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.

Course details

Dates are currently being finalised. Get in touch to find out more
Download course brochure

Advanced Interest Rate Derivatives

Learn about interest rate options & swaps with this course - book now!
  • Interest Rate Derivatives are an essential part of the financial marketplace. This intensive three-day programme, Advanced Interest Rate Derivatives, will teach you advanced techniques to use, price, manage and evaluate interest rate and cross-currency derivatives.

    The first day of the course explores interest rate swaps, from terminology, settlement and clearing through to modern yield curve construction and cross-currency swaps. We will then proceed to examine interest rate options, exotics and structured products in detail.

     

    This hands-on course contains a healthy mix of theory and client applications, which are illustrated and examined through real-life examples, practical exercises and group discussions.


    Summary of course content:
    • Day 1: Interest rate derivatives, swaps and cross-currency swaps, modern yield curve construction
    • Day 2: Interest rate options and exotics, CMS and applications, structured products
    • Day 3: Constant maturity swaps, modelling interest-rate volatility, the impact of stochastic volatility, SABR

    Why attend this course?
    • Gain familiarity with modern multi-curve interest-rate derivatives pricing
    • Learn how to build and analyse yield curves and then bootstrap the discount curve
    • Improve your understanding of interest rate derivatives documentation, clearing and settlement
    • Discuss potential customer applications of interest rate swaps
    • Review formal swaps pricing, from par rates to discount curves and forwards
    • Understand the mechanics of a cross-currency swap (CRX) and the drivers of the CRX basis spread

     

     

    Note - A good level of spoken and written English is required to attend this course. Delegates should be of an intermediate standard in English at a minimum. Please refer to the Common European Framework of Reference for Languages - as a guide the level required is B2. 

     

  • Day 1

    Swaps


    Interest rate swaps

    • Quotation and terminology
    • Drivers of yield curve shape and level
    • Understanding swap spreads

    Settlement and clearing

    • OTC versus central clearing
    • Collateral and netting
    • Briefly on CVA adjustments


    Customer applications

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


    Formal swaps pricing

    • From par rates to discount curves and forwards
    • Bootstrapping the discount curve
    • The choice of the discount curve – why OIS?
    • Tenor basis and projection curves
    • Modern yield curve constructiuon


    Cross-currency swaps

    • Mechanics of a CRX swap
    • Understanding the drivers of the CRX basis spread
    • Customer applications


    Day 2


    Interest Rate Options


    Caps, floors and collars

    • Mechanics and settlement


    Swaptions

    • Structure and mechanics
    • European versus Bermudan settlement
    • The exercise decision for Bermudans
    • Managing a trading book


    Customer applications

    • Hedging funding exposures
    • Conditional curve trades and other prop positions


    Structured products

    • Callable bonds
    • Embedding options for yield-enhancement: capped FRNs, reverse floaters
    • Corporate liability management


    Interest rate exotics and structured products

    • Digitals and range accruals
    • Target redemption structures


    Day 3


    Options, Exotics and Structured Products



    Constant maturity swaps

    • Mechanics, quotation and settlement
    • Understanding the convexity adjustment
    • Model-independent replication and hedging of the convexity
    • Applications in liability-management
    • CMS spread-linked


    Understanding the volatility surface

    • Drivers of the skew and smile
    • The key role of stochastic vol
    • Normal versus lognormal vol, CEV models, shifted lognormal
    • Hedging skew and smile
    • Introduction to stoch vol and SABR


    Introduction to interest rate modelling

    • Single-factor models
    • Mult-factor models and the LMM

     

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

Instructor

  • Richard Fedrick

    Biography

    Richard started his career in 1988 in the Derivatives Product Group at Morgan Stanley, which he joined after three years of post-grad research in Theoretical Physics. He spent three years as a rates and FX structurer at Morgan Stanley before moving to a similar role at Deutsche Bank in London. In 1993 Richard joined General Re Financial Products, a newly-formed AAA boutique that soon became established as one of the world’s leading derivatives trading operations. At GRFP Richard initially ran the structuring desk, before moving into trading (rates and FX exotics), and finished as a Managing Director and global co-head of structuring and sales.In 2004, Richard decided to move into the world of consulting and expert training. He trains around the world on all areas of finance with a particular emphasis on capital markets, derivatives and risk-management.Richard has a 1ST Class Degree in Physics from Oxford University.

Venue

London

The course will take place at a Central London hotel.

The map attached details some of our most frequently used venues

If you need help booking accommodation for your visit, please contact accommodation@euromoney.com and one of our partners will help you get the best rate possible.