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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


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 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


    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


    • 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 – 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


  • 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.”


    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.



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 and one of our partners will help you get the best rate possible.