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.
Equity Derivatives, FX, Credit and XVA
This course forms Module 2 of the Advanced Derivatives course and is a detailed 3-day course covering Equity Derivatives, FX, Credit and XVA
Day 3 - Equity and FX options, exotics, structured products and trading the volatility surface
Day 4 - Credit derivatives, CDOs and structured credit
Day 5 - Funding, XVA, and the new regulatory world
The emphasis is on a healthy mix of theory and client applications, and is illustrated throughout with real-life examples and case-studies.
Options, Exotics and Structured Products
- The basic payoff diagrams
- Cash versus physical settlement
- Popular option combinations and strategies
- Volatility - what it is and why it matters
- Intuitive drivers of the premium
- Binomial trees
- Monte Carlo
- The delta hedge
- The fundamental role of gamma
- Gamma versus theta
Understanding and trading volatility
- Defining implied volatility
- Defining the vol surface, smile and skews
- Hedging smile and skew risk, risk-reversals and butterflies
- The role of stochastic vol in understanding smile and skew
- Quantifying the risk - vanna and volgamma
- Introduction to local and stochastic vol models
Exotics and structured products
- Digitals and range-accruals
- Barrier options and client applications
- Static hedging of barrier options
- Autocallables and accumulators
- Cliquets and the problem of forward vol
Mechanics of a CDS contract
- Defining a credit event
- CDS setttlement
Pricing and risk
- The credit triangle – relating credit spreads to default probability (PD), exposure (EAD) and expected recovery (LGD)
- Risky discounting
- Standard contracts, fixed spreads, computing the upfront
- CS01 and convexity
Hedging bond positions
- Constructing the hedge – default risk or spread risk?
- Trading the cash-CDS basis
- Drivers of the basis
CDS indices (iTRAXX and CDX)
- Mechanics and settlement
- Intrinsic spread and skew
Tranching and correlation
- Synthetic single-tranche CDOs
- Credit correlation and why it matters
- Understanding the tranche delta
Structured credit trading
- Tranche trading and convexity
- Nth-to-default baskets
Counterparty Risk, Funding and XVAs
Key concepts and metrics of counterparty exposure
- When exposure is non-static – why derivative are tricky
- Key metrics of exposure for derivatives: EL, EE, EPE, PFE
From exposure to Expected Loss
- Monte carlo simulation and semi-analytical methods
- Computing EL for some simple positions: IRS, forward FX
Pricing for default risk
- The traditional approach versus the CVA approach
Computing the CVA charge for the most common positions
- Shortcut calculational tricks
- Mitigating the exposure on cross-currency swaps
- Examples of wrong-way (and right-way) risk
- Computing the CVA charge with wrong-way risk
The new CVA capital charge in Basel III
DVA – adjusting for your own risk
- DVA for some common positions
- Is DVA real? Why it remains controversial
CSAs and collateral
- The importance of netting
- CSA key terms
- The dual role of the CSA – collateral as funding
Building a funding curve
- The choice of OIS as a core discount curve
- What is meant by ‘CSA discounting’
- The ‘cheapest-to-deliver’ option in collateral posting
Understanding the Funding Valuation Adjustment (FVA)
- Adjustment for asymmetric collateral terms
- Avoiding the trap of double-counting FVA and DVA
Other XVA adjustments
The new regulatory world
- Central clearing
- Regulatory legislation: Dodd-Frank, EMIR, MiFiD and the rest
- What can we expect from Basel IV?
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
BiographyMark spent 10 years as an FX and interest rate derivatives trader in London, Hong Kong and New York before moving into financial training. His trading experience spans vanilla and exotic products having run profitable businesses across the derivatives product spectrum. Mark graduated from the University of Bristol with a first-class degree in Aeronautical Engineering. He had a brief stint as an aerodynamicist working on military aircraft design for BAe Systems, before moving into finance, first with Deutsche Bank and then RBS. Mark held a series of senior posts initially as an FX Options Structurer progressing to MD level in the exotic interest rate derivatives tem. Mark ran the RBS interest rate derivatives portfolio in the USA from 2004 – 2008. After leaving finance Mark bought, ran and subsequently sold a retail business; in the process developing a firsthand understanding of company valuation, accounting, as well as company financing and risk management decision making. Mark uses his experience in financial markets and the corporate world to run engaging training courses across both the markets and corporate finance disciplines. He has delivered complex learning solutions to Deutsche Bank, HSBC, RBS, Morgan Stanley, ING, Standard Chartered and Rabobank amongst others. Mark’s training expertise includes training courses for investment and corporate bankers in the following subjects: Advanced derivatives Bonds, rates, credit markets Foreign exchange Commodities Basel 3 capital and liquidity rules (and calculations) Accountancy and financial report analysis Corporate risk management and hedging Corporate credit analysis Corporate finance, company valuation and leveraged finance These projects vary from running graduate & analyst programmes covering a broad syllabus, up to specialized advanced courses for experienced professionals.