Euromoney Audit Training

An intensive 3 day program that teaches the techniques & strategies to become an effective player in FX markets:


·         Examine the key characteristics of the FX markets
·         Hedging the risks of major and “exotic” currencies
·         Prospects for the “Euro”
·         Forwards and “non-deliverable” forward controls
·         Understanding FX swaps and arbitrage
·         How the FX futures and options markets work

 

Day 1

INTRODUCTION TO FOREIGN EXCHANGE MARKETS

Currency movements today: volatility and risk

Managing currency exposures

· Market characteristics

· “Exotic” currencies

· The future of the “Euro”

SPOT MARKETS

Defining terms

· Transaction dates

· Value dates

· How currencies are expressed

· U.S. terms and European terms

Bid-offer spreads

Calculating cross rates

Exotic crosses

EXCHANGE RATE DETERMINATION

· Balance of payments

· The role of the central banks

· Fiscal and monetary policy

· Purchasing power parity

· Challenges of the European Monetary Union

· Understanding “currency boards”

FORWARD MARKETS

Calculating forward rates

· Discounts and premiums

· Hedging with forwards

SWAP MARKETS

· Deriving swap points

· Investment strategies and covered interest rate arbitrage

Day 2

SWAP MARKETS CONTINUED

· Exercises

· Forward forwards

FORWARD CONTRACT DEFAULT RISK

· Market risk and delivery risk

· Quantifying the risk

· Capital requirements and default risk

· Credit facilities and counterparty risk

FUTURES MARKET

· Contract characteristics

· Futures compared to forwards

· Calculating costs

· Margin requirements

· Hedging with futures

· Exercises

NON-DELIVERABLE FORWARD (NDFs)

· Origins and currencies

· Settlement mechanics

· Exercises

CROSS-CURRENCY SWAPS

· Markets and participants

· Role of the intermediary

· Comparative advantage

· Primary debt issuance and swaps

MORE ON CROSS-CURRENCY SWAPS

· Compared to forward contracts

· Pricing swaps

· Swaptions

· Exercises

Day 3

CURRENCY OPTIONS

· Definitions and types

· Puts/calls

· American/European

· OTC/listed

· Pricing options

MORE ON OPTIONS

· Practical applications

· Exotic options

· Hedging options

· Exchange-traded options

– Options on futures

– Calculating costs/margin requirements

STRATEGIES FOR MANAGING FOREIGN EXCHANGE EXPOSURE

Types of exposure

· Cash

· Transaction

· Translation

· Economic exposure

Internal exposure management techniques

A review of online trading platforms

Self-test

• Meg Osius

  Margaret Osius specializes in capital markets, and risk management, as well as international project finance. She works with corporations, financial institutions, public agencies, law firms, and private equity investors. Training and advisory work has covered approaches to financing infrastructure build-out and facilities acquisition, selecting among debt, equity, and hedging alternatives, and related topics. She has considerable professional experience with the oil and gas, power, transport, and telecom sectors.

  Ms. Osius began her career at JP Morgan Chase Manhattan Bank, where, as a Vice President, she structured highly leveraged transactions and project financings and advised clients on foreign exchange and other price risk management strategies. Ms. Osius was responsible for a team of analysts responsible for evaluating the quality of the bank's global loan portfolio as well as that of its newly acquired affiliates. In that role she had extensive experience with workout and distressed debt.

  Ms. Osius has published articles in the business press and co-authored several self-study guides covering international project finance, trade and export finance, foreign exchange, and financial futures. The World Bank has published her articles on approaches to financial analysis in emerging markets. She is a primary speaker in a series of video sessions created to cover the topic of Sound Banking Principles during executive training sessions in Moscow.

  Until 2008 Ms. Osius was Chair of the Technical Advisory Panel (TAP) of the Public Private Infrastructure Advancement (PPIAF that provides technical assistance to emerging market governments. She is a member of the council on Foreign Relations and received an M.B.A. from INSEAD, the European Institute of Business Administration. Her B.A. degree is from Princeton University.

  Courses run by this instructor

  • Public Private Partnerships (PPPs) Infrastructure Project Finance- New York City
  • International Project finance & Cash flow Modeling - New York City
  • Renewable Energy Project Finance - New York City
  • Public Private Partnerships (PPPs) Infrastructure Project Finance - Miami
  • Financing Energy Projects: Oil, Gas and Power - New York City

Interested in holding this course in-house? Please fill out your details and a member of our team will be in touch with more information.

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