGING MARKETS Module 1: More on the US Bond Markets US Bond Market Overview Municipal Bonds Agency Securities Mortgage Backed Securities The securitisation process Prepayment Risk and MBS Terminology The TBA market and MBS Dollar Roll 7Real News Trading Game Module 2: Emerging Markets LATAM Focus Background and history Emerging market crisis The Brady plan and Brady bonds Motivations to invest in and trade emerging market debt Emerging market benchmarks and Indexes Sovereign debt crisis contagion 7Fixed Income Trading Simulator Module 3: Emerging Markets Eastern Europe and Asia Overview Comparisons of key markets Major products traded in emerging markets The carry trade Macro drivers and key news releases Greece and its knock-on effects Module 4: Introduction to Options Option definitions and terminology American versus European style options Intrinsic and time value Key factors that influence option prices Using options to hedge risk Option trading strategies 7Excel work sheet 7Option Strategy Analyser DAY 4: TRADING CREDIT Module 1: Options Knowledge Primer Understanding the option Greeks Key interest rate option products Caps, collars, floors and swaptions Exotic option overview Understanding barrier options 7Option Strategy Analyser Module 2: Overview of Credit Derivatives The principles of credit derivatives Key terms and definitions Motivations for using credit derivatives Overview and current trends in credit derivative usage Types of credit derivatives 7Excel Case-study Module 3: Single Name and Index Credit Default Swaps (CDS) Terms and definitions What are credit events? The credit derivative settlement process The Big Bang, Little Bang and SNAC The CDX and itraxx index series How index products work 7Excel Case-study Module 4: Trading Credit Overview and concept Relative value versus outright trading The link between corporate bonds and CDS Single name versus index CDS What information does a credit trader need? The sovereign debt crisis

8 BIBF plays a vital role in the training and development of human capital in the Kingdom of Bahrain. Our commitment to excellence has strengthened our position as the top provider of quality education across all major business disciplines. We serve as a partner to numerous world-class institutions; delivering thought leadership, research and advisory, assessment and training solutions in the areas of Accounting and Finance, Academics, Executive development, Banking, Leadership and Management, Insurance, Islamic Finance and Information Technology; resulting in a complete business solution. BIBF covers a wide spectrum of subject matter, with over 300 different courses offered to the financial and corporate market; tailor-made training solutions based on organisational requirements; specialised programmes taught by leading market specialists; and professional qualifications and degree programmes in partnership with major international organisations. BIBF continues to exceed global benchmarks for many of the qualifications it offers with its affiliates. Contact Details: Tel:

RISK MANAGEMENT OF INVESTMENT & TREASURY PORTFOLIOS SIMULATION TRAINING@THE DEALING ROOM

RISK MANAGEMENT OF INVESTMENT & TREASURY PORTFOLIOS SIMULATION TRAINING@THE DEALING ROOM RISK MANAGEMENT OF INVESTMENT & TREASURY PORTFOLIOS SIMULATION TRAINING@THE DEALING ROOM Leading Excellence in Banking & Finance OUR PARTNERS CapitalWave provides truly dynamic educational simulation training

More information

FIXED INCOME TRADING & PORTFOLIO MANAGEMENT SIMULATION TRAINING@THE DEALING ROOM

FIXED INCOME TRADING & PORTFOLIO MANAGEMENT SIMULATION TRAINING@THE DEALING ROOM FIXED INCOME TRADING & PORTFOLIO MANAGEMENT SIMULATION TRAINING@THE DEALING ROOM Leading Excellence in Banking & Finance OUR PARTNERS CapitalWave provides truly dynamic educational simulation training

More information

ASSET & LIABILITY MANAGEMENT SIMULATION COURSE SIMULATION TRAINING@THE DEALING ROOM

ASSET & LIABILITY MANAGEMENT SIMULATION COURSE SIMULATION TRAINING@THE DEALING ROOM ASSET & LIABILITY MANAGEMENT SIMULATION COURSE SIMULATION TRAINING@THE DEALING ROOM Leading Excellence in Banking & Finance OUR PARTNERS CapitalWave provides truly dynamic educational simulation training

More information

GLOBAL INVESTMENT PORTFOLIO CONSTRUCTION AND MANAGEMENT @THE BIBF DEALING ROOM

GLOBAL INVESTMENT PORTFOLIO CONSTRUCTION AND MANAGEMENT @THE BIBF DEALING ROOM GLOBAL INVESTMENT PORTFOLIO CONSTRUCTION AND MANAGEMENT @THE BIBF DEALING ROOM Leading Excellence in Banking & Finance OUR PARTNERS CapitalWave provides truly dynamic educational simulation training platforms.

More information

TRADING & TREASURY MANAGEMENT SIMULATION TRAINING@THE DEALING ROOM

TRADING & TREASURY MANAGEMENT SIMULATION TRAINING@THE DEALING ROOM TRADING & TREASURY MANAGEMENT SIMULATION TRAINING@THE DEALING ROOM Leading Excellence in Banking & Finance OUR PARTNERS CapitalWave provides truly dynamic educational simulation training platforms. CapitalWave

More information

STRATEGIC BANK MANAGEMENT UNDER BASEL III SIMULATION WORKSHOP SIMULATION DEALING ROOM

STRATEGIC BANK MANAGEMENT UNDER BASEL III SIMULATION WORKSHOP SIMULATION DEALING ROOM STRATEGIC BANK MANAGEMENT UNDER BASEL III SIMULATION WORKSHOP SIMULATION TRAINING@THE DEALING ROOM Leading Excellence in Banking & Finance OUR PARTNERS CapitalWave provides truly dynamic educational simulation

More information

2016 Simulation Training Courses

2016 Simulation Training Courses 2016 Simulation Training Courses ABOUT THE BIBF DEALING ROOM The BIBF Dealing Room is the first of its kind in the MENA region, and powers technology-enabled experiential learning, allowing students to

More information

The new ACI Diploma. Unit 2 Fixed Income & Money Markets. Effective October 2014

The new ACI Diploma. Unit 2 Fixed Income & Money Markets. Effective October 2014 The new ACI Diploma Unit 2 Fixed Income & Money Markets Effective October 2014 8 Rue du Mail, 75002 Paris - France T: +33 1 42975115 - F: +33 1 42975116 - www.aciforex.org The new ACI Diploma Objective

More information

Fixed Income Trading and Platform Architecture. Khader Shaik

Fixed Income Trading and Platform Architecture. Khader Shaik Fixed Income Trading and Platform Architecture Khader Shaik Fixed Income Market Fixed Income Market mainly a Institutional Main Players Broker/Dealers Funds (Hedge Funds, Mutual Funds, Retirement Funds

More information

Introduction to Trading

Introduction to Trading Introduction to Trading Certificate Programme The Introduction to Trading programme provides participants with market practice and hands on trading, which will immerse the delegate in the world of dealing.

More information

Introduction to Fixed Income (IFI) Course Syllabus

Introduction to Fixed Income (IFI) Course Syllabus Introduction to Fixed Income (IFI) Course Syllabus 1. Fixed income markets 1.1 Understand the function of fixed income markets 1.2 Know the main fixed income market products: Loans Bonds Money market instruments

More information

Treasury Floating Rate Notes

Treasury Floating Rate Notes Global Banking and Markets Treasury Floating Rate Notes DATE: April 2012 Recommendation summary The USD 7trn money market should support significant FRN issuance from the Treasury. This would diversify

More information

investment academy BNP PARIBAS INVESTMENT PARTNERS Welcome to the Investment Academy

investment academy BNP PARIBAS INVESTMENT PARTNERS Welcome to the Investment Academy investment academy Welcome to the Investment Academy Client Training Programme 2014 investment academy Introducing Investment Academy Sharing expertise! At BNP Paribas Investment Partners we firmly believe

More information

ADVANCED DIPLOMA IN ISLAMIC FINANCE

ADVANCED DIPLOMA IN ISLAMIC FINANCE ADVANCED DIPLOMA IN ISLAMIC FINANCE Leading Excellence in Islamic Finance BIBF plays a vital role in the training and development of human capital in the Kingdom of Bahrain. Our commitment to excellence

More information

SYLLABUS The ACI Dealing Certificate (Prometric Code: 3I0-008)

SYLLABUS The ACI Dealing Certificate (Prometric Code: 3I0-008) SYLLABUS The ACI Dealing Certificate (Prometric Code: 3I0-008) Examination delivered in ENGLISH and GERMAN The ACI Dealing Certificate is a foundation programme that allows candidates to acquire a working

More information

FIXED INCOME TRADING SIMULATION Johannesburg 13-16 October 2015

FIXED INCOME TRADING SIMULATION Johannesburg 13-16 October 2015 FIXED INCOME TRADING SIMULATION Johannesburg 13-16 October 2015 Risk comes from not knowing what you are doing Warren Buffett Overview The workshop provides a highly practical opportunity to analyse the

More information

Product Descriptions Credit Derivatives. Credit Derivatives Product Descriptions

Product Descriptions Credit Derivatives. Credit Derivatives Product Descriptions Credit Derivatives Product Descriptions 1 Products Credit Derivatives Indices Credit Derivatives Tranches Credit Derivatives Options Product Specifications Credit Derivatives Indices A credit default swap

More information

Absolute return: The search for positive returns in changing markets

Absolute return: The search for positive returns in changing markets Absolute return: The search for positive returns in changing markets Tuesday, 7 June 2011 Portfolio Manager for Global Fixed Income and Absolute Return Funds www.dbadvisors.com Topics for discussion What

More information

Module I Financial derivatives an introduction Forward market and products

Module I Financial derivatives an introduction Forward market and products Module I 1. Financial derivatives an introduction 1.1 Derivative markets 1.1.1 Past and present 1.1.2 Difference between exchange traded and OTC derivatives 1.2 Derivative instruments 1.2.1 Concept and

More information

Industry-leading Credit Risk Solutions

Industry-leading Credit Risk Solutions Industry-leading Credit Risk Solutions About Us Fitch Solutions provides a range of industry-leading products and professional development services to the global financial community. In addition to offering

More information

RISK MANAGEMENT OF INVESTMENT PORTFOLIOS

RISK MANAGEMENT OF INVESTMENT PORTFOLIOS A comprehensive and practical 2-day workshop on understanding and managing the risk inherent in investment portfolios, complete with worked examples and case studies to illustrate the key principles taught.

More information

MSc Investment Banking and Islamic Finance. www.icmacentre.ac.uk. Full-time: 12 months

MSc Investment Banking and Islamic Finance. www.icmacentre.ac.uk. Full-time: 12 months MSc Investment Banking and Islamic Finance Full-time: 12 months I C M A C E N T R E T H E B U S I N E S S S C H O O L F O R F I N A N C I A L M A R K E T S Overview The ICMA Centre MSc Investment Banking

More information

Fixed Income Arbitrage

Fixed Income Arbitrage Risk & Return Fixed Income Arbitrage: Nickels in Front of a Steamroller by Jefferson Duarte Francis A. Longstaff Fan Yu Fixed Income Arbitrage Broad set of market-neutral strategies intended to exploit

More information

Whether you seek to BROADEN, DEEPEN, OR SIMPLY REFRESH YOUR SKILLS, Consider F nultima

Whether you seek to BROADEN, DEEPEN, OR SIMPLY REFRESH YOUR SKILLS, Consider F nultima Whether you seek to BROADEN, DEEPEN, OR SIMPLY REFRESH YOUR SKILLS, Consider F nultima F nultima Our trainers have successfully delivered training programmes for some of the top global organizations (

More information

Managing Risk/Reward in Fixed Income

Managing Risk/Reward in Fixed Income INSIGHTS Managing Risk/Reward in Fixed Income Using Global Currency-Hedged Indices as Benchmarks In the pursuit of alpha, is it better to use a global hedged or unhedged index as a benchmark for measuring

More information

Third Edition BOND MARKETS, ANALYSIS AND STRATEGIES. Frank J. Fabozzi, CFA. Adjunct Professor of Finance School of Management Yale University

Third Edition BOND MARKETS, ANALYSIS AND STRATEGIES. Frank J. Fabozzi, CFA. Adjunct Professor of Finance School of Management Yale University Third Edition BOND MARKETS, ANALYSIS AND STRATEGIES Frank J. Fabozzi, CFA Adjunct Professor of Finance School of Management Yale University PRENTICE HALL, Upper Saddle River, NJ 07458 Preface xi Chapter

More information

TREASURY PRODUCTS AND SERVICES MANAGING FINANCIAL RISKS, ENHANCING RETURNS, ACHIEVEING INVESTMENT GOALS 2016

TREASURY PRODUCTS AND SERVICES MANAGING FINANCIAL RISKS, ENHANCING RETURNS, ACHIEVEING INVESTMENT GOALS 2016 TREASURY PRODUCTS AND SERVICES MANAGING FINANCIAL RISKS, ENHANCING RETURNS, ACHIEVEING INVESTMENT GOALS 2016 CONTENT PIRAEUS BANK BULGARIA RELIABLE PARTNER IN THE PRESENT VOLATILE FINANCIAL WORLD FOREIGN

More information

Fixed Income Markets

Fixed Income Markets e-learning and reference solutions for the global finance professional Fixed Income Markets The single-best resource for understanding and participating in Fixed Income Markets After completing this course,

More information

Commercial paper collateralized by a pool of loans, leases, receivables, or structured credit products. Asset-backed commercial paper (ABCP)

Commercial paper collateralized by a pool of loans, leases, receivables, or structured credit products. Asset-backed commercial paper (ABCP) GLOSSARY Asset-backed commercial paper (ABCP) Asset-backed security (ABS) Asset-backed securities index (ABX) Basel II Call (put) option Carry trade Collateralized debt obligation (CDO) Collateralized

More information

Learning Curve An introduction to the use of the Bloomberg system in swaps analysis Received: 1st July, 2002

Learning Curve An introduction to the use of the Bloomberg system in swaps analysis Received: 1st July, 2002 Learning Curve An introduction to the use of the Bloomberg system in swaps analysis Received: 1st July, 2002 Aaron Nematnejad works in the fixed income analytics team at Bloomberg L.P. in London. He graduated

More information

5th Annual Oil Trader Academy

5th Annual Oil Trader Academy 5th Annual Oil Trader Academy ICE Futures Europe, London July-August 2015 ICE Education and IBH have combined their expertise to provide an innovative and practical programme covering all aspects of the

More information

Trusted by the Market. Driven by You. www.yieldbook.com. We stop at nothing. Portfolio analysis and risk management

Trusted by the Market. Driven by You. www.yieldbook.com. We stop at nothing. Portfolio analysis and risk management Trusted by the Market. Driven by You. www.yieldbook.com We stop at nothing. The is the trusted and authoritative source for fixed income analytics that enables market makers and institutional investors

More information

WHAT S NEW IN THOMSON REUTERS EIKON FOR FEBRUARY 2011 FX & MONEY MARKETS

WHAT S NEW IN THOMSON REUTERS EIKON FOR FEBRUARY 2011 FX & MONEY MARKETS THOMSON REUTERS EIKON WHAT S NEW IN THOMSON REUTERS EIKON FOR FEBRUARY 2011 FX & MONEY MARKETS Thomson Reuters Training It is essential to keep up to date with new functionality and features for Thomson

More information

Fixed Income Market Commentary

Fixed Income Market Commentary First Principles Capital Management August 2012 Liquid rates markets Fixed Income Market Commentary Continued optimism around ECB President Mario Draghi s pledge to do whatever it takes to save the euro

More information

Jornadas Economicas del Banco de Guatemala. Managing Market Risk. Max Silberberg

Jornadas Economicas del Banco de Guatemala. Managing Market Risk. Max Silberberg Managing Market Risk Max Silberberg Defining Market Risk Market risk is exposure to an adverse change in value of financial instrument caused by movements in market variables. Market risk exposures are

More information

Undergraduate 2015-16. ICMA Centre Undergraduate degrees in finance

Undergraduate 2015-16. ICMA Centre Undergraduate degrees in finance Undergraduate 2015-16 ICMA Centre Undergraduate degrees in finance 1 2 3 4 5 5 reasons why Utilise the Centre s affiliations with international financial organisations, including the International Capital

More information

Understanding Futures on the DTCC GCF Repo Index

Understanding Futures on the DTCC GCF Repo Index Understanding Futures on the DTCC GCF Repo Index White Paper June 2014 This material may not be reproduced or redistributed in whole or in part without the express, prior written consent of Intercontinental

More information

BNP Paribas Official Institutions Programme of events 2015I 1. WELCOME to the BNP Paribas Official Institutions Training and Conference agenda

BNP Paribas Official Institutions Programme of events 2015I 1. WELCOME to the BNP Paribas Official Institutions Training and Conference agenda BNP Paribas Official Institutions Programme of events 2015I 1 WELCOME to the BNP Paribas Official Institutions Training and Conference agenda 2015 BNP Paribas Official Institutions Programme of events

More information

High-Yield Spread U.S. 10-Year Treasury Yield Investment Grade Spread

High-Yield Spread U.S. 10-Year Treasury Yield Investment Grade Spread WisdomTree ETFs BOFA MERRILL LYNCH HIGH YIELD BOND ZERO DURATION FUND HYZD The U.S. high-yield bond market has been one of the best-performing subsets of the fixed income investable universe over the past

More information

REAL ESTATE PORTFOLIO MANAGEMENT & ASSET ALLOCATION

REAL ESTATE PORTFOLIO MANAGEMENT & ASSET ALLOCATION REAL ESTATE PORTFOLIO MANAGEMENT & ASSET ALLOCATION BIBF plays a vital role in the training and development of human capital in the Middle East and North Africa. Our commitment to excellence has strengthened

More information

19. Interest Rate Swaps

19. Interest Rate Swaps 19. Interest Rate Swaps Reading: Stigum 19 on Swaps. See also Hull who builds from the idea (mentioned in Stigum) that swaps are like a portfolio of forward contracts. Daily Financial Times includes bid-ask

More information

A Best Practice Oversight Approach for Securities Lending

A Best Practice Oversight Approach for Securities Lending A Best Practice Oversight Approach for Securities Lending At its core, securities lending is an investment overlay strategy. It s an investment product that complements existing investment strategies allowing

More information

CERTIFICATE COURSE ON FINANCIAL MARKETS AND SECURITIES LAWS. MODULE 1: Introduction to Financial Market & Money Market

CERTIFICATE COURSE ON FINANCIAL MARKETS AND SECURITIES LAWS. MODULE 1: Introduction to Financial Market & Money Market CERTIFICATE COURSE ON FINANCIAL MARKETS AND SECURITIES LAWS MODULE 1: Introduction to Financial Market & Money Market Introduction to Financial Market Financial Market Structure o Money Market o Debt Market

More information

Total Return Swaps: Credit Derivatives and Synthetic Funding Instruments

Total Return Swaps: Credit Derivatives and Synthetic Funding Instruments Learning Curve Total Return Swaps: Credit Derivatives and Synthetic Funding Instruments Moorad Choudhry YieldCurve.com 2004 Page 1 A total return swap (TRS), sometimes known as a total rate of return swap

More information

Defining Treasury Success. Establishing and Automating Treasury Metrics

Defining Treasury Success. Establishing and Automating Treasury Metrics Defining Treasury Success Establishing and Automating Treasury Metrics B How do we know when treasury is operating effectively? That is the key question many of our corporate clients are asking. They are

More information

International fixed income: The investment case FOR EXISTING VANGUARD ADVICE CLIENT USE ONLY. NOT FOR DISTRIBUTION

International fixed income: The investment case FOR EXISTING VANGUARD ADVICE CLIENT USE ONLY. NOT FOR DISTRIBUTION International fixed income: The investment case Why international fixed income? International bonds currently make up the largest segment of the securities market Ever-increasing globalization and access

More information

SEF Rule 802 Credit Derivatives Product Descriptions

SEF Rule 802 Credit Derivatives Product Descriptions SEF Rule 802 Credit Derivatives Product Descriptions Products Rule 802 (1) Credit Derivatives Indices (2) Credit Derivatives Tranches (3) [Reserved] (4) IOS Index Credit Default Swaps (5) iboxx Total Return

More information

Investment Banking. Nature of operations

Investment Banking. Nature of operations Investment Banking Nature of operations Raiffeisenbank s investment banking operations are directed towards local bond issuances and placement, loan syndications arrangement, and the provision of consulting

More information

International Capital Markets Association. Operations Certificate Programme. Programme Syllabus

International Capital Markets Association. Operations Certificate Programme. Programme Syllabus International Capital Markets Association Operations Certificate Programme Programme Syllabus Created by Keith Dickinson Contents 1. INTRODUCTION...3 2. STRUCTURE OF THE OCP SYLLABUS...4 3. SUBJECT AREAS...5

More information

Hot Topics in Financial Markets Lecture 1: The Libor Scandal

Hot Topics in Financial Markets Lecture 1: The Libor Scandal Hot Topics in Financial Markets Lecture 1: The Libor Scandal Spot and Forward Interest Rates Libor Libor-Dependent Financial Instruments The Scandal 2 Spot Interest Rates Bond Market The yield on a bond

More information

Credit Derivatives Glossary

Credit Derivatives Glossary Credit Derivatives Glossary March 2009 Copyright 2009 Markit Group Limited Any reproduction, in full or in part, in any media without the prior written permission of Markit Group Limited will subject the

More information

DEBT MARKETS SPRING 2014 10.45 TO 12.15 331 URIS HALL (MONDAYS AND WEDNESDAYS)

DEBT MARKETS SPRING 2014 10.45 TO 12.15 331 URIS HALL (MONDAYS AND WEDNESDAYS) DEBT MARKETS SPRING 2014 10.45 TO 12.15 331 URIS HALL (MONDAYS AND WEDNESDAYS) INSTRUCTOR: Suresh Sundaresan Office Location: 401 Uris Hall Office Phone: 212-854- 4423 Fax: 212-316- 9180 E- mail: ms122@columbia.edu

More information

The Institute of Trading and Finance. The Master in Trading Course (For futures)

The Institute of Trading and Finance. The Master in Trading Course (For futures) The Institute of Trading and Finance Presents: The Master in Trading Course (For futures) Syllabus The IOTAF Master in Trading Course provides students with comprehensive training in trading financial

More information

The Short Dated Interest Rate Market Trading JIBAR Futures

The Short Dated Interest Rate Market Trading JIBAR Futures JOHANNESBURG STOCK EXCHANGE Interest Rates The Short Dated Interest Rate Market Trading JIBAR Futures JIBAR Futures are Short Term Interest Rate (STIR) Futures based on the 3-month JIBAR (Johannesburg

More information

1 st Annual European Covered Bond Investors Survey

1 st Annual European Covered Bond Investors Survey 1 st Annual European Covered Bond Investors Survey May, 2009 European Covered Bond Dealers Association an Affiliate of SIFMA ECBDA Investor Survey Overview European Covered Bond Dealers Association (ECBDA)

More information

Alternative Investments Insurance Company Strategies

Alternative Investments Insurance Company Strategies Alternative Investments Insurance Company Strategies Gareth Mee and Richard McIntyre 10 th November 2014 Agenda Introduction insurance company considerations Themes and case studies Annuity funds General

More information

International Capital Market Association

International Capital Market Association International Capital Market Association International Fixed Income and Derivatives Certificate Programme Syllabus Copyright 2006 ICMA. All rights reserved. 1 Contents I. Introduction... 3 II. Structure

More information

Oil Trader Development Programme with Live Trading

Oil Trader Development Programme with Live Trading Course taught in: English CERTIFICATION: 10 CPD (Continuing professional development) points Oil Trader Development Programme with Live Trading www.mihacademy.com www.navitasresources.com Please, consider

More information

Module Description. Master Programme. International Business and Finance (M.A.)

Module Description. Master Programme. International Business and Finance (M.A.) Fakultät für Wirtschaft Module Description Master Programme International Business and Finance (M.A.) (Version: 2014-10-01) Introduction: The official requirements for the degree program 'International

More information

Long duration bond benchmarks for corporate pension plans

Long duration bond benchmarks for corporate pension plans By: Yoshie Phillips, CFA, Senior Research Analyst OCTOBER 2011 Long duration bond benchmarks for corporate pension plans Issue: With the growth of liability-driven investing (LDI), many corporate pension

More information

J.P. Morgan Asset Management Institutional Order Execution Policy Disclosure

J.P. Morgan Asset Management Institutional Order Execution Policy Disclosure J.P. Morgan Asset Management Institutional Order Execution Policy Disclosure 1 Introduction and scope The rules of the Financial Services Authority ( FSA ), in implementing the Markets in Financial Instruments

More information

SOLUTIONS FOR REGISTERED INVESTMENT ADVISORS

SOLUTIONS FOR REGISTERED INVESTMENT ADVISORS SOLUTIONS FOR REGISTERED INVESTMENT ADVISORS Delivering customized investment solutions and strategies to sophisticated fiduciaries and intermediaries For Use with Financial Professionals Only. Not for

More information

Finance. Undergraduate Program of Study. Graduate Program of Study. Courses. Certificate in Risk Management and Insurance. Doctor of Philosophy

Finance. Undergraduate Program of Study. Graduate Program of Study. Courses. Certificate in Risk Management and Insurance. Doctor of Philosophy University of Iowa 2015-16 General Catalog 1 Finance Chair Erik Lie Undergraduate major: finance (B.B.A.) Graduate degree: finance subprogram for the Ph.D. in business administration Faculty: http://tippie.uiowa.edu/finance/faculty.cfm

More information

TRADING & FINANCIAL MARKET ANALYSIS 2015 A PRACTICAL EXPIERIENCE IN TRADING, RISK MANAGEMENT AND MARKET ANALYSIS

TRADING & FINANCIAL MARKET ANALYSIS 2015 A PRACTICAL EXPIERIENCE IN TRADING, RISK MANAGEMENT AND MARKET ANALYSIS TRADING & FINANCIAL MARKET ANALYSIS 2015 A PRACTICAL EXPIERIENCE IN TRADING, RISK MANAGEMENT AND MARKET ANALYSIS 1 ENGAGING STUDENTS AT THE HEART OF GLOBAL FINANCIAL MARKETS Placed at the forefront of

More information

A Flexible Benchmark Relative Method of Attributing Returns for Fixed Income Portfolios

A Flexible Benchmark Relative Method of Attributing Returns for Fixed Income Portfolios White Paper A Flexible Benchmark Relative Method of Attributing s for Fixed Income Portfolios By Stanley J. Kwasniewski, CFA Copyright 2013 FactSet Research Systems Inc. All rights reserved. A Flexible

More information

(Part.1) FOUNDATIONS OF RISK MANAGEMENT

(Part.1) FOUNDATIONS OF RISK MANAGEMENT (Part.1) FOUNDATIONS OF RISK MANAGEMENT 1 : Risk Taking: A Corporate Governance Perspective Delineating Efficient Portfolios 2: The Standard Capital Asset Pricing Model 1 : Risk : A Helicopter View 2:

More information

Unique considerations in evaluating liability-driven investment managers

Unique considerations in evaluating liability-driven investment managers By: Ryan Dembinsky, Senior Research Analyst JANUARY 2013 Unique considerations in evaluating liability-driven investment managers Relative to traditional fixed income investing, liability-driven investing

More information

SSgA CAPITAL INSIGHTS

SSgA CAPITAL INSIGHTS SSgA CAPITAL INSIGHTS viewpoints Part of State Street s Vision thought leadership series A Stratified Sampling Approach to Generating Fixed Income Beta PHOTO by Mathias Marta Senior Investment Manager,

More information

Impact of QE on Fixed Income

Impact of QE on Fixed Income Impact of QE on Fixed Income David Greene, Client Portfolio Manager Pioneer Investments Unconstrained Approaches Potential returns mean investors have to be more opportunistic 5 0 Expected return based

More information

Investment Portfolio Management Techniques for Fixed Income, Equity and Alternative Investments

Investment Portfolio Management Techniques for Fixed Income, Equity and Alternative Investments Investment Portfolio Management Techniques for Fixed Income, Equity and Alternative Investments www.mce-ama.com/2400 Senior Managers Days 4 www.mce-ama.com 1 WHY attend this programme? Managing an investment

More information

Geometric Progression Investment & Financial Management. Understanding Forex (2 days)

Geometric Progression Investment & Financial Management. Understanding Forex (2 days) Overview Understanding Forex (2 days) South Africa is now firmly entrenched in the global economy. Any company involved in any aspect of exporting or importing needs to understand the impact of Foreign

More information

JPMorgan Global Bond Fund. Global investing - A less volatile choice NEW. SFC-authorised global bond fund with RMB-hedged share classes*!

JPMorgan Global Bond Fund. Global investing - A less volatile choice NEW. SFC-authorised global bond fund with RMB-hedged share classes*! AVAILABLE FOR PUBLIC CIRCULATION NEW JPMorgan Global Bond Fund December 2015 Asset Management Company of the Year 2014 Fundamental Strategies, Asia + Important information 1. The Fund invests primarily

More information

Asset and Wealth Management

Asset and Wealth Management Asset and Wealth Management Initial Training Programme Edinburgh 2016 London Edinburgh New York Dubai Singapore www.capitalcitytraining.com 1 Introduction Why this programme? In Edinburgh and Glasgow,

More information

24 th Year of Publication. A monthly publication from South Indian Bank. To kindle interest in economic affairs... To empower the student community...

24 th Year of Publication. A monthly publication from South Indian Bank. To kindle interest in economic affairs... To empower the student community... Experience Next Generation Banking To kindle interest in economic affairs... To empower the student community... www.sib.co.in ho2099@sib.co.in A monthly publication from South Indian Bank 24 th Year of

More information

Financial Markets elearning learn inform inspire

Financial Markets elearning learn inform inspire Financial Markets elearning learn inform inspire Release 29: 2013 Financial Markets Courses Introduction to Financial Markets Financial Markets - An Introduction Money Markets - An Introduction Foreign

More information

Interest rate swaptions downside protection you can live with

Interest rate swaptions downside protection you can live with By: Michael Thomas, CFA, Head of Consulting and Chief Investment Officer JUNE 2011 Greg Nordquist, CFA, Director, Overlay Strategies Interest rate swaptions downside protection you can live with When it

More information

GEORGIA STATE FINANCING AND INVESTMENT COMMISSION (GSFIC) Policy and Procedures, Owner Commission

GEORGIA STATE FINANCING AND INVESTMENT COMMISSION (GSFIC) Policy and Procedures, Owner Commission GEORGIA STATE FINANCING AND INVESTMENT COMMISSION (GSFIC) Policy and Procedures, Owner Commission Policy Title/Number QUALIFIED INTEREST RATE MANAGEMENT AGREEMENTS FOR STATE AUTHORITIES Effective Date:

More information

Trading in Treasury Bond Futures Contracts and Bonds in Australia

Trading in Treasury Bond Futures Contracts and Bonds in Australia Trading in Treasury Bond Futures Contracts and Bonds in Australia Belinda Cheung* Treasury bond futures are a key financial product in Australia, with turnover in Treasury bond futures contracts significantly

More information

FOR FOREIGN EXCHANGE PROFESSIONALS

FOR FOREIGN EXCHANGE PROFESSIONALS FX & MM Views...2 Reuters FX Buzz...3 Economic Events Monitor...4 FX Polls...5 FX Options...6 Non-Deliverable Forwards...7 Calculators... 8 FX Heatmap...9 Charting...10 FOR FOREIGN EXCHANGE PROFESSIONALS

More information

Fiduciary Insights OPTIMIZING YOUR BOND PORTFOLIO THROUGH RISK FACTOR MODELING

Fiduciary Insights OPTIMIZING YOUR BOND PORTFOLIO THROUGH RISK FACTOR MODELING OPTIMIZING YOUR BOND PORTFOLIO THROUGH RISK FACTOR MODELING FIXED INCOME INVESTMENTS SPAN A BROAD RANGE OF SENSITIVITIES TO CHANGES IN YIELDS AND CREDIT SPREADS. Understanding how different types of fixed

More information

Markit itraxx Europe Index Rules

Markit itraxx Europe Index Rules Markit itraxx Europe Index Rules February 2013 Contents Index Overview... 3 Markit itraxx European Indices... 3 Sub-Indices... 3 Administrator... 3 Roll Dates... 4 Maturity... 4 Weighting... 4 Relevant

More information

Where can credit unions turn when looking for more income today with protection from higher interest rates in the future?

Where can credit unions turn when looking for more income today with protection from higher interest rates in the future? Back to Basics Hybrid ARMs By Tom Slefinger, Senior Vice President, Director of Institutional Fixed Income Sales at Balance Sheet Solutions, LLC. Tom can be reached at tom.slefinger@balancesheetsolutions.org.

More information

Perspectives September

Perspectives September Perspectives September 2013 Quantitative Research Option Modeling for Leveraged Finance Part I Bjorn Flesaker Managing Director and Head of Quantitative Research Prudential Fixed Income Juan Suris Vice

More information

Problem Loan Workout and Debit Restructuring for SME s in Egypt

Problem Loan Workout and Debit Restructuring for SME s in Egypt Problem Loan Workout and Debit Restructuring for SME s in Egypt Course Hours: 24 Course Code: 12167 Objectives The principal objectives of this programme are to provide delegates with a developed understanding

More information

International Swaps and Derivatives Association, Inc. Disclosure Annex for Interest Rate Transactions

International Swaps and Derivatives Association, Inc. Disclosure Annex for Interest Rate Transactions International Swaps and Derivatives Association, Inc. Disclosure Annex for Interest Rate Transactions This Annex supplements and should be read in conjunction with the General Disclosure Statement. NOTHING

More information

Please see below for the current credit ratings of Santander UK:

Please see below for the current credit ratings of Santander UK: Santander UK Santander UK is regulated on a standalone basis by the United Kingdom Financial Services Authority. The bank is UK focused with more than 95% of assets UK based. In the UK, the bank has a

More information

TREASURY MANAGEMENT POLICY

TREASURY MANAGEMENT POLICY TREASURY MANAGEMENT POLICY June 2011 CONTENTS: TREASURY MANAGEMENT POLICY SECTION A - TREASURY MANAGEMENT OBJECTIVES AND PRINCIPLES A 1. A 2. A 3. A 4. A 5. A 6. A 7. INTRODUCTION AND BACKGROUND PURPOSE

More information

The International Certificate in Banking Risk and Regulation (ICBRR)

The International Certificate in Banking Risk and Regulation (ICBRR) The International Certificate in Banking Risk and Regulation (ICBRR) The ICBRR fosters financial risk awareness through thought leadership. To develop best practices in financial Risk Management, the authors

More information

Management School. MSc/PG Dip/PG Cert. Investment Analysis. University of Stirling Management School

Management School. MSc/PG Dip/PG Cert. Investment Analysis. University of Stirling Management School Management School MSc/PG Dip/PG Cert Investment Analysis University of Stirling Management School The University of Stirling Management School MSc in Investment Analysis is the UK s longest established

More information

Institutional Trading of Equity Derivatives

Institutional Trading of Equity Derivatives Institutional Trading of Equity Derivatives By Jay Bennett, John Colon and John Feng Each year Greenwich Associates, a consulting firm specializing in financial services, interviews investment managers,

More information

Capital preservation strategy update

Capital preservation strategy update Client Education Summit 2012 Capital preservation strategy update Head of Institutional Fixed Income Investments, Americas October 9, 2012 Topics for discussion 1 Capital preservation strategies 2 3 4

More information

Weekly Relative Value

Weekly Relative Value Back to Basics Identifying Value in Fixed Income Markets As managers of fixed income portfolios, one of our key responsibilities is to identify cheap sectors and securities for purchase while avoiding

More information

The Foreign Exchange and Interest Rate Derivatives Markets: Turnover in the United States, April 2013. Federal Reserve Bank of New York

The Foreign Exchange and Interest Rate Derivatives Markets: Turnover in the United States, April 2013. Federal Reserve Bank of New York The Foreign Exchange and Interest Rate Derivatives Markets: Turnover in the United States, April 2013 Federal Reserve Bank of New York The Foreign Exchange and Interest Rate Derivatives Markets: Turnover

More information

Mortgage and Asset Backed Securities Investment Strategy

Mortgage and Asset Backed Securities Investment Strategy Mortgage and Asset Backed Securities Investment Strategy Traditional fixed income has enjoyed an environment of falling interest rates over the past 30 years. Average of 10 & 30 Year Treasury Yields (1981

More information

Introduction to Equity Derivatives

Introduction to Equity Derivatives Introduction to Equity Derivatives Aaron Brask + 44 (0)20 7773 5487 Internal use only Equity derivatives overview Products Clients Client strategies Barclays Capital 2 Equity derivatives products Equity

More information

Risk Assessment and Monitoring Protocol Consulting Service

Risk Assessment and Monitoring Protocol Consulting Service August 2015 Risk Assessment and Monitoring Protocol Consulting Service Our Risk Assessment and Monitoring Protocol Service, ( RAMP ) is designed to fulfill the risk management needs of asset owners. RAMP

More information

Trader Boot Camp Commodity Futures and Index Options

Trader Boot Camp Commodity Futures and Index Options Trader Boot Camp Commodity Futures and Index Options ICE Education and The Trader Training Company (TTC) have combined their expertise in Energy Markets, high frequency finance and electronic trading to

More information

Investment Portfolio Management and Effective Asset Allocation for Institutional and Private Banking Clients

Investment Portfolio Management and Effective Asset Allocation for Institutional and Private Banking Clients Investment Portfolio Management and Effective Asset Allocation for Institutional and Private Banking Clients www.mce-ama.com/2396 Senior Managers Days 4 www.mce-ama.com 1 WHY attend this programme? This

More information

EXHIBIT A. Markit North America, Inc., or Markit Group Limited, or one of its subsidiaries or any successor sponsor according to each index.

EXHIBIT A. Markit North America, Inc., or Markit Group Limited, or one of its subsidiaries or any successor sponsor according to each index. EXHIBIT A CHAPTER 12: CREDIT CONTRACTS TERMS AND CONDITIONS Rule 1201. Scope (a) The rules in this chapter govern the trading of credit Contracts and Options on credit Contracts. The Clearing Organization(s)

More information