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.

Course details

Dates are currently being finalised. Get in touch to find out more
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Treasury Management Academy

Boost your career with the Treasury Management tools needed
  • Course Overview

    This course 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

    Day 1


    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 
    • The activities of the Treasury Department in Asset Liability Management 
    • Managing risk: BOD business strategy and Risk Appetite Policy 
    • Asset Liability Committee activities and Treasury

    Funding the Bank Short Term: The Money Market

    • Funding the Bank short term: Deposits (retail, corporate and whole sale) and Money Markets 
    • The interbank and other over the counter funding market 
    • Interbank money market products: Libor, Euribor, local inter-bank, Repo, reverse repo etc.. 
    • Other Money Market products: Commercial Paper, Certificate of Deposit, Commercial Bills, 
    • History, conventions and developments of money market products 
    • Interest Rate quotations and conventions for money market products
      - Discount Rate
      - Money Market yield
      - Bond Equivalent yield
    • Use of financial calculators and calculating money market yields

    The Yield Curve - Understanding the bank’s funding cost and return on assets 

    • Interest rate risk and the yield curve 
    • The benchmark rate: The credit risk free benchmark yield curve
      - Liquid government bonds: Treasuries, JCB, Gilts, Bunds
      - Inflation expectation
      - Liquidity premium
      - Credit Spread and the pricing of debt
      - Credit Spread on yield curves
      - Government bonds
      - Libor and Euribor banks: Ratings and credit spread over time
      - Credit spreads for loans
    • Using to price funding cost and asset returns of current assets and liabilities 
    • Understanding the zero coupon and forward rate and their use in market risk management 
    • Bootstrapping and Calculating the zero coupon rate 
    • Calculating the forward rate 
    • Exercise on the yield curve 

    Funding the Bank Long Term – The Fixed Income Market

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

    Day 2

    Interest Rate Derivatives and Managing Market Risk

    • Introduction to market risk and derivative products 
    • Forward Rate Agreement
      - Product Structure, Pricing, Settlement Calculation
      - Exercise: FRA calculations
      - Uses of FRA in managing interest rate risk
    • OTC and exchange traded products
      - Market and pricing conventions
      - Size issues, Settlement dates, Pricing calculations
      - Dealing with the exchange: initial margin, margin call etc..
    • Exchange Traded Products
      - Interest Rate Futures:
      - Product, Quotation and Pricing, Margin, Cash Settlement
      - Money Market Interest Change on Futures Pricing
      - 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

    Interest Rate Derivatives and Managing Market Risk (continue) 

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


    Day 3

    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
      - Puts and Calls
      - Conventions and pricing of calls and puts
      - Option pricing models: Delta, Vega, Gamma, Theta, Rho
      - Participating Forwards structuring
    • Exotic Options: Average rate, path dependent, knock out/in, no upfront fee, lookback 
    • Uses of FX options 

    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
      - Commodity Futures
      - Commodity Swaps
      - Options on commodities
    • Uses of commodity derivatives to hedge market risk 

    Credit Derivatives

    • Understanding credit risk 
    • Constructing the credit yield curve 
    • Structures:
      - Credit default swap:
       Underlying: Reference Name/portfolio, first to defaults
       Set payout or put structure
       Cash flows of a CDS
      -Total Return
       Cash flows of a TRS
       Payments of a TRS
    • Uses of Credit Derivatives in hedging credit risk of the bank

    Islamic Finance and Islamic Derivatives in Treasury 

    • Introduction to Islamic Finance 
    • Islamic Finance issues: Riba, masir, gharar, jahl and riswah 
    • Key Product Types: Murahaba, Wa’ad, Arbun etc... 
    • Money Market in Islamic Finance
      - Using Murahaba commodity finance structures for interbank lending and borrowing
      - Primary and secondary murahaba structures
      - Restriction on commodities
      - LME Pallladium and Aluminum contracts
      - Documentation
       MATP
       ISDA/IIFM
    • Foreign exchange hedging and swaps in Islamic Finance
      - Spot transactions
      - Hedging forward contracts with murahaba structures
      - Non-deliverable forards
      - Funding and investment swaps in Islamic context
      - Marketing strategies and Sharia compliance
       Funding, Investment, hedging and speculation
    • IRS in Islamic Finance: Profit Rate Swap:
      - Murabaha structure: Primary and SRMC (Secondary reverse murabaha structures)
      - Structuring of Profit rate swap
      - Documentation for Profit Rate swap
      - ISDA/IIFM Master Agreement
    • Sharia Compliant Profit Rate swap marketing 
    • Cross currency swap in Islamic Finance:
      - Structuring: Back to back multi-currency murabaha
      - Cash flow of Islamic cross-currency swap
      - ISDA/IIFM Master agreement
      - Uses in a Sharia context
    • Options in an Islamic context
      - Arbun and Wa’ad structures and options
      - Structuring Islamic options
      - Strcuturing a Wa’ad interest rate option on a murabaha
      - Structuring an Arbun currency option


    Day 4

    Global Financial System and Regulations

    • Role of the Central Bank 
    - Overall responsibilities of central banks in the internal and domestic financial system
    • Monetary Policy and Liquidity Management 
    - Monetary foreign exchange and inflation targets
    - Open market operations
    - Repurchase agreements
    - Lender of last resort
    • Systematic risk and banking supervision 
    - Identifying and forecasting potential systematic risk
    - Regulations to reduce systematic risk
     Restriction on mortgage lending
     Restriction on high risk lending
    - Regulations and supervision of banks
     Risk management
     Capital and liquidity
     Basel 1 and 2
    • Pillar 1/2/3 
    • Capital requirements for ORM, MRM and CRM 
    • ICAAP and ILAAP analysis 
    • Crisis of 2007/2008 
    • De La Roisiere report for the ECB on causes of the crisis 
    - Liquidity, capital and good governance issues
    - Lack of adequate and coordinated supervision
    • New Basel 3 and CRD IV regulations 
     SSM: Single Supervision entity
     More capital: CET1 regulations, leverage ratios, etc...
     More liquidity: LCR, NSFR

    Day 5

    ALM and Managing Liquidity and Market Risk in Treasury

    • ALM and Managing Liquidity and Market Risk in Treasury 
    • What are the ALM risks? 
    - ALM market risk /liquidity risk
    - ALM and making money
    - ALM and business strategy of the bank
    • Identify and Quantify Market Risk in ALM 
    - Earnings at Risk
     Bucketing repricing amount
     Calculate repricing gap
     New BIS 3 regulations on IRRBB bucketing: NMB, prepayment risk
    • Net interest income 
    • Types of interest rate risk 
     Gap
     Yield curve
     Duration and Convexity
     Optionality
     Basis
    • EVE analysis in ALM market risk 
    - Mark-to-market and portfolio valuation
    • BOD ALM reporting: 
    - Market Risk Gap analysis, EAR report
    - 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 
    - Limit system
     Limit reporting and sanctions
     Tools to Manage ALM Market Risk
    • Match Funding 
    • Derivatives: Interest Rate Swaps and Cross- Currency swaps 
    • ALM and Managing Liquidity Risk 
    - Liquidity Products: Overnight, Libor, repo, etc..
    - Diversification and concentration
    - ALM ranking of liquidity
    - Stability and sustainability of funding sources
    • Measurement metrics and monitoring for liquidity risk management 
    - Key metrics: Cash forecast, roll-off forecast, liquidity forecast
    - Scenario and back testing
    • Managing liquidity risk with Limits and FTP 
    - Types and use and Sanctions
    - Moody’s Best Practice in Fund Transfer Pricing
    - Liquidity Premium Uses
    • Setting policy 
    • Liquidity asset buffer 
    • Choosing appropriate assets and business strategy 
    • Managing the asset portfolio

  • 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
This course can be run as an In-house or Tailored Learning programme


  • Thierry Fuller


  • Morris Grossfeld


    Morris brings 25 years of corporate banking and treasury experience. He began his career at Chemical Bank (now JP Morgan Chase) in New York, and rose within six years to become the Head of Chemical Bank’s Eastern European Region. He then moved to Mobil Oil Corporation, working in corporate treasury and tax, and became head of Mobil’s overseas banking relationships and inter-company lending. He was sent to London as Corporate Treasurer of Mobil Oil Company Ltd., responsible for treasury, insurance and customer credit and 22 executives. He then became Treasurer for Northern Europe. Morris was Group Treasurer of Forte PLC for 8 years and Group Treasurer of The Thomas Cook Group (treasury & turnover $20 billion and treasury profit $24 million annually) for 3 years, managing a team of 55 treasury and trading professionals. He was also responsible for the treasury staff training and development. For the last 14 years he has worked as a Course Director, coach and consultant across a breadth of business sectors and covering most management topics. Morris got his BA Degree from Yale University and an MA in International Economic from Fletcher School of Law and Diplomacy.


London Marriott County Hall

"All courses are held at four or five star venues in Central London, Zone 1. We strive to provide you with a training environment of the highest quality, to ensure that the whole learning experience exceeds your expectations.

Your training venue will be confirmed by one of our course administrators approximately 3-4 weeks before the course start date.

As such we have detailed our most frequently used training destinations in London on this map. If you need help booking accommodation for your visit to our training courses, please contact and one of our partners will help you get the best rate possible."