COURSE DATES and LOCATIONS

Transcription

1 Get a comprehensive understanding of the various trading and hedging strategies employed in the world of foreign exchange. COURSE DATES and LOCATIONS October 28-29, 2015: Houston, TX November 11-12, 2015: Jersey City, NJ December 3-4, 2015: Houston, TX

2 What You Will Learn This 2-day program will give you a comprehensive understanding of the various trading and hedging strategies employed in the world of foreign exchange. We ll examine the common instruments used to execute FX trades and hedges, including Spot FX, Outright Forwards, Non-Deliverable Forwards, FX Swaps, OTC Currency Options and Exchange-traded currencies. Additionally, we ll look at the nuances of executing currency trades throughout the 24-hour FX day as well as popular FX trading pairs, including the Majors (EURUSD, USDJPY, GBPUSD and USDCHF), Popular Crosses (EURJPY, EURGBP and EURCHF), Commodity Currencies (AUDUSD, USDCAD) and exotics (USDMXN, USDCNY, USDBRL, etc.). Perhaps most essentially, you ll learn how to hedge FX risk (including the implementation of both an active and passive hedge strategy). COURSE DATES and LOCATIONS October 28-29, Houston, TX Regus Conference Center Downtown 8:30am - 4:30pm both days November 11-12, Jersey City, NJ Regus - Harborside Financial Center 8:30am - 4:30pm both days December 3-4, Houston, TX Norris Conference Center 8:30am - 4:30pm both days See last page for venue addresses. You will leave this course with a solid and immediately useful understanding of: The history of FX trading The role of Central Banks in FX markets How interest rates impact FX trades and the importance of the carry trade How technical analysis helps in trading FX How to implement both active and passive FX hedge strategies How to hedge risk on asset class exposures (equities, etc.) with FX (USDJPY, CADJPY, AUDJPY) How to hedge out currency exposures in commodities (USD for oil and refined products; BRL for #11 World Sugar; GBP for Cocoa) Common FX instruments for hedging and trading (pros and cons of Spot FX, Outright Forwards, Non-Deliverable Forwards, FX Swaps, OTC Currency Options and Exchange-traded currencies) How to execute trades in the 24-hour FX markets Understanding the role of the money center banks; pros and cons of an ECN vs. a dealing desk; Liquidity risk and trading size How to price OTC Currency Options Options Pricing models: Black-Scholes, Cox-Ross-Rubenstein; Monte Carlo Common OTC Currency Option trades (e.g. long calls, long puts, short calls, short puts, straddles and strangles), and when to use them Understanding volatility and correlations in an FX portfolio Using the Greeks to understand nuances of OTC Currency Option Positions EMI CERTIFICATION CREDIT This course earns 6 credits towards EMI Certification. REGISTRATION FEES 1st delegate: $1,995 2nd delegate: $1,795 3rd delegate: $1,600 Who Should Attend The course is applicable to all levels of the corporate infrastructure. Individuals in every functional area of responsibility in all industries whose decisions have significant FX exposures will benefit from this program. Managers from areas such as treasury, internal audit, accounting, trading and risk management will find the course highly beneficial. Some of the more specific areas follow: FX traders and hedgers Banks: Money Center Banks, commercial banks and investment banks Brokerage Firms: FCMs, Retail dealing desks Auditors: External auditors supporting corporations with FX exposures, banks and hedge funds Corporate Hedgers: Treasurers, hedge desks, mid-office personnel, internal auditors, back office

3 Course Syllabus - DAY ONE Session 1: History of the Currency Markets Gold standard, Benton Wood, etc.; Who the players are today: Central Banks, Money Center Banks, hedge funds, corporate hedgers, institutional investors, brokers, etc. Session 2: How Currency Markets Work 24-hour OTC Interbank Dealing Desks and why London is center of global FX markets; How to handle low liquidity hours (17:00-19:00 EST); Discussion on the main currency instruments traded: Spot FX, Outright Forwards, Non- Deliverable Forwards, FX Swaps, OTC Currency Options and Exchange-traded currencies; Key currency pairs: The Majors (EUR, JPY, GBP, CHF), Commodity Currencies (AUD and CAD), Exotics (CNY, BRL, MXN, ZAR, SEK, RUB, HKD, etc.) and Crosses (EURJPY; EURGBP; EURCHF, AUDNZD, etc.). This session includes a real-time Spot FX trading simulation which enables attendees to learn basic mechanics of FX trading including order types (limit, market, stops); the bid-ask spread; bids and offers; etc.) Session 3: The Major Drivers of Currency Markets What are the major drivers of currency markets besides just about everything. Discusses the main currency price catalysts (including Central Bank rate policies and decisions; State of the global economy vs. individual currency s economy; Geopolitical risk and flight to safety currencies (USD; JPY); Carry Trade plays (AUDJPY, NZDJPY, etc.,). This session also discusses the relationship between various currency markets and commodities (Gold as the fiat currency; Oil and USD; Cocoa and GBP; Sugar and BRL). Session 4: Common Technical Indicators Used in Currency Markets The technical tools commonly used in FX markets, including: Ichimoku Clouds; Using ATR for risk management and position management; Combining oscillators with trend-following indicators; Timeframe Analysis and the charting the history of Implied Volatility. Session 5: Developing a fundamentally driven currency trading model Carry trades and interest rates; Risk on vs. Risk off currencies; Pegs, central bank interventions and when to fade them. Session 6: Turning Technical and Fundamental Indicators Into Currency Trading Models In this session we ll combine fundamental and technical indicators in order to identify high probability trading set-ups. Then we ll use these fundamental and technical tools in conjunction with stop losses, position sizing limits, correlation analysis and volatility studies to control risk and successfully manage positions in the FX markets. Session 7: Current State of the Global Currency Markets What is happening now, the current drivers and what does the forward period look like Asian perspective; European perspective; North American perspective. CPE Credits This course earns 14 CPE credits. Energy Management Institute is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, Web site:

4 Course Syllabus - DAY TWO Session 1: Technical FX Trading Simulation How the technical tools examined in Day One (e.g. MACD, Ichimoku Clouds, Bollinger Bands, ADX, the history of implied volatility, etc.,) can be used in a historical FX trading scenario. Session 2: Fundamental FX Trading Simulation How various events such as devaluations, breaking of pegs, etc., have roiled FX markets What were the warning signs? How did the actions of Central Banks impact markets? What lessons can we learn going forward? Session 3: Understanding OTC Currency Options The Basics This session covers the basics: Buying calls, buying puts, writing calls, writing puts. The session also includes a simple directional options trading simulation (buying vs. writing options/calls vs. puts). Session 4: Understanding OTC Currency Options Options Pricing Models Using Black-Scholes to determine if an option is fairly valued, undervalued or overvalued; the formula and elements in pricing puts and calls; Other models: Cox- Ross-Rubenstein and Monte Carlo; Objectives of the pricing models, limitations and assumptions; Historical and implied volatility and the role it plays in option volatility; volatility smiles. Session 5: Understanding OTC Currency Options The Greeks The impact of delta, gamma, vega and theta on profits and losses in options. How each of these parameters impacts price exposures, time decay and volatility. Options hedging techniques such as delta hedging; Delta neutral and how straddles and strangles help in expressing a volatility opinion. Includes a volatility spread options trading simulation (buying vs. writing straddles and strangles). Session 6: Development of an FX Hedging Strategy The mechanics of implementing a hedge including: 1) The pros and cons of implementing an Active vs. Passive hedging strategy; 2) When to hedge with options vs. linear hedging instruments (Spot, Forwards or Swaps); 3) Pros and cons of using an FCM, using an ECN or using a Dealing Desk. Session 7: FX Risk Management Workshop Correlation analysis and volatility studies are key in the development of robust risk management solutions. In this risk workshop attendees will attempt to mitigate portfolio risk of various linear and non-linear (options) positions in FX by analyzing historical and implied volatility of currency pairs, historical correlations of FX pairs along with technical price charts.

5 Learn From the Experts that Experts Trust EMI experts are frequent editorial contributors to petroleum magazines and are trusted by today s leading news sources. Our experts have been featured in: Futures Magazine The Wall Street Journal USA Today The New York Times The Washington Post Journal of Commerce CNN NBC CBS ABC Bloomberg Reuters EMI s leading industry experts have an average of over 30 years of knowledge and experience in: Energy Commodity trading Risk management Education Consulting Financial services Plus many years of managing marketing, international trading, manufacturing, consulting, start-up operations and project finance operations of well-known companies; integrated major oil companies as well as international trading companies. EMI s industry experts have also provided risk and value management analysis, advice, information, and services to a variety of companies in the electric power industry. Clients have included power marketers, integrated utilities, retail power providers, hedge funds, and power plants. Highlights of our instructors experience include: Developing a suite of models for a variety of power markets that quantify value and risk Managing spark spread portfolios for hedge funds in the power markets Operating in futures trading pits as a market observer in the power markets Developing working papers for investigations and performing compliance audits in the power industry Helping Texaco initiate its first use of futures exchanges as an integral part of hedging/trading strategy Chief Operating Officer of Triwell Marketing and refining Director of OPIS, Oil Price Information Service, a management-consulting and educational services group that solely focused on the downstream energy industry Member of Board of Directors of Longview Refinery Member of the New York Mercantile Exchange Petroleum Advisory Board Expert witness for a hearing before the subcommittee on surface transportation for the Commerce, Science, and Transportation Committee of the US Senate Supplied expert testimony to a US Senate sub-committee hearing on diesel petroleum product pricing Supplied testimony to the Federal Highway Administration regarding fuel tax evasion Expert witness in a MTBE litigation against the major oil companies Publishers of The Daily Hedger, BTU s Daily Gas Wire and BTU s Daily Power Report, which advise thousands of petroleum professionals daily. Our instructors are frequent expert speakers for numerous petroleum industry events and trade associations including: DOE DESC World Energy Conference OPIS Fleet Fueling CME NYMEX Fuel Management University NATSO ATA AAA Dairy Distribution eyeforenergy ecommerce OPIS Supply Summit CIOMA American Society of Mechanical Engineers American Society of Lubricating Engineers Ambrust Aviation NACHA. Over the years EMI has developed a series of intensive courses covering all aspects of Energy from production all the way to managing the impact price and volatility on the margin of end-users, resellers, traders, marketers, shippers, retailers and refiners. Our instructors have had the privilege to instruct thousands of professionals representing all aspects of the energy industry, including every major oil company (i.e. Exxon Mobil, BP, Shell, Equilon, Motiva) major power utilities (i.e. Sempra, Edison Mission, Berkley, Toronto Hydro, Dominion, Conectiv) small marketers (i.e. Sprague, Getty, Southern Counties, Western Petroleum) trucking fleets from 50 to 10,000 (i.e. UPS, U.S. Postal Service, Yellow, Pepsi, Werner), gasoline-powered fleets hyper-markets (i.e. The Pantry, Wawa, BJs Wholesale) and many fortune 500 energy consumers.

6 Please make checks payable to: PMA" Registration Fees: 1st Attendee: $1,995 for full program 2nd Attendee: $1,795 3rd Attendee: $1,600 1 CHOOSE YOUR COURSE DATE/LOCATION October 28-29, 2015 Regus Conference Center Downtown Houston Two Allen Center 1200 Smith Street, 16th Floor Houston, TX PH: November 11-12, 2015 Regus Harborside Financial Center 2500 Plaza 5 25th Floor Jersey City, NJ PH: December 3-4, 2015 Norris Conference Center Houston/City Centre I/ 10 Katy Freeway Area 803 Town and Country Blvd. Houston, Texas PH: Hotel recommendations for select course locations available online at ENTER ENROLLMENT DETAILS First Name: Last Name: Company Name: Address: City: State: Zip: Phone: Fax: Address: 3 MAKE PAYMENT CHOICE o Please invoice my company (payment must be received prior to course date) o Pay by credit card (circle one): Mastercard Visa American Express Card Number: Expiration Date: / / Card Holder Name: Card Holder Signature: 4 SUMBIT REGISTRATION FORM REFUND/CANCELLATION POLICY Attendees may reschedule for a different date or course with TEL: Send form to register@pmaconference.com. Call PMA Conference Management at no penalty. Attendees may substitute a colleague in place of themselves as long as prior notice is given to EMI. FAX: POST: PMA Conference Management Course fees are 100% refundable up to 14 days prior to course date, 80% refundable up to 5 days prior to course date and 50% refundable up to 2 days prior to course date. Cancellations are non-refundable thereafter. POB 2303 Falls Church, VA 22042