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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.

Structured Trade and Commodity Finance

Understand trade financing, commodity flows & emerging markets with this course
  • A course bringing together trade finance product concepts, application to supply chains and financing structures typically used to facilitate commodity flows. The course is pegged at an intermediate level. Attendees are expected to be equipped with prior knowledge about mechanisms relating to Open Account, Letters of Credit, Bank Guarantees and Documentary Collections. For those less familiar with these topics, pre-course reading material will be provided. Focus of the programme shall be on financing arrangements as described in ‘Course objective’ below.


    Course objective: To provide a comprehensive view of the interplay between trade finance instruments and supply chains as they apply to the commodities business.



    We begin with Pre-Finance on Day 1, proceeding to Payables-centric solutions on Day 2, followed by Warehouse/Inventory Finance on Day 3 and Receivables-centric solutions on the final day of training on Day 4.



    In order to provide comprehensive coverage, the course will also cover related topics such as Risks in Commodity Trade contracts, INCOTERMS & Transport Documents, Marine Cargo Insurance and Commodity Price Hedging.



    Attendees will receive training on developing a risk-sensitive approach to commodities trade financing.


    Day 1

    Focus on Risk

    Overview of international trade and commodities
    Distinguishing trade finance from other forms of corporate financing
    Examining the concept of Risk and as it applies to international trade
    Understanding commodity contracts


    Risks in international trade as they apply to emerging markets

    • Political risk
    • Performance and operational risks
    • Credit and bank risks
    • Price risk
    • Illegality of contracts

    Case studies: set in emerging markets


    Financing trade in challenging markets

    • Commodity trading- markets and players
    • Evolution of the trader's business model
    • Structured trade finance and the supply chain
    • Risk analysis of a commodity finance transaction
    • Case study: An example of pre-shipment finance set in Asia

    Other considerations
    • Implications of the Basel Capital Accord
    • Rationale for the ‘structured’ approach to trade finance
    • Characteristics of good collateral

    Case study exercise: Risk analysis of a pre-finance business proposition set in a challenging environment


    Day 2

    Focus on Pre-finance

    Risk considerations for pre-finance

    • Pre-export to finance grower/producer
    • Production and delivery conditions determining contract outcomes
    • ‘Push’ factor for success of pre-finance
    • What can go wrong?
    • Ownership of the commodity asset
    • Licenses, export quotas. foreign currency controls
    • Pre-payment finance
    • Limited recourse: Absence of obligation to reimburse in full upon producer’s failure to deliver
    • Difference between pre-financing and pre-payment
    • Tolling finance
    • Performance and country risks
    • Protection against non-delivery by processor
    • Security interests of financier
    • Insurance solutions

    Case study: Metal smelting and refining

    Case study exercise: Medium term pre-financing of a metal smelter



    Day 3

    Focus on Warehouse finance

    Storage of commodities
    • Warehousing considerations
    • The business case for warehousing
    • Use of a bonded warehouse
    • Separating warehouse finance from warehouse receipts finance
    • Problems with pledges over inventory stocks, physical dispossession
    • Nature of a warehouse receipt; is it a document of title or only evidence of receipt?
    • Legal infrastructure required to support warehouse receipt finance

    Case study: Distribution of imported grain


    Repo finance against commodities traded in a liquid, well-ordered derivative market
    Collateral management arrangement
    Review of a collateral management agreement (CMA)
    Liability of a collateral manager
    Case study: Sugar refining/ Petroleum storage

    Case study exercise: Designing a credit line for an emerging market borrower


    Day 4

    Subsidiary topics essential for competent handling of commodities trade finance

    Alternative financing methods
    • ‘Switch’ trade
    • Clearing currencies and escrow account trade

    Case study: Capital goods import


    Transport documents

    • Incoterms 2010
    • Flag of vessel; avoiding sanctions
    • Liner & Chartered vessels
    • Obligations of shipper/charterer and vessel owner
    • Loading and discharge of cargo
    • Documents representing goods
    • Documents of Title; title, negotiability and endorsements

    Cargo Insurance
    • Principles of marine insurance
    • ICC A/B/C, seller’s risk cover
    • Security over insurances (assignment vs. loss payee)

    Political and Credit Risk Insurances
    • Why do banks need political risk insurance cover?
    • Contract frustration
    • Confiscation of assets
    • Covering risk of default in payment by buyer

    Price risks
    • OTC versus exchange-traded contracts
    • Link between cash and futures markets
    • Understanding contracts to hedge
    • Price risk management in commodity trade
    • Benefits of hedging for the borrower and lender

    Case study: A hedging example
    Mishaps in Structured Trade Finance


    Course summary and close


  • 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


  • Srinath Keshavan


    Srinath Keshavan is a Trade Finance practitioner with 32 years experience in the Asia-Pacific region. His experience encompasses both commercial and financial aspects of International Trade. He worked for many years in Bills, Banking Operations and Credit & Marketing Departments of an international bank in Hong Kong SAR. Since 1991, he has been associated with commodity-trading firms in Singapore as Head of Trade Finance and Risk Management. His expertise relates to structuring financial arrangements for international trade transactions, raising credit lines and managing banking relationships. He heads a trade finance consultancy in Singapore. His seminars provide clarity over technical concepts and offer participants the opportunity to reinforce their own understanding of the subject through practical illustrations.