International School of Treasury Management

International School of Treasury Management

Euromoney Training
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Description

By attending this interactive and highly practical 8–day training course you will be able to: Understand in-depth how the financial system and its products work Know which treasury strategies to implement Gain a concise understanding of the time frame to maximise returns Understand the most complex structured derivative products and how and when to use them Acquire a thorough understanding of how the financial system and individual products work Understand the rationale and treasury management strategies that financial players employ Analyse the products and strategies used to manage risk Gain a practical understanding of how derivatives work and their implications for regulatory adherence T…

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Didn't find what you were looking for? See also: Treasury, International Economics, Pricing, Education, and Public Finance.

By attending this interactive and highly practical 8–day training course you will be able to: Understand in-depth how the financial system and its products work Know which treasury strategies to implement Gain a concise understanding of the time frame to maximise returns Understand the most complex structured derivative products and how and when to use them Acquire a thorough understanding of how the financial system and individual products work Understand the rationale and treasury management strategies that financial players employ Analyse the products and strategies used to manage risk Gain a practical understanding of how derivatives work and their implications for regulatory adherence The programme covers the full range of financial risk management instruments and their applications in banking and corporate scenarios. Essential analytical concepts are introduced to ensure that practical hedging measures are understood. Who should attend? Treasury Managers Asset-Liability Managers Traders and Dealers Operations Managers Internal Auditors Finance Regulators Back Office Managers
Day 1 The banking background and the fundamentals of money markets The business of wholesale banking The role of a bank’s treasury in managing the bank’s exposures Economic and business cycles The basics of bank balance sheets Quotation of interest rates Interbank and over-the-counter markets Benchmark interest rates - The London Interbank Offered Rate (LIBOR) - Other similar benchmarks - Use in pricing Matching and mismatching flows: gap analysis Use of financial calculator Calculation of deposit interest - U.S. and international conventions - Alternative methods Time Value of Money Forward pricing Day 2 Analysing money markets Market risk and the role of central banks - Inflation expectations - Benchmarking Credit spread and the pricing of debt Liquidity issues Interpreting yield curves Short term traded paper and repurchase agreements U.S. commercial paper - History and development - Nature of the product - Issuance mechanisms - Ratings - Investor bases - Scale and uses of market - Role in treasury function Commercial paper outside the U.S.A - Eurodollar commercial paper - Sterling commercial paper - Commercial paper in other markets Certificates of deposit - Issuance by banks - Nature of the product - Investor bases - Role in treasury function Government bills - Nature of the product - Investor bases - Role in treasury function Commercial bills - Nature of the product - Acceptances and guarantees - Investor bases - Role in treasury function Repurchase agreements - Repo as a means of borrowing money - Description of bonds - Time value of money - Valuation of bonds - Repo as a means of funding short bond positions - Repo risk Day 3 FRAs and futures Forward Rate Agreements (FRAs) - Product structure - Pricing - Settlement calculations - Applications Introduction to exchange-based markets The nature and structure of futures markets Short term interest rate futures - Nature of product - Pricing - Margining - Settlement - Example: three-month interest rate future on Chicago Mercantile Exchange - Applications - Comparison with FRAs Bond futures - Structure, including Cheapest to Deliver (CTD) - Uses Futures markets video Day 4 Foreign exchange Background to, and functioning of, the market Economic drivers of foreign exchange markets Quotation of spot rates Calculation and quotation of forward rates Market players Applications of spot and forward products “Predicting” price movement: economic and technically-based theories Risks and the role of Continuous Linked Settlement (CLS) The role of brokers Foreign exchange swaps - Product structure - Applications Non-deliverable forwards Foreign exchange options - Structure - Applications - The pre-eminent importance of volatility Application of option risk measurement factors - General - Simple option pricing - Delta - Gamma - Theta - Vega - Rho Path dependent pricing and Monte Carlo simulation Risk/reward analysis of options strategies Peculiar risks of options Construction of options hedges - Techniques - Limitations Counterparty credit risk of OTC options Options variants - Principles of options variants - Average rate options - Knock out options - Lookback options - Participating forward contracts Day 5 Commodities, interest rate derivatives, risk identification Commodities markets - Diversity of commodities traded - Commodity indices and derivatives contracts - Energy, weather and other markets Interest rate and cross-currency swaps - Pricing - Valuation Applications of swaps in trading and risk management Marking to market and unwinding swaps Asset swaps Forward start swaps Risk in swaps Interest rate options - Interest rate guarantees - Caps - Floors - Swap options Risk identification and control What are the risks within Treasury? Deconstructing risk into its components Risk prioritisation and ownership The risk management process The organisation of risk management Risk controls and risk treatment Risk reduction strategies Day 6 Capital requirements, operational risk and risk modelling The EU Capital Adequacy Directive and the current Basel Accord Some consequences of the second and third Basel Accord on - Market risk - Operational risk - Credit risk Trading book issues How to assess risks Risk modelling Identifying operational risk Scenario modelling Sensitivity analysis Model risk Looking forward: what we might expect from the regulators? Managing credit risk Modelling credit risk from first principles Default and downgrading risk Day 7 Practical Risk Management Accounting for treasury products under international accounting standards Understanding credit derivatives - Credit derivatives: the role of the protection buyer and the protection seller - The basic instruments and their uses - Credit default swaps - Total return swaps - Other variants - Specific risks of credit derivatives Principles of asset and liability management - Gap analysis - Currency exposure - Credit risk - Liquidity risk Dynamic management of derivatives portfolios - Risk management and reduction - Futures - Options - Multi product portfolios Interest rate risk measures and evaluation - General principles - Duration - Convexity - Discounted value of a basis point Interest rate driven risks - Yield curve risk - Volatility risk Value-at-Risk (VaR) modelling - The modern concept of VaR - Calculating VaR - The role of volatility in VaR - Confidence levels and VaR - Choosing the unwind period - Simple examples of VaR calculations - Using VaR measures for risk management and control Day 8 Trading simulation Using knowledge gained during the course, this simulation gives delegates, working in small teams, the opportunity to make dealing decisions in a changing economic environment. Account will be kept of profits & losses made and a small prize awarded to the winning team. Self-testing and putting it into practice Review of seminar and reinforcement of chief learning points Seminar test: an opportunity for participants to test the knowledge and skills they have acquired during the course Putting it into practice: a series of brief workshops with the trainer using examples provided by delegates drawn from their real life experience: a chance to get some pointers and advice Seminar evaluation Course summary and close
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