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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:

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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.

Treasury Management

Learn best-practice Treasury Management techniques at our 10-day academy in London
  • Our market-leading Treasury Management Academy is designed for professionals in the Treasury department of a bank or a corporate along with Accountants, Risk Managers, Operations Staff and other financial professionals. It will give these participants the best practice tools and approaches for Treasury management. The program will use lectures, real life case studies, computer simulations and workshops to give attendees the latest and most practical tools and techniques which they can apply in their organization to increase the effectiveness, efficiency and profitability.

    By the end of the program, participants will be able to:

    • Identify the Activities of the Treasury Department
    • Understand how the Treasury function funds the institution through money market and fixed income instruments
    • Use the yield curve to price interest rate products in both the short and long term
    • Structure and use the latest derivative products in interest rate, foreign exchange, commodity and credit derivatives
    • Structure and use the latest Islamic Finance and Islamic Derivative Product for Sharia compliant transactions
    • Acquire a thorough understanding of the Global Financial System and its regulations
    • Identify the best practice in following the latest Basel 3 and CRD IV regulations
    • Identify the best practices in managing Liquidity and Market Risk in Treasury


    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.  

  • This course will be run using Video Conferencing Technology. 

    The course will take place over 2 or 3 sessions each day, beginning at 9am GMT (Greenwich Mean Time, UK)

    To find out more, please contact


    Day 1

    Session 1: Introduction to the Financial System


    - Banking and the financial system
    - Banks and the role of funding
    - The crisis of 2008 and recent regulations; Basel 3, Basel 4, CRD IV, SEC,
    Dodd-Frank etc…
    - New regulation impact on banking and corporate treasury

    Session 2: Understanding the Activities of Wholesale Banking, ALM and Treasury


    - The activities of wholesale banking
    - Assets and liabilities of a bank
    - Funding, Liquidity and Market Risk in a bank
    - Treasury role in managing funding, liquidity and market risks of the bank

    Session 3: ALM and Managing Liquidity and Market Risk in Bank Treasury


    - What are the ALM risks?
       o ALM market risk /liquidity risk
       o ALM and making money
       o ALM and business strategy of the bank
    - Identify and Quantify Market Risk in ALM
       o Earnings at Risk
           Bucketing repricing amount
           Calculate repricing gap
           New BIS 3 regulations on IRRBB bucketing: NMB, prepayment risk
       o Net interest income
       o Types of interest rate risk
           Gap
           Yield curve
           Duration and Convexity
           Optionality
           Basis
    - EVE analysis in ALM market risk
       o Mark-to-market and portfolio valuation
    - BOD ALM reporting:
       o Market Risk Gap analysis, EAR report
       o Long Term EVE analysis
    - Business Strategy and ALM Market Risk forecast
    - Impact of economic and interest rate change on bank balance sheet
    - Managing ALM Market Risk
       o Limit system
           Limit reporting and sanctions
           Tools to Manage ALM Market Risk
       o Match Funding
       o Derivatives: Interest Rate Swaps and Cross- Currency swaps

    - ALM and Managing Liquidity Risk
       o Liquidity Products: Overnight, Libor, repo, etc..
       o Diversification and concentration
       o ALM ranking of liquidity
       o Stability and sustainability of funding sources
    - Measurement metrics and monitoring for liquidity risk management
       o Key metrics: Cash forecast, roll-off forecast, liquidity forecast
       o Scenario and back testing
    - Managing liquidity risk with Limits and FTP
       o Types and use and Sanctions
       o Moody’s Best Practice in Fund Transfer Pricing
       o Liquidity Premium Uses
    - Setting policy
    - Liquidity asset buffer
    - Choosing appropriate assets and business strategy
    - Managing the asset portfolio
    - Asset Liability Committee activities and Treasury

    Day 2

    Session 4: Corporate Treasury


    - How does Corporate Treasury Work
    - The roles of Corporate Treasury
    - The Role of the CFO
    - Treasury Functions and the business strategy of the company

    Session 5: Corporate Treasury Management


    - Liquidity and Working Capital Management
       o Liquidity and cash forecasting in corporate treasury
       o Forecasting working capital needs
       o Negotiating working capital funding
       o Integrating working capital, liquidity and cash management
    - Cash Management
       o The cash cycle
       o Collections, fund management and payments
           Best Practices in Collections: Collection services, POS, e-collection (ACH, SWIFT), phone payent, credit cards, mobile app,       automated lock boxes etc
           Best Practices in Cash Management:
    • Accounts: operating accounts, pooling accounts, sub account, virtual accounts,
    • Cash Optimisation: physical pooling, notional pooling, netting (bi-lateral and multi-lateral), sweeping, Foreign currency accounts etc.
           Best Practices in Payments: ACH, SWIFT, Integrated payables, Mobile app, STP process, Debit and credit card, Block chain       process
       o Treasury Organisation: Pros and cons of decentralized versus centralized, complete centralisation, functional centralisation, In-House Bank, etc…
       o Best practices in Treasury Management and Organisation

    Day 3

    Session 6: Funding Long Term – The Fixed Income Market

    - Introduction to the Bond Markets and long term funding
    - Different Bond Products:
       o US Bond, 144A and Traditional Private Placement
       o Regulation S and Eurobonds
       o Global Bonds
       o Local Market Bonds
       o Bond structures
       o Securitisation structures
    - Convention, Liquidity and Pricing
    - Duration and Bond Pricing/Trading
       o What is duration?
       o Modified Duration and its impact on bond price
       o Calculation of Duration and Price movement
    - Convexity and Bond Pricing/Trading
    - Bond Issuance Process

    Session 7: Interest Rate Derivatives and Managing Market Risk

    - Introduction to market risk and derivative products
    - Forward Rate Agreement
       o Product Structure, Pricing, Settlement Calculation
       o Exercise: FRA calculations
       o Uses of FRA in managing interest rate risk
    - OTC and exchange traded products
       o Market and pricing conventions
       o Size issues, Settlement dates, Pricing calculations
       o Dealing with the exchange: initial margin, margin call etc..
    - Exchange Traded Products
       o Interest Rate Futures:
           Product, Quotation and Pricing, Margin, Cash Settlement
           Money Market Interest Change on Futures Pricing
       o Bond Futures:
           Product, Structure, Pricing, Cash or Delivery Settlement,
           Duration/Convexity and cheapest to deliver
           Interest Rate change and futures pricing change
    - Uses of Interest rate and Bond Futures in Treasury

    Day 4

    Session 8: Interest Rate Derivatives and Managing Market Risk (continue)

    - Interest Rate Swaps
       o Introduction to IRS
       o IRS structure, terminology, cash flow, convention and pricing (outright or T+)
       o Pricing of IRS and Bloomberg IRSB screen
       o Uses of IRS in funding, bond structuring, bond hedging
       o ALM: IRS and managing the bank’s IRRBB market risk
       o Mark to market of an IRS
       o Duration and price sensitivity of IRS
       o IRS structures: Forward start, amortizing, asset swaps
    - Interest rate options: Caps, Floors and Swaptions
       o Introduction to caps and floors: market conventions, pricing convention
       o Options pricing issues: Delta, Gamma, Theta, Vega, Rho
       o Uses of caps and floors in Treasury
       o Introductions to Swaptions: Payer/Receiver, pricing convention
       o Pricing and uses of swaptions
       o Using Interest Rate Options to manage the bank’s market risk

    Session 9: Foreign Exchange

    - Introduction to the Foreign Exchange Market
    - Market conventions and quoting conventions
    - Using the Bloomberg FX screens and quotation of spot rates
    - Calculation and quotations of forward FX rates
    - Using Bloomberg FX forward screens
    - Non-deliverable forwards (NDF) and their use
    - Application of spot and forward products
    - Structuring and Using FX swaps
    - Foreign Exchange Options
       o Puts and Calls
       o Conventions and pricing of calls and puts
       o Option pricing models: Delta, Vega, Gamma, Theta, Rho
       o Participating Forwards structuring
    - Exotic Options: Average rate, path dependent, knock out/in, no upfront fee, lookback

    - Uses of FX options


    Session 10: Commodity Derivatives


    - Introduction to the commodity market

    - The Commodity Price curves: Cotango and backwardisation
    - Seasonality, Delivery and Pricing
    - OTC and Exchange traded commodity derivative products
       o Commodity Futures
       o Commodity Swaps
       o Options on commodities

    - Uses of commodity derivatives to hedge market risk


    Session 11: Final Thoughts

  • 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


  • Thierry Fuller


    Thierry Fuller is a highly experienced trainer and consultant in operational, credit and market risk management.  Since, 1997, he has worked as a consultant and trainer with the Top Three Investment Banks in the World (Goldman Sachs, Morgan Stanley, BofA Merrill Lynch), most of the largest 20 Banks in the World (Citi, J.P. Morgan Chase, Stanchart, BBVA, ABN AMRO , Commerzbank etc…) , all Top 4 Audit/Tax Accounting Firms, commodity trading company and other prestigious financial institutions.  Recently, Mr. Fuller has worked with Central Banks (such as Central Bank Ireland, Bank Indonesia etc.) in the area of trading room risk management, regulation, supervision and Basel 2/3 implementation. Mr. Fuller has also worked with emerging market banks in Mexico, Brazil, Hong Kong, Malaysia, Singapore, Indonesia and Thailand in corporate transformation and risk management. In China, Mr. Fuller has worked with local banks such as ABC, HSBC and Standard Chartered.  Mr. Fuller’s banking experience includes developing and managing the Capital Markets and Derivatives businesses for Wachovia Banks, America’s fourth largest bank at the time. He also led the development of the risk management operations and infrastructure for the trading room. His banking experience also includes working in corporate finance/investment banking, especially concerning M&A for financial institutions, and asset management at Brown Brother Harriman in New York.  Mr. Fuller has also worked as a management consultant at McKinsey & Company in strategic consulting and organizational changes for banks. He has also worked in the Corporate Finance/Treasury Consulting Practice at KPMG in New York where trading, risk management, auditing and compliance where high priority.  Mr. Fuller was a Joseph Lauder Fellow at the Wharton School where he received his MBA. He also graduated with an MA in International Studies and an MA in Political Science from the University of Pennsylvania. Mr. Fuller completed his undergraduate studies at Columbia University.