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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

 

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All attendees of a London based course incur VAT as a part of the cost of attendance.

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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.

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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.

In-depth Option Pricing: Using the Option Greeks for Trading and Risk Adjustment

To know : Futures, options, puts, calls, Black scholes, pricing derivatives, probability theory, derivative trading. Solver add-in in Excel need to turn it on. Load the Solver Add-in in Excel - Office Support (microsoft.com)
  • Overview Derivative contracts can be very powerful risk management tools for market participants. Used improperly, they can subject a company to increased risk. This program is designed to provide a solid understanding of these products beginning with the simplest, forwards and futures and then continuing on to more complex option products. The area of options has seen unparalleled growth since the development of pricing models, starting with the Black-Scholes model in 1973. The uses and importance of options to the field of finance cannot be underestimated. This course is key to your understanding of the basic instruments of derivative marketplaces and their uses. Options and other derivative securities have a certain elegance, based on mathematical associations. This course is designed to provide coverage of necessary mathematical models in an intuitive fashion that motives understanding rather than memorization. Practical examples and exercises reinforce this approach. Objectives After this course participants will be able to: • Construct basic option payoff profiles • Intuitively understand basic no-arbitrage pricing methods • Understand option price sensitivities • Understand the pricing, hedging, and other issues associated with derivative products Who Should Attend? • Finance and Accounting staff • Corporate Risk managers • Traders • Brokers & Dealers • Fund Managers • Compliance • Sales Managers • Portfolio Managers • Audit

  • Day One

    Option Valuation

                      Option pricing models

    o   Tree approaches

    o   Discrete vs continuous models

    o   BS

    o   Pricing with simulations

                      Just enough math and no more

                      Black-Scholes Variants

                      No arbitrage framework

    o   Garman Kolhagen

    o   Merton’s model

    o   Black 76 model

                      Volatility Smiles

    Case Study and Exercises – Building your own option pricer in excel

     

    Defining and using the Greeks – trading, pricing and risk sensitivities

                      Greeks – Majors

    o   Closed form solutions to Greeks

    o   Delta hedging

    o   Understanding the Gamma-theta tradeoff

    o   Vega – Volatility structure

    o   Is Rho interesting at all?

    o   Understanding distributional assumptions

     

    Exercises: Calculating the Risk exposure of option portfolios

     

    Exercise: Understanding the Gamma-Theta tradeoff

     

    Day Two

     

    More Advanced Trading with Options

                      More complex structures

    o   Put spreads

    o   Call spreads

    o   Ratioed back spreads

    o   Participating hedges

    o   Exchange defined spread structures

                      Optionality in Contracts

     

    Case Study: Marketing making in options

     

    Exotic Options

             A Multinational System

    o   American & European

    o   Asian

    o   Bermuda

             Other Exotics

    o   Barrier

    o   Compound

    o   Binary

    o   Rainbow

    o   Lookbacks

     

    Case Study: Designing your own structured option product as a risk solution.

     

     

     

  • 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 as an In-house or Tailored Learning programme

Instructor

  • Mark Holder

    Biography

    Dr. Holder has designed and carried out an extensive array of training programs for a wide range of clients, from Global IBs, hedge funds, asset managers to exchanges and private wealth managers. His experience in derivative product design, structured product pricing, economics, and business development allows him to convey information to program participants that accurately reflects real world conditions and markets. Participants note that they feel much more “Desk-Ready” after having spent time in his programs. They also indicate that Mark explains difficult topics and concepts, from mathematics and probability theory, to bond pricing, in a readily approachable manner that makes understanding and application far more intuitive. His areas of primary expertise include derivative products, pricing, trading and marketing. He has also developed and trained in the following topics - corporate finance, equity and bond pricing, markets and trading; valuation, financial modelling and excel, accounting for derivatives; money & capital markets, life-cycle of a trade, commodity markets including agricultural products, crude and natural gas products, metals, and power and emissions markets. He has extensive training experience in risk management and measurement. This includes credit risk and credit related products, liquidity risk management, and structured products. He has trained participants in trading, wealth management, regulatory frameworks and market operations. Based on his experience has also trained participants in bank regulation and stress testing. Mark typically employs case studies, both classic historic cases and ones he has developed based on consulting work for various corporates and exchanges. These cases drive home real-world situations and outcomes. He has experience with several different training simulations that allow participants to experience decision making in a safe environment. He also uses team projects to create a learning environment for participants where appropriate. This variety of techniques ensure information transfer is successful and that learning is embedded and enduring.