Certified Derivatives Trader 2018 Certificate Program - Gruppe Deutsche Börse
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2 Certified Derivatives Trader 2018 Course Structure This Certificate Program trains participants in deriv- Target audience atives trading completely. It qualifies you not only The Certificate Program is aimed at employees for trading on Eurex, one of the world’s leading deriv- dealing in derivatives at banks and trading firms, atives exchanges, the program is also accredited as well as university students and retail investors. by the Financial Conduct Authority (FCA) and gives Participants should have basic knowledge about you entrance to the U.K. derivatives market. options and futures. One program – two qualifications Course structure By attending the program and passing the Eurex The one-week course combines theoretical funda- Online System Training as well as the final exami- mentals and practical case studies with hands-on nation, participants gain the professional knowledge use of interactive media and calculation programs. and practical experience required for admission Topics covered include key concepts and principles as trader at the Eurex Exchanges. relating to the creation, valuation and trading of financial derivatives. Underlying markets and Furthermore participants may complete additional market participants will also be covered. examinations from the Chartered Institute for Securi- ties & Investment (CISI) to achieve the authorisation Exam as Retail Investment Advisers in Derivatives from the The exam is conducted electronically. It includes U.K. regulator the “Financial Conduct Authority (FCA)” true / false and multiple choice questions. Participants in respect of the Retail Distribution Review (“RDR”). are given 3 hours to answer 150 questions which are randomly picked out from a question pool of approx. Certified Financial Engineer 900 questions. The pass mark is 75 percent. The passed final exam is accepted by the European Institute of Financial Engineering and Derivatives Only participants who have attended the one-week (EIFD). course are allowed to take the final exam “Certified Derivatives Trader”. Participation in the course must Requirements not exceed 6 months. Participants should have a good understanding of derivative products. One program qualifies for two markets Certified Derivatives Trader Additional approriate qualification (e.g. exams provided by the Chartered Institute for Securities & Investment (CISI) in: Regulation and Ethics Investment Principles and Risk Personal Taxation Qualified for U.K. retail activity of “Dealing and Advising Qualified for trading at Eurex Exchanges on Derivatives”
Certified Derivatives Trader 2018 3 Organization Continual Professional Development (CPD) Duration The program has been approved by the Financial Five days, 09:30 –17:00 CET daily plus examination Conduct Authority (FCA) and for 32.5 CE credit hours by the CFA Institute. Participants can also claim Locations CISI CPD hours. Deutsche Börse AG Eurex Zürich AG Mergenthalerallee 61 Mannessestrasse 85/87 Eurex® Trading Architecture 65760 Eschborn 8045 Zurich Participants, who will register as trader at Eurex, Germany Switzerland are recommended to book the Eurex Online System Training. By means of interactive exercises they learn Deutsche Börse AG the most important functions of the trading system. Westferry House The successful completion of the online training course 11 Westferry Circus is accepted as practical experience for trading at Eurex. London E14 4HE United Kingdom Tutors Fees 3.200 € (2,870 £) Walter Braegger 2.950 € (2,650 £) for early bookings up to 6 weeks Partner, Nosco Partners AG, before the start of the program Financial Market Expertise, Zurich, Switzerland Dates 26.02.– 02.03.2018 (course in Eschborn in German) 13.04.2018 (exam date in Eschborn) Vincent Couson Early booking discount until 15.01.2018 Partner, Nosco Partners AG, Financial Market Expertise, 23.04.–27. 04.2018 (course in Zurich in Englisch) Zurich, Switzerland 17. 05.2018 (exam date in Zurich) Early booking discount until 12. 03.2018 Paul North 03.09.– 07. 09.2018 (course in Eschborn in German) Trainer – Derivatives and 30.10.2018 (exam date in Eschborn) Capital Markets, Early booking discount until 23.07. 2018 Teddington, United Kingdom 26.11.–30. 11.2018 (course in London in English) 19. 12. 2018 (exam date in London) Stefan Toetzke Early booking discount until 15. 10.2018 Founder, mmSuisse GmbH, Zumikon, Switzerland The final exam can be taken once a month at all our representative offices. Contact Phone +49-(0) 69-211-1 3767 Fax +49-(0) 69-211-1 37 63 firstname.lastname@example.org www.deutsche-boerse.com/cma
4 Certified Derivatives Trader 2018 Agenda Certificate Program Certified Derivatives Trader 2018 Monday Tuesday Wednesday Thursday Friday Derivatives market OTC Derivatives Portfolio research and Relationships Eurex Strategy Master overview ■ Forwards vs. futures construction ■ Put-call-parity ■ Mapping risk ■ Origin and types of ■ Forward rate agreements ■ Overview of modern ■ Special case: options on ■ Simulating changes derivatives (FRAs) and contracts for portfolio theory futures in price, vola and time ■ Forwards (swaps), futures difference (CFDs) ■ Use of beta and correlation ■ Arbitrage: conversion / and options (exotics & ■ Types of swaps – ■ Fundamental vs. technica reversal / box Directional strategies warrants) e.g. interest rates, credit analysis ■ Synthetic positions ■ Bull spreads call / put ■ OTC vs. Exchange-based default swaps ■ Synthetic positions using ■ Bear spreads call / put products ■ ISDA agreements Investment selection future style options ■ General market terminology ■ General pricing and and administration on futures Volatility strategies valuation ■ Strategic vs. tactical ■ (Hedged) protective put ■ Straddle Market participants ■ Applications of different allocation purchasing ■ Strangle ■ Buy side and sell side forwards ■ Selecting the right portfolio ■ (Hedged) covered call ■ Butterfly ■ Banks, funds, corporates ■ Trading venues for clients writing ■ Condor ■ Brokers, dealers, sales, ■ Structured products ■ Risk Reversal ■ Time spreads traders, market makers Regulatory requirements ■ HFT and algo firms Hedging, trading and ■ Post financial crisis – Pricing Hedge ratios ■ Regulators investing strategies changes in regulation ■ Intrinsic value and ■ Correlation ■ Determine (simple) ■ The BASEL accords and time value ■ Beta Underlying markets hedge ratio impact on banks ■ Insurance value and ■ Limitations of correlation / ■ Equities ■ Fine tuning the hedge ratio ■ MiFid, Dodd Frank, Vocker interest value beta ■ Fixed income ■ Basis risk Rule implications ■ Negative time value ■ Delta hedge ■ Money market ■ Outright trading ■ Financial Conduct Authority ■ Variables affecting ■ Gamma hedge ■ FX ■ Spread trading (FCA) and Prudential the time value ■ Using index vs. future ■ Commodities ■ Arbitrage principles Regulation Authority (PRA) ■ Different types of volatility in hedge ratios ■ Weather ■ Cash and carry arbitrage ■ Client money and levels and their importance ■ Using CTD and basis point of protection ■ Maximum pain and pin risk value (BPV) in hedge ratios Exchange-traded futures Clearing ■ Role of custodian ■ Anticipating CTD-change ■ Contract design based on ■ Managing counterparty risk Sensitivities in hedge ratios different underlyings ■ Counterparty risk Options ■ Greeks: delta, gamma, ■ Working out a futures price in different derivatives ■ Options fundamentals vega, theta, rho ■ Cost of carry and arbitrage ■ Listed derivatives cleared ■ Basic options positions ■ Importance of gamma and relationship via Central Counterparty ■ Eurex options vega: move and uncertainty ■ Applications of futures (CCP) ■ Risk/reward profiles of ■ Developing trading ■ Hedging, speculation and ■ OTC derivatives cleared the positions strategies arbitrage via CCP ■ Calculating profit and loss ■ OTC derivatives not cleared ■ Basis consideration ■ Netting principles Margining derivatives ■ Initial margin calculation ■ Variations margin ■ Portfolio-based margining ■ SPAN vs. historical VaR methodology Role of Clearing Member and CCP ■ Types of clearing membership ■ Account structure ■ Default management process Delivery and settlement ■ Cash vs. physical settlement ■ Determining invoice amount and convergence ■ Concept of cheapest to deliver (CTD) ■ Understand basis risk ■ Seller’s optionality in a futures contract Published by December 2017 Deutsche Börse AG Order number 1910-4760 60485 Frankfurt / Main Germany Eurex® is a registered trademark www.deutsche-boerse.com of Deutsche Börse AG.
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