How To Understand The Financial Markets In Sommerland

Transcription

1 Kursuskatalog Course program Efterår Autumn 11

2 Content Welcome 3 Derivatives Introduktion til derivater/introduction to Derivatives 4 Anvendelse af FRAs, swaps og renteoptioner 4 Interest Rate Swaps Pricing and Trading 5 Aktiv gældspleje med derivater 6 Pricing and Trading Swaps - NEW CONTENT 6 Fixed Income Derivatives Trading - NEW 7 Alpha, Beta and Risk Budgetting using Derivatives in Equity Portfolios - NEW 8 Bond Analysis Understanding the Swedish Bond Market 9 Understanding the Norwegian Bond Market 9 Det danske obligationsmarked 10 Corporate Bonds and Credit Trading - NEW CONTENT 11 Danske realkreditobligationer 12 Welcome Risk Management Risk Management in the Banking Sector - NEW 13 Risk Management i L&P-sektoren 14 Value at Risk 14 Portfolio Management Performance Measurement 15 Asset Allocation 15 Financial Markets Introduktion til de finansielle markeder 16 FX and the Money Market 16 Introduction to Back-office 17 Financial Applications Excel in Finance (I) using the Built-in Functionality 18 Excel in Finance (II) Introduction to VBA Programming 18 Instructors 19 Course Calendar 20 Welcome to the autumn season of 2011! Above you see a picture of our premises in the very heart of Copenhagen across from Tivoli Gardens and next to hotel The Square. In Stockholm we continue our effort to offer new and exciting courses at the convenience of our Nordic clients. New courses for the fall season offered in Stockholm include Alpha, Beta and Riskbudgetting using Derivatives in Equity Portfolios as well as Fixed Income Derivatives Trading. Risk Management in the Banking Sector is a new course offered in Copenhagen. As always, we have our cornerstone courses, which we continue to update and which always receive excellent feedback from our course participants. One such course is Pricing and Trading Swaps which has undergone a major update to reflect the new pricing paradigm. We look forward to seeing you on our courses in the autumn of 2011! Best regards Ulrik Jørgen Carsten 2 3

3 DERIVATIVES Introduktion til derivater DERIVATIVES Interest Rate Swaps - Pricing and Trading september, 2011, København december, 2011, København oktober, 2011, Stockholm 16. november, 2011, Oslo n Futures, Forwards og CFDs n Repos n Optioner n FRAs n Swaps n Renteoptioner n Kredit derivater n Handel og konventioner n Strukturerede produkter København: Dansk Stockholm: Formateriale: E-learning på engelsk Introducerende n Pricing and Valuing Interest Rate Swaps n The new Pricing Paradigm n Understanding the Building Blocks in Swap Pricing n Calibrating the Discount Function using Bootstrapping n Swap Trading General Considerations n Relative Value Trades n Speculative Trade on the Shape of the Yield Curve using Swaps n Swaps vs Government Bonds n Swaps vs Corporate Bonds / Advanced NOK 6,500 København: Stockholm: SEK DERIVATIVES Anvendelse af FRAs, swaps og renteoptioner september 2011, København n Klassifikation af produkterne n FRAs contra deposit futures n Rente og cross currency swaps n Caps, floors, collars og swaptioner n Definitioner og anvendelsesmuligheder n Handels- og kalenderkonventioner n Tidsprofil, fixing og afregning n Afdækning af funding risiko n Comparison swap metoden n Nulkupon prisfastsættelse n Asset og liability swaps Skandinavisk Formateriale: E-learning på engelsk Introducerende/ mellem We have worked together with FTP since 1997 on training covering fixed income instruments, and structured products. Financial Training Partner is very professional and above all very pedagogical. Through FTP s deep knowledge and their very logical and user-friendly way to deliver knowledge, we have been able to strengthen the competencies of our employees considerably at a very fair price. We are pleased to continue working with Financial Training Partner to build the competencies in SEB. 4 Leif Svanholm, Cheif Educational Officer, SEB 5

4 DERIVATIVES Aktiv gældspleje med derivater DERIVATIVES Fixed Income Derivatives Trading november, 2011, København November 30 December 1, 2011, Stockholm n Elementer i finansiel rådgivning n Analyse af en kundes gældsportefølje n Risikofaktorer ved en gældsportefølje n Måling og styring af renterisici n Varighed for konverterbare lån n Forward rate agreements (FRA) n Swaptioner, renteloft/-gulv produkter, optionsteori n Renteswap, T/N swap, Constant Maturity Swap (CMS) n Måling og styring af valutakursrisici n Basis swaps, cross currency swaps, asset swaps n Måling og styring af kreditrisici n Valgfri multiple choice eksamen Dansk Mellem n Defining Yield Curve Expectations n Using Fixed Income Risk Measures n Forward Curve Trading with FRA s and Interest Rate Futures n Trading Strategies for Bund Futures and Bund Options n Trading Swaps and understanding the Swap Curve behaviour n Fixed Income Volatility Trading through: - Interest Rate Guarantees - Swaptions - Caps, Floors and Collars n Real Life Cases, Examples and Practical Exercises SEK 13,500 DERIVATIVES Pricing and Trading Swaps - Multiple Curves and Collateral consistent pricing November 21-22, 2011, Copenhagen n Standard and Non-standard Swaps n The Swap Curve and Zero Coupon Yields n Bootstrapping Zero Coupon Yield Curves n New Zero Coupon Pricing Methodologies n Calculating the Par Swap Rate n Mark-to-Market Valuation of Swaps n Valuation Taking Collateral into account n Swaps with an Up-front Payment n Asset Swaps n Measuring and Managing the Risks of a Swap Book n Advanced Swap Structures Pre course: E-learning 6 7

5 DERIVATIVES Alpha, Beta and Risk Budgetting - Using Derivatives in Equity Portfolios BOND ANALYSIS Understanding the Swedish Bond Market December 2, 2011, Stockholm November 28-29, 2011, Stockholm n Portfolio Optimisation n A Portfolios Return and Risk Components - Alpha and Beta n Managing the Beta Risk n Full or Partial Macro Hedge of a Portfolio n Managing the Alpha Risk n Alpha Bets through Options n Scenario Analysis n Risk Budgetting and Derivatives n Portfolio Break-down on Risk and Return Parameters n Volatility Risk, Stock Risk and Interest Rate Risk n Portfolio Optimisation with Derivatives n Finding Solutions and Making it Work / Advanced SEK 7,000 n Bonds traded in the Swedish Market n Market Conventions n Calculating and understanding Yield to Maturity n Clean Price, Dirty Price and Accrued Interest n Understanding Bonds Risk Measures n Duration and Convexity n Zero Coupon Pricing n Zero Coupon Yields n Equity Linked Bonds Pre course: E-learning Introductory/ medium SEK BOND ANALYSIS Understanding the Norwegian Bond Market November 14-15, 2011, Oslo Gode kurser, så det er en fornøjelse at skulle tilmelde sig igen og vide, at det foregår på et højt fagligt og informativt niveau. Pia Mortensen, PFA Pension om seminaret Introduktion til de finansielle markeder og kurset Hedge Funds i København n Major Players in the Norwegian Bond Market n Market Conventions in Norway n Bond Types n Bonds from Specific Issuers n Calculating Clean and Dirty Price, Accrued Interest and YTM n Zero Coupon Rates and Zero Coupon Pricing n Understanding Bonds Risk Measures n Different Duration Measures and Convexity Pre course: E-learning Introductory/ medium NOK

6 BOND ANALYSIS Det danske obligationsmarked BOND ANALYSIS Corporate Bonds and Credit Trading oktober, 2011, København October 12-13, 2011, Copenhagen n Centrale aktører på det danske obligationsmarked n Markeds konventioner på det danske marked n Obligationstyper på det danske marked n Obligationer fordelt på udsteder n Beregning og analyse af kurs, pris og effektiv rente n Nulkupon rente og nulkupon prisning n Risikomål for obligationer n Varighed og konveksitet Dansk Formateriale: E-learning på engelsk Introducerende/ mellem n Why Trade Credit Risk? n Ratings, Rating Transitions and Transition Matrices n The Corporate Bond Market n Issuers, Market Conventions and Pricing Methodology n Credit Linked Notes n Credit Spread Trading n Other Tools for Credit Risk Trading n Credit Default Swaps n Collateralised Debt Obligations n Swap Futures SEK 13,500 Et af de bedste og mest udbytterige kurser, jeg har deltaget i. Super godt Helle Rahbek Lund, FIH Erhvervsbank om seminaret Introduktion til de finansielle markeder i København 10 11

7 BOND ANALYSIS Danske realkreditobligationer RISK MANAGEMENT Risk Management in the Banking Sector november, 2011, København Oktober 13-14, 2011, Copenhagen n Realkreditmarkedets opbygning n Ratings og kreditrisiko n Realkreditlovgivningen n Prepayment modeller n Låntageradfærd n Gevinstkrav n Teoretisk pris n Option adjusted spread n Optionsjusteret risiko n SDO-lovgivning n Produkter i kølvandet på SDO-lovgivningen n BIS III og realkreditmarkedet Dansk Mellem n Regulation today - BIS II - CRD n Credit Risk Management n Market Risk Management n Operational Risk Management n Liquidity Risk Management n Economic Capital n Regulatory Capital n RAROC n Future Regulation - BIS III - CRD II, CRD III and CRD IV Financial Training Partner has for years trained our staff with great satisfaction. We have sent colleagues to FTPs open courses at a very basic level as well as more advanced courses. In addition to that we have used FTP for tailored in-house training of our staff in Savings and Asset Management e.g. within specific derivative contracts where we had educational needs Ulrik Modigh, Head of Operations, Savings and Asset, Nordea 12 13

8 RISK MANAGEMENT Risk Management i L&P-sektoren PORTFOLIO MANAGEMENT Performance Measurement november, 2011, København November 24-25, 2011, Copenhagen n Fra nuværende solvensdækning til Solvens II n QIS 5 beregninger n Specielle kendetegn for L&P-sektoren n Rentebegreber i L&P-sektoren n Aktiv passiv mismatch n Begrænsninger på aktivsiden n Begrænsninger på passivsiden n Opgørelse af varighed for aktiver og passiver n Afdækning af mismatch ved CMS-floors, swaptioner og swaps n Afdækningsstrategier for aktie og valutakurs risici Dansk Mellem n Problems with Performance Measurement n Return Calculation in Practice n Benchmark Construction n Implementing Risk Adjusted Measures n Sharpe, Jensen and Treynor n Tracking Error n Information Ratio n Attribution Analysis n Derivatives and Return Measurement n GIPS: Global Investment Performance Standards RISK MANAGEMENT Value at Risk PORTFOLIO MANAGEMENT Asset Allocation November 10-11, 2011, Copenhagen December 8-9, 2011, Copenhagen n Volatility and Correlation: SMA, EWMA and GARCH n Parametric VaR n Delta/Marginal VaR n Component VaR n Expected Tail Loss n Simulation-based Approches n Back-testing n Stress-testing n Excel Workshops n Risk Budgeting n Strategic Asset Allocation n Tactical Asset Allocation n Forecasting Risk and Return n Active Asset Allocation n Alternative Investments n Benchmarking n The Mean-Variance Approach n Understanding the Sharpe Ratio 14 15

9 FINANCIAL MARKETS Introduktion til de finansielle markeder september, 2011, København december, 2011, København september 2011, Stockholm FINANCIAL MARKETS Introduction to the Backoffice September 28-29, 2011, Copenhagen n De finansielle markeders opbygning n Aktører på finansmarkederne: - Centralbanken - Børsen - Bankerne - Emmitenter og investorer n Pengemarkedet n Valutamarkedet n Obligationsmarkedet n Aktiemarkedet n Handelskonventioner n Prissætning og risiko København: Dansk Stockholm: Introducerende/ Introductory København: Stockholm: SEK n The role of Backoffice in the Organisation n The Flow of Transactions n Clearing Houses n Central Securities Depository (CSD) n International Central Securities Depository (ICSD) n Custodians and Accounts n Static Data for Stocks, Bonds and Derivatives n Settlement Instructions n Continous linked settlement (CLS) n Corporate Actions n Confirmation and Controls n Accounting Introductory/ Medium FINANCIAL MARKETS FX and the Money Market October 31 - November 1, 2011, Copenhagen n Exchange Rate Determinants n The Role of the Central Bank n FX Products and Market Conventions n FX Forwards and FX Options n FX Swaps and Cross Currencey Basis Swaps n Exotic FX Options n The Structure of the Money Market n Money Market Conventions and Products n Spot and Forward Markets n FRAs and Deposit Futures n Interest Rate Swaps and T/N Interest Rate Swaps n Interest Rate Options 16 Introductory Jeg har fået en bra grund at stå på - verkligen en bred introduktion! Undervisningsformen har varit bra uppskattar verkligen bra slides på powerpoint samt att man får materialet i en samlad perm. Också väldigt glad for att vi har tilgång til e-learning materialet på nättet Sara Svensson, Nordea om seminaret Introduktion til derivater 17

10 FINANCIAL APPLICATIONS Excel in Finance (I) using the Built-in Functionality Instructors October 3-4, 2011, Copenhagen n The Financial Library n Day Count Conventions n Goal Seek and Solver n Matrix Calculations n Regression Analysis n Data Analysis n Charts n Pivot Tables n Scenario Analysis n Auditing your Spreadsheet n Drop-downs, Forms etc Introductory Carsten Mygind Feldt is partner at Financial Training Partner. Carsten has 10 years of experience from market making and sales of fixed income derivatives at Unibank, BG Bank and Morgan Stanley in London. Carsten holds a M.Sc. (Economics and Business Administration) and a BA (Finance) from Copenhagen Business School. Jørgen Just Andresen is partner at Financial Training Partner. He was chief financial consultant at SimCorp s course department where he started in Before 1996 he worked at Danske Bank with fixed income research and fixed income sales. He holds a M.Sc. (International Finance) and a BA (Accounting). FINANCIAL APPLICATIONS Excel in Finance (II) introduction to VBA Programming October 24-25, 2011, Copenhagen Ulrik Strandgaard is partner and managing director at Financial Training Partner. He was head of the course department at SimCorp, which he joined in From he worked for Bikuben Børs as the head of fixed income research. Ulrik holds a M.Sc. (Economics) from The University of Copenhagen and a BA (Business) from The University of Melbourne. 18 n The VBA Environment n Variables and Naming n Objects and Ranges n Conditional Actions n Loops and Debugging n Message and Input Boxes n Build your own: Macros, Procedures and Functions n VBA in Financial Cases On very specialised topics, we use highly reputable external specialists from the financial sector. Furthermore, on accounting and taxation matters, we have a long-term partnership with KPMG in Denmark and Sweden. The instructors have excellent and teaching skills - they use good examples and have a very down to earth way of explaining everything Leena Runukangas, Nordea Bank AB Risk Management seminar in Stockholm 19

11 Courses Autumn 2011 UMLOUD UNTD CPH: Copenhagen STO: Stockholm OSL: Oslo September Course Location Page 7-8 Introduktion til de finansielle markeder CPH Introduktion til derivater CPH Introduction to the Financial Markets STO Anvendelse af FRAs, swaps og renteoptioner CPH Introduction to Back-office CPH 17 October Course Location Page 3-4 Excel in Finance (I) - using the Built-in Functionality CPH Introduction to Derivatives STO Det danske obligationsmarked CPH Corporate Bonds and Credit Trading - NEW CONTENT CPH Risk Management in the Banking Sector - NEW CPH Excel in Finance (II) - introduction to VBA Programming CPH FX- and the Money Market CPH 16 November Course Location Page 7-8 Risk Management i L&P-sektoren CPH Danske Realkreditobligationer CPH Value at Risk CPH Understanding the Norwegian Bond Market OSL 9 16 Interest Rate Swaps Pricing and Trading OSL Aktiv Gældspleje med derivater CPH Pricing and Trading Swaps CPH Performance Measurement CPH Understanding the Swedish Bond Market STO Fixed Income Derivatives Trading - NEW STO 7 December Course Location Page 2 Alpha, Beta and Risk Budgetting - NEW STO Introduktion til derivater CPH Introduktion til de finansielle markeder CPH Asset Allocation CPH 15 Rådhuspladsen 16, DK-1550 København V Tlf.: , [email protected]