Claiming Back Your VAT
All attendees of a London based course incur VAT as a part of the cost of attendance.
Euromoney Learning have partnered with VAT IT to allow you the unique opportunity to recoup the VAT incurred.
Using VAT IT's extensive experience and simple sign-up and refund process, every invoice can be turned into cash for your business.
Claim the VAT that's rightfully yours in four simple steps:
1. Register your interest
2. Sign a few simple documents
3. VAT IT processes your claim
4. Receive your refund
Why choose VAT IT
VAT IT have spent two decades identifying, researching and perfecting the foreign VAT Reclaim process and built the best back end technology in the industry. By partnering with Euromoney Learning, we can provide you with a fast and effective way to reclaim your VAT which helps reduce the cost of your training.
VAT IT will charge a percentage of the VAT refund if/when it is successful.
Can I claim back the VAT myself?
You can claim back VAT directly from the UK Tax Authority (HMRC) by completing the following form.
For European clients, please refer to form VAT 65.
All other clients, please refer to form VAT 65A.
You may also be able to claim back your VAT against courses taking place outside of the UK, and we would recommend contacting VAT IT, our specialist partner, to discuss how to do this.
FX & Money Markets
Foreign Exchange (FX) and Money Markets course provides a firm grounding in the instruments and activities of the international money and FX markets, sweeping away the confusion that can be created by the scale, speed and apparent diversity of the markets.
The foreign exchange and money markets are worth trillions of dollars and are the pivot of the financial markets, providing funding, investment opportunities and the conduit between all other financial markets. In recent years, the importance of the money markets has become even greater as financial institutions focus more closely on the management and diversification of their sources of liquidity, apply greater discipline to their funding and examine the attractions of short term investment and trading strategies.
This course focuses on the current profile of the markets and offers up-to-date insights. The course also emphasises the integrated nature of the market - in particular, how different instruments perform the same or similar functions and the opportunities this provides for arbitrage and hedging. It also analyses the liquidity characteristics and risks of different instruments and funding strategies.
Summary of course content
- The FX and money markets and its participants
- The impact of Central Banks
- Money market products
- FX products
- Risk management issues
This course is an intermediate programme taught with highly interactive and intensive group exercises and case studies.
Day 1The Cash Money Market
- What the money market does: liquidity and risk management
- Distinguishing the money and capital markets
- Primary & secondary characteristics
- What drives rates of return
- The role of the Central Bank and monetary policy
- The depo market and the role of LIBOR & Euribor
- How Libor is calculated
- The shortcomings in Libor exposed by the 2008 Financial Crisis
- Market conventions and calculations
- How is the overnight market different?
- Overnight rates & indices (e.g. EONIA®; Fed funds rate)
Traditional Cash Instruments
- Types of instruments:
- Discount v interest bearing
- Secured v unsecured borrowing and lending
- The concept of “marketable” securities
- The Treasury Bill Market
- T-Bills as a source of government funding and monetary policy
- Quotation of US & UK T-Bills
- The Certificate of Deposit (CD) market
- Who issues and why?
- Understanding the cash flows
- Calculating a holding period return
- Market regulation following the Financial Crisis
- The Commercial Paper (CP) market
- US & Euro Commercial Paper
- Quotation methodologies
- Why use CP issuance programmes
- The quoted discount rate v the true effective rate
- Other common discounted paper
- Bills of Exchange
- Credit, liquidity and other drivers
Exercise: Calculating holding period returns
Day 2Securitised Funding
- The fundamentals of repo markets
- Importance of the market following the financial crisis
- What collateral is eligible?
- General (GC) and specific (SC) collateral; rights of substitution
- The mechanics of repo agreements
- Cash v security driven transactions
- Repo v reverse repo
- Comparison of alternative repo mechanisms
- Classic repo v buy/sell-back
- Securities lending
- Basic repo mathematics: Price and interest calculations
- Identifying and managing the risks in repo transactions:
- Credit & liquidity exposure on repo
- Collateral management
- Margin ‘haircut ’ agreements
- Custody of collateral: Bilateral, hold in custody (HIC), tri-party repo structures
Case study: Calculating the cash flows on a standard repo transaction
Uses & Applications of Repo
- Funding trading positions with repo; advantages and constraints
- Short selling
- Matched book trading
- Yield enhancement trades
- Riding the yield curve
- “Figuring the tail”
- Understanding the “bet”
Case study: “Figuring the tail” in a yield curve trade
Day 3The FX Market
The Spot FX Market
- Market organization
- Quoting spot FX rates
- Indirect v direct quotes
- Market conventions
- Reciprocal rates
- Calculating the cross rate
- Managing and monitoring the FX spot book: Position keeping
- Calculating cross rates
- Managing a spot book
- Calculating the outright forward rate and forward points
- Value dates
- Understanding where the forward rate comes from
- Premium v discount
- The FX swap market and how swap rates are calculated
- Why banks use forward swaps rather than outright forwards: hedging outright forward transactions
- Understanding the sensitivity of FX swaps to changes in rates
- “Historic rate” rollovers explained
- Using FX swaps for funding purposes
- Short dates
- Introducing the terms
- Calculating an FX swap over today and tom
- Marking-to-market outright forwards and FX swaps
- Forward-forward transactions
- Time options explained with calculations
- Non-deliverable forwards (NDF’s)
Case study: Calculating forward points; marking-to-market an outright forward; using time options
Session Three: Risks in Foreign Exchange
- Credit risk and “market replacement”
- Delivery (Herstatt) risk
- Credit mitigation techniques:
- Continuous linked settlement (CLS)
Our Tailored Learning Offering
Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.
If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.
We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.
We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.
We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:
- Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
- Track record – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
- Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
- Reliability – if we promise it, we deliver it. We have delivered over 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product
BiographyThe Course Director was the Strategic Development Manager at the London International Financial Futures Exchange (LIFFE), where he was responsible for the research and definition of new specialist swap and risk transfer contracts. Prior to this, he was Head of Interest Rate Product Development with responsibility for the maintenance of the existing product range and the development of new products.He began his career with Ernst & Young and Grant Thornton as a tax specialist, before moving into corporate treasury management at Royal Mail where he was project leader for a treasury and risk management group. In this role he developed risk management protocols and procedures for the use of derivative products. He was responsible for recommending the optimal combination of product types and features for a wide range of situations. Following the completion of a quantitative finance masters degree, he became senior lecturer in Corporate Finance and Taxation at the University of Greenwich. He is a visiting lecturer to Cass Business School on their Executive MBA programme. He is a panel member for the Securities Institute, a member of the Association of Corporate Treasurers and an associate of the Institute of Taxation.