Reclaiming Your VAT

Reclaim the VAT on your Euromoney Training Courses in the UK

Why am I being charged VAT?
The EU VAT Directive stipulates that all training and educational courses that are provided in the UK must include a VAT charge on payment.  

Can I reclaim my VAT back?
Overseas delegates who attend our courses in the UK are eligible to claim their VAT back once it has been paid.    

How can I claim the VAT back paid on a course?
There are two ways in which you can claim back VAT back from the UK.

Option 1 - Directly through HM Revenue and Customs

The most cost-efficient way is to 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.

Option 2 - Through our Recommended VAT Reclaim Service – VAT IT
The specific rules for VAT reclaim will vary according to the laws of your country of residence. This can be complicated and time-consuming. 

Euromoney have an exclusive partnership with VAT IT, specialists in international VAT reclaim.  VAT IT will review, process and submit your VAT refund on your behalf. 

VAT IT will charge a percentage of the VAT refund if/when it is successful. 

If you want to find out more about this service, please email your details to: euromoney@vatit.com  

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.

RECLAIMING YOUR VAT WITH VAT IT

Course details

  • 1 alternative dates available
  • Date
    29-31 Aug 2018
  • Duration
    3 days
  • Price
    $4495
Download course brochure

FX & Money Markets

Learn the fundamental mechanics, instruments and activities of the international money and FX markets
  •  

    Course Overview


    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

    Methodology


    The course is an intermediate programme taught with highly interactive and intensive group exercises and case studies.

  • Day 1

    Overview

    • What the money market does: liquidity and risk management
    • The market participants
    • Difference between money markets and capital markets
    • The interface between FX and money markets
    • The Euromarkets
    • Current market overview

    The role of central banks and their influence on the markets

    • Key economic indicators
    • Monetary policy
    • Foreign exchange operations
    • Portfolio management
    • Stability and supervision
    • Payment systems

    Treasury management in financial institutions and corporations

    • Balance sheet management
    • Cash management
    • Liquidity management / funding
    • Asset liability management
    • Interest rate risk management
    • Currency management
    • Forecasting
    • Stress testing
    • Transfer pricing

    Cash products

    • Deposits and deposit indices
    • Traditional money market securities
    • Modern money market instruments
    • Nature and function
    • Marketability
    • Risk issues

    Repos

    • The mechanics
    • Repo types
    • Margining
    • Collateral
    • Credit exposures

    Money market forwards, futures and swaps

    • Futures
    • FRAs
    • Interest rate swaps
    • Exchange-traded vs. OTC markets
    • The use of derivatives
      - Hedging
      - Arbitrage
      - Speculation
    • Risk issues

    Practical example



    Interest rate options
    • IR options: mechanics and terminology
    • Relationship to cash instruments
    • Caps and floors
    • Volatility
      - Historical volatility
      - Implied volatility
    • The Greeks
    • Option strategies
    Practical example


    Day 2


    Foreign exchange

    • History of the foreign exchange market
    • Conventions
    • Structure of the market

    FX forwards

    • Forward FX mechanics
    • Uses of forwards
    • Hedging via forward FX
    • Risk issues

    Foreign exchange swaps

    • Forward FX mechanics
    • Uses of FX swaps
    • Hedging via FX swaps
    • Risk issues

    Foreign exchange options

    • FX options: mechanics and terminology
    • Volatility
    • The Greeks
    • Option strategies
    • Exotic options

    Practical example

    Key currencies and their developments

    • US Dollar
    • Euro
    • Chinese Yuan
    • Gold

    Day 3


    Risk management for FX and money markets

    • Risk governance/infrastructure/roles and responsibilities
    • Credit risk
      - Settlement risk
      - Counterparty default risk
      - Internal rating for customers using derivatives
      - Credit risk mitigation
      - Credit issues under Basel III
    • Market risk
      - Interest rate risk
      - Spread risk
      - Currency risk
      - Commodity risk
      - Market risk tools
      - Duration
      - Sensitivities
      - Value-at-Risk
      - Back-testing
    • Liquidity risk
      - Liquidity coverage (LCR)
      - Net stable funding ratio (NSFR)
      - Liquidity risk management
      - Measuring liquidity risk
      - Key liquidity ratios
    • Operational risk
      - Data collection
      - Key risk indicators
      - Self assessment
    • Stress testing

    Key trading issues from the new banking reforms of Basel III and Dodd-Frank Act (DFA)

    • Capital quality and quantity
    • Capital ratios and buffers
    • Risk-weighted assets
    • Leverage
    • Liquidity coverage ratio
    • Net stable funding ratio
    • The Volcker Rule under DFA/Proprietary trading
    • Rating agencies under DFA
    • Compensation under DFA

    Relevant legal, operational and information technology issues

    • Confirmations
    • Master agreements
    • Netting
    • Margining
    • Collateral management
    • Credit support annex
    • New product process
    • Market data
    • Product control
    • Information technology
  • 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.

    Our Tailored Learning Offering

    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
This course can be run as an In-house or Tailored Learning programme

Instructor

  • Paul Kitching

    Biography

    The 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.