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.
Effective commodity price risk management is becoming a critical differentiator of business performance for any company producing, trading, consuming or using commodities as part of their manufacturing or distribution process. Price volatility and increasingly complex commodity markets are the main influencing factors and companies that proactively and efficiently manage their commodity price risk will gain a competitive advantage over their peers especially when it comes to profit margin. Bankers, trade financiers and investors alike can also benefit from the vast risk appetite opportunities in commodities.
This practical training course has been designed to provide delegates with a comprehensive overview of the commodities markets, hedging strategies and risk management techniques to effectively manage commodity exposure.
The first part of the programme is an introduction to the main commodity asset classes, their market structures and the main players in the commodity markets. It also introduces the concepts of derivatives instruments used in commodity trading.
The second part of the programme focuses on how to manage commodity price exposure through hedging techniques using exchange traded and OTC derivatives. Drawing upon numerous examples, and through the use of industry-specific case studies and workshops, participants will learn several techniques for dealing with the scope and complexity of commodities trading and risk management. The course also explores the investment vehicles available for accessing commodity exposure and the financing options in the commodities sector, including: royalties and streaming; project finance; corporate facilities; trade and export finance.
The training will comprise a combination of classroom-based teaching combined with real-life case studies and workshops to gain practical exposure to key principles and concepts.
London Metal Exchange site visit:
To reinforce the learning in the practical context, participants will have the opportunity to witness open outcry trading during a site visit to the LME during the course.
Delegates are advised that the LME operates a smart casual dress code.
Attend this comprehensive course and gain an in-depth overview of:
- The mechanics of the main commodity markets including: precious metals; base metals; energy; bulk commodities; agricultural and softs
- Hedging techniques for the different commodities sectors
- Techniques to manage commodities risk exposure
- Commodities exchange-traded and OTC derivatives and their applications in risk management
- Methods for de-risking commodities financing activities specific to project finance, trade finance and reserve base lending
- Selecting investment strategies appropriate to market conditions
DAY 1Core Commodity Concepts
Introduction to Commodities
- Definition and classifications
- Principal price drivers
- Commodity cycles and recent performance
- Spot and forward prices
- Contango, backwardation and convenience yield
- Futures contracts
- The main commodity exchanges
- Size of futures markets
- Physical and cash settled futures
- Size of OTC markets
- Common OTC products
- Centrally cleared OTCs
- Good delivery
- Allocated and unallocated metal
- Price benchmarks and lease rates
- Metal forward prices
- Precious metals futures
- Industry bodies
- Gold: monetary asset or commodity
- Silver and the PGMs
- The London Metal Exchange and the physical market
- LME brands
- Warrants and seller’s option
- Warehousing and stocks
- Trading on the LME
- LME contract dates
- Price benchmarks
- Other base metals exchanges
- Classifications of crude oil
- Global crude benchmarks
- Crude price differentials
- Focus on Brent vs WTI
- Gasoline, kerosene, diesel, gasoil, VGO, fuel oil & bunkers
- Trading oil and distillate products
- Physical assessments
- Principal energy futures
- Exchange for physical
- Natural gas
- LNG and shale gas
- European and US gas markets
- Oil indexation
Focus Session: Using Exchange for Physicals
Agricultural and Soft Commodities
- Farming basics
- The impact of climate effects
- Market size
- Corn and wheat
- The soy complex and the crush
- Seasonality and forward prices
- Sugar, cocoa, coffee and cotton
Case Study: Dealing with basis risk in grains
- Physical pricing conventions
- Long and flat products
- Steel derivatives
- Iron ore market development
Day 3Using Commodity Derivatives
- Fixed for floating swaps explained
- Using forward structures
- Comparing forwards, loans and prepays
- Trading spreads: cracks, diffs and the crush
- Options and swaptions strategies
- Swing contracts
- Typical strategies for:
- Physical traders
Workshop: Unpicking an energy consumer’s hedging strategy
Taking a Discretionary Exposure
- Why invest in commodities?
- Commodity indices
- Exchange Traded Products
- Commodity linked notes
- Early stage funding
- Royalties and streaming explained
- Reserve based and corporate lending
- Common hedging strategies
Export and Trade Finance
- Commodity route to market
- Where should the financier sit?
- Protecting the value of the collateral
- Tripartite agreements
Focus Session: Learning from others’ mistakes
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
Emma JenkinsMy banking career started with modelling, pricing and structuring interest rate, FX and commodity derivatives. Now, I divide my time between consulting to commodity companies and delivering training courses in this area.
BiographyThe course director has many years’ experience covering commodity markets, derivative pricing and structuring, and loan origination. After graduating from Trinity College, Dublin, with a BSc Hons, a gold medal and Foundation Scholarship in Mathematics, she commenced her banking career in the Goldman Sachs graduate program. After this, she joined Westpac Banking Corporation where she was responsible for the design and implementation of derivative pricing models for the interest rate and FX trading desks. She moved into the commodity arena when she joined Credit Suisse to market complex hedge structures in precious metals and associated financings. She later joined Macquarie Bank as a specialist commodity director, where she provided a complete banking service to clients in the base and precious metals, and oil and gas sectors. She is currently a director of a consulting business which specialises in commodity price risk management and related expert witness work. Her clients range from central banks and regulators, large miners, traders and manufacturers, wealth managers, through to small import/export businesses, thereby giving her a unique insight into the issues facing the many market participants.