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VAT on Virtual and Online Programmes

VAT is applicable on virtual programmes to delegates attending from the UK*. If participating from the EU, a valid VAT number is required to ensure VAT will not be charged under the reverse charge mechanism. VAT is not applicable to attendees from all other countries.
*For virtual courses ran through our Asia office, VAT may be applicable to HK and Singapore residents only. Find out more by contacting learning@euromoney.com

 

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.

Advanced Derivatives (Modular Course)

A comprehensive course looking at all aspects of the modern derivatives world
  • This virtual course can be attended as a whole, or you can select to attend each day individually.

    Start time
    9am BST (British Summer Time)


    This is a comprehensive five day programme, covering the essential pillars of the modern derivatives world.. The content is modular, with each day a standalone session on the key pillars of the modern derivatives world. Each day is divided into 3 x 2hr modules for the convenience of delegates attending remotely

    Day 1 Interest rate derivatives, swaps and cross-currency swaps
    Day 2 Equity and FX options, exotics, trading the volatility surface
    Day 3 Interest rate options and structured products
    Day 4 Credit derivatives and structured credit
    Day 5 Counterparty risk, funding and XVA adjustments

    The emphasis is on a healthy mix of theory and client applications, and is illustrated throughout with real-life examples and case-studies.


    Each individual module is priced at £1095 + VAT
    The whole course at £4295 + VAT

    Click "Book Now" to select the relevant option
  • All times BST (British Summer Time) 

    Each day can be individually attended, or you can attend the full five days. 

     

     

    Day 1 -  Interest Rate Derivatives, 22nd June, 9am

      

    1.1 Forwards and Futures, 9am - 11am  FRAs
     Interest rate futures
     SOFR futures
     Applications in hedging

    1.2 Interest Rate and Cross-Currency Swaps, Midday - 2pm

     

     Quotation and terminology
     Understanding yield curve shape and level
     Intuitive pricing and risk
     The choice of the discount curve – why OIS?
     Cross-currency swaps
     Understanding the CRX basis

    1.3 Applications of Swaps, 3pm - 5pm

     

     Using swaps to hedge debt issuance
     Asset swaps
     Curve trades and other proprietary positions


    Day 2 Options, 23rd June, 9am

     

     

    2.1 Option fundamentals, 9am - 11am

     

     The basic payoff diagrams
     Cash versus physical settlement
     Popular option combinations and strategies
     Volatility - what it is and why it matters

    2.2 Option Pricing and Risk-Management, Midday - 2pm

     

     Option pricing overview
     Intuitive drivers of the premium
     Option risk-management and the Greeks
     The delta hedge
     The fundamental role of gamma

    2.3 Trading Volatility, 3pm - 5pm

     

     Quantifying volatility risk - vega
     Defining the vol surface, smile and skews
     Hedging smile and skew risk, risk-reversals and butterflies
     Quantifying the risk - vanna and volgamma
     Vol and variance swaps


    Day 3 IR Options and Structured Products, 24th June, 9am

     

    3.1 Interest Rate Options, 9am - 11am

     

     Caps, floors and collars
     European-style Swaptions
     Bermudans
     Constant maturity swaps

    3.2 IR Structured Products, Midday - 2pm

     Callable bonds
     Capped and collared FRNs
     Digital caps and range accruals
     CMS spread-linked structures
     Applications in liability-management

    3.3 Pricing, Modelling and Managing IR Options, 3pm - 5pm

     Understanding the delta-hedge of an interest rate option
     Implied volatility – Normal vs Lognormal
     The IRD vol surface and its drivers
     Brief introduction to SABR


    Day 4 Credit Derivatives, 25th June, 9am

     

    4.1 Single-name CDS, 9am - 11am

     

     Mechanics and settlement of a CDS contract
     Pricing and risk, CS01
     Standard contracts, fixed spreads, computing the upfront
     CDS indices


    4.2 CDS Indices and Hedging, Midday - 2pm

     

     The key indices and sub-indices
     Trading iTraxx series – roll or hold?
     Hedging the spread risk on cash bond portfolios
     Trading the CDS-Cash basis

    4.3 Tranched CDS and Correlation Trading, 3pm - 5pm

     

     Tranching and correlation
     Synthetic single-tranche CDOs
     Credit correlation and why it matters
     Understanding the tranche delta


    Day 5 Counterparty Risk, Funding and XVAs, 26th June, 9am

     

    5.1 Counterparty Risk and Motigation, 9am - 11am

     

     Defining and quantifying counterparty exposure
     Mitigating exposure – central clearing
     Mitigating OTC exposure – the role of the CSA
     Other risk mitigation techniques

    5.2 Pricing for Default Risk - CVA, Midday - 2pm

     

     Calculating CVA
     The inputs to a CVA calculation – EE and PD
     CVA computed for IRS, FX forward
     DVA adjustments and why they are still controversial
     Wrong-way risk

    5.3 Pricing for Uncollateralised Funding - FVA, 3pm - 5pm

     

     Why OIS/CSA-discounting is appropriate for margined positions
     Pricing for uncollateralised funding
     Computing the FVA adjustment
     Avoiding the FVA/DVA double-counting trap
     Other funding-related adjustments: IVA, MVA

  • 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 – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
    • Knowledge – our 100+ 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 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
    • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
This course can be run virtually online or as an in-house, tailored learning solution

Instructor

  • Richard Fedrick

    "I moved into the world of training in 2004, delivering since then courses in all areas of finance, with particular emphasis on interest rates, derivatives and risk management."

    Biography

    Richard is a highly accomplished trainer in global markets and risk management who has delivered trainings for Deutsche Bank, Morgan Stanley, ING, Barclays and Citi amongst many others. He is a 1st Class Degree in Physics from Oxford University and delivers training in all areas of finance, with particular emphasis on interest rates, derivatives and risk management.