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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

 

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.


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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.

Masterclass in Financial Markets Dynamics

Understand current issues driving the financial markets with our unique Masterclass
  • Join a cohort of ambitious learners with our fully online, self-paced certificate programmes

    Led by industry experts in a modern, engaging and flexible format, these 4-6-week intensive programmes are design to develop real expertise, challenge your thinking, and build confidence. Built using our social learning platform, the Euromoney Masterclasses consist of weekly on-demand lessons with intermittent live interactive classes/Q&As with a Euromoney subject matter expert to discuss the latest modules and reinforce key takeaways.

     

     

    Learning Objectives

     

    This course will enable participant to confidently engage in conversations with colleagues and clients of any level on any of the key current issues driving financial markets. They will be able to understand the practical implications of those issues on their own institutions.

     

    Participants will be able to understand the effect of current events on markets across all the major asset classes including Equity, Fixed Income, Credit, Foreign Exchange (FX) and Commodities.

     

    Participants will gain a robust understanding of how derivatives are used to manage risk in these markets in reality.

     

     

    Target Audience

     

    This programme has been designed to target participants with a familiarity with one, or some, area(s) of financial markets but who realises that there is a lot about financial markets that they don’t know. There is sufficient scope within the course to tailor it towards the appropriate level for each participant through the supporting materials, discussions and trainer input.

    Those likely to receive most benefit from this course will already be working in the following departments at financial institutions:
    • Senior Management
    • Risk
    • Relationship Managers
    • Sales Traders
    • Middle Office
    • Compliance
    • Audit
    • Finance

    • Marketing

     

     

    Case Studies

     

    The following case studies will be employed:

     

    • USA v China Trade War: who are the winners and losers!
    • Participants consider the “Impact of Crisis” (Corona Virus) on the running of a Bank
    • A bank advises its clients on how to manage currency risk in a time of heightened volatility?
    • Building a Portfolio to manage risk in times of crisis
    • Pricing and risk in Bonds
    • Investigating and considering the value of corporate bonds from around the world
    • Commodity Hedging mistakes: Silly mistakes cost $ Billions!
    • Impact on Companies of volatility in commodity markets
    • The “New Normal”. What shape will the recovery take, “V”, “U” or “L”?
    • Live “Trading Simulation” : putting what you’ve learnt into practice.

     

     

    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.

     

  • Start Date - 8th September 2020

    Delegates wishing to take this course will receive their access from the date above.   Materials will be provided on Euromoney's Social Learning platform, and will be a mix of weekly on-demand lessons with intermittent live interactive classes/Q&As with Euromoney Faculty to discuss the latest modules and reinforce key takeaways.    

    The course is designed to be primarily self-paced, but allows participants to meet and collaborate with fellow participants, learn from and speak to expert faculty, and access a wealth of learning materials.   


     WEEK ONE - TRANSITION FROM POST-CRISIS TO NEW MARKETS

    Topic 1 – Trade Wars

    By the end of this topic, participants will understand the impact on Financial Markets. In particular the effect on currencies and how they themselves can be used as “weapons” in this war.

    • How trade wars work;
    • USA v China trade war;
    • Winners and losers in trade wars.

    Topic 2 – Climate Change

    By the end of this topic, participants will appreciate the impact climate change is currently having and will continue to have on the markets. They will learn about specific cases that are currently affecting the world.

    • Australian bush fires;
    • Is climate change impacting the markets?
    • The “Black Summer” and its’ impact on the Australian Dollar.

    Topic 3 – Macro Data

    By the end of this topic, participants will be able to interpret Economic Data and be able to assess its impact upon markets.

    • GDP pre and post crisis;
    • CPI and why inflation matters;
    • Unemployment: How high can it go?
    • Impact on different market participants.

    Topic 4 – Corona Virus Case Study

    By the end of this topic, participants will be able to understand how the Markets interpret the impact of the Corona Virus is having on individual economies and the world as a whole. Participants will gain an appreciation of what actions companies are taking in response to the crisis.

    • Impact on corporate earnings;
    • Impact on redundancies;
    • Impact on share prices;
    • Impact on banking departments;
    • Impact on FX and interest rates;
    • Governments’ responses to minimise impact on our economic systems;
    • Where are we now?
    • Organisational risks and solutions for the future.


    WEEK TWO - EXPLORING THE SOURCES OF FX VOLATILITY

    Topic 1 – FX Spot Markets: Basics

    By the end of this topic, participants will have a good knowledge of how and where FX markets trade, how they operate and their size and importance in the Financial World.

    • Turnover
    • Currencies
    • Trading Hubs
    • Bid-Offer
    Topic 2 – Key Currencies

    By the end of this topic, participants will learn how investors and traders view the FX markets and how and why they make their decisions on which currencies to buy and sell.

    • King Dollar
    o The ultimate Risk-off Currency
    o Why the USD is always the safe-haven currency
    o What is Risk-on and Risk Off
    • Euro and Yen
    o Why they move
    • Pound collapse and recovery
    o From Risk Off Currency to Risk On
    o Why the wild swings, what does it mean?
    • Emerging market currency pressure
    o What has happened to Emerging Market currencies?
    o Emerging market currency drivers during the crisis
    • Currency risk solutions for clients given current volatility

     

    Topic 3 – FX Forwards and Options

    By the end of this topic, participants will have a good knowledge of how FX Forwards and Options are priced and how they are used for speculation and hedging in the “real world”.

    • Basic structure and terms
    • Pricing
    • Understanding the uses of FX Forwards and Options
    • Speculating and Hedging with FX Derivatives
    • Understanding Volatility…the “Greeks”

    Topic 4 – Managing FX Risk for Corporates

    By the end of this topic, participants will have learnt how regulations have forced derivatives to be sold as “risk solutions”. They will understand why Corporates use them to hedge risk and how Banks make money out of these products.

    • Identifying Corporate FX Risk
    • Selling Derivative Solutions: Best Practice
    • Derivative Regulation
    • A look at the Major FX Derivative Solutions used by Corporates
    • How Banks make money from Derivatives


    WEEK THREE - US STOCK MARKET VOLATILITY EXPLORED

    Topic 1 – US stock market volatility explored

    By the end of this topic, participants will understand how volatility is traded and how a crisis is viewed by market professionals, from Bank Traders, to Asset Managers and even the Retail Market.

    • The VIX - What is it and how does it help us measure volatility?
    • Stock winners from the covid-19 crisis
    • What does history tell us about a crisis?
    • Portfolio performance during the covid-19 crisis

    Topic 2 – Case Study: Portfolio Construction

    By the end of this topic, participants will have detailed understanding of how asset managers advise and manage institutional client money, focusing in on portfolio construction techniques for the current market:

    • A client of an asset management firm is 60% invested in equity, 30% in bonds and 10% in cash. We look at how their portfolio performance would have been over the last few months
    • The client is asking for advice: Given current market conditions, how should their investments be allocated going forward?

    Topic 3 – Equity Performance

    By the end of the topic delegates will have a good understanding of how Equity Markets have been impacted by the crisis and they will appreciate the risks going forward.

    • Deeper look at which Equity Sectors and the winners and losers so far during the pandemic…
    • What does the future of the Equity Market look like?
    • Bull or Bear Markets Ahead?


    WEEK FOUR - FIXED INCOME MARKETS

    Topic 1 – Government bond and money markets

    By the end of this topic, participants will understand how interest rate markets operates. From the building blocks of the yield curve, to how these markets are traded and what drives them.

    • Building the yield curve;
    • Bond pricing and why it matters;
    • Yield curve comparisons – historical analysis;
    • Interest rate environment around the world and what will happen next;
    • Government Bond markets
    o US Treasury market
    o Germany v other European Yields
    o Italian Default?
    o China
    o Japan
    • Bloated Government Balance Sheets
    o The size of the debt
    o QE and government loans
    o What does this mean?

    Topic 2 – Credit markets: Corporate bonds

    By the end of this topic, participants will have an in-depth understanding of how the Credit Markets operate. They will understand how Corporate Debt is priced and traded. They will learn how the Credit Derivatives markets operate and the impact of Government intervention.

    • Corporate Bond markets explained;
    • Corporates, their credit ratings and how that influences their funding costs;
    • Corporate bond risk/return analysis and portfolio construction;
    • Credit spreads across credit grades e.g. AAA, AA etc;
    • Focus on spread from Investment Grade (IG) to High Yield / Junk;
    o Credit Indicators
    o Credit Derivatives
    o The X-Over Index
    • Government’s promise to buy junk;
    o The Fed and other central banks strategies to keep sub IG companies afloat
    o Feeding Frenzy: Sub IG new issues
    o Why junk bonds are so popular
    o What will impact credit spreads going forward

     

     

    WEEK FIVE - OIL PRICE COLLAPSE, COMMODITY VOLATILITY AND THE ‘NEW NORMAL’

    Topic 1 – Derivatives basics

    By the end of this topic, participants will have a good knowledge of how futures markets operate and how they are used by corporates all over the world to hedge their risk. Not always successfully!

    • Structure of Futures markets
    • Focus on commodity derivatives
    • How corporates use commodity derivatives to hedge risk

    Topic 2 – Focus on Oil Markets

    By the end of this topic, participants will have a thorough understanding of what drives the oil price and how crises including the current pandemic have a major impact. They will also understand the inner workings of these markets and how investors can end up paying to sell their oil.

    • Drivers of Oil prices;
    • OPEC, USA, and the pandemic;
    • The crack spread;
    • Case study: Oil Futures Trade Negative;
    o “Paying to sell your oil”: Why Oil futures’ prices turned negative
    o The role and impact of ETFs
    • Case Study: Hedging mistakes of the past

    Topic 3 – Focus on Gold

    By the end of this topic, participants will know why Gold is seen as the ultimate safe haven! They will also appreciate there are other impacts on the price and consider what is next for the Gold price?

    • History of the gold price;
    • Impact of the pandemic on the gold market;

     

    Topic 4 – Precious metals and soft commodities markets

    By the end of this topic, participants will gain an understanding how and why commodity prices move and learn how corporates around the world manage this volatility.

    • Silver, Palladium etc;
    • Softs, Grains etc;
    • Case study: Commodity market fluctuations – Impacts on profitability and future supply and demand;
    • Case study: Commodity market fluctuations – Client solutions for hedging commodity, FX and interest rate risks with derivatives.

    Topic 5 – What the ‘New Normal’ might look like?

    Bringing it all together. By the end of this topic, participants will explore what the ‘New Normal’ might look like and how that will affect each participant’s institution. The discussion will cover different perspectives on key topics including:

    • Short Term Deflation
    • Long Term Inflation
    • “U shape” or “L shape” Recovery?
    • Impact on Supply Chains
    • What we have learnt from previous pandemics and crisis

    Trading Simulation
    Course participants have the opportunity to put what they have learnt into practice. They will be able to trade FX and commodities. By actually experiencing the ebb and flow of trading, delegates gain a real understanding of how markets work, and the risks and therefore controls that need to be in place for them operate safely and efficiently.

  • 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 Doran

    Biography

    Mark worked in Investment Banks including HSBC and Bank of Montreal for nearly 20 years. During this time he worked in Global Custody and then as a trader, running books in FX, bonds and derivatives.Mark has run courses all over the world including Amsterdam, Dublin, London, New York, Hong Kong, Singapore, Jakarta, Johannesburg, Delhi, Accra, and all over the world.Mark delivers courses which focus on providing a practical and in depth understanding of the markets from a Trading, Asset Management, Custody and Risk viewpoint. His courses are interactive and stimulating, offering delegates the opportunity to participate in an environment which encourages free discussion of the real issues faced in the workplace. In nearly 20 years of delivering training Mark has spent a lot of that time delivering courses on Global Custody and Fund Services for the major Custodians including; Citi, BoNY, JPMorgan, Deutsche, State Street, HSBC along with others In addition to his training activities, Mark has undertaken various consultancy projects, such as an in depth collateral risk assessment at a major European Investment bank.  Mark held the position of Non-Executive Director of Cazenove’s Risk Oversight Committee for many years. Acting as a member of the committee in a general consultative capacity to assess the firm’s risk.. Mark has also presented at JPMorgan Forums in London, speaking on topics such as the Benefits and Risks of Derivatives. He along with representatives from regulators, law firms, hedge funds etc were asked to give their views on the risks of derivatives to 150 / 200 Directors and senior managers from the top investment firms in the UK.