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Markets, Trading & Risk Management
Fundamentals of Commodity Markets Fundamentals of Trading
Code: CM0 Code: SS0
About commodities, commodity markets, products & pricing. About the why, where, when, who & how of deal making.
Markets, products & pricing
Oil Gas Coal Power CO2
Oil Markets, Products, Pricing & Oil Trading Gas Markets, Products, Pricing, Gas Trading Coal & Freight Markets, Coal & Freight Trading Power Markets, Products, Pricing & Power Trading Emission, Carbon Rights & Renewable resources
Basic level
OT1 GT1 CT1 PT1 ET1
Value chain & spot market:
E&P, grades, selection, refining, pricing.
Value chain & spot markets:
Hubs, TSOs, LNG, pricing, balancing, storage.
Value chain & spot market:
Grades, chartering, incoterms, indices.
Value chain & spot market:
Dispatch, merit order, TSOs, market coupling & auction.
Emissions
Kyoto, ETS 20-20-20, CDM, & JI, EUA, CER & ERU, CoO.
Support
Risk OPS Supply
Energy Risk Management Back Office & Finance Energy contracts - Souricng & Sales
Basic level
RM1 BO1 PS1
Identify risks:
Risk appetite, volatility, correlation, alpha & beta.
Business process:
Margining, netting, settlement
Supply contracts:
Contracting, volume flex, TOP, swing option.
Derivatives
Futures Swaps Options
Forwards, Settlement, Cascading & Margining IRS, FX Swaps & Commodity Swap Options
Basic level
FF1 SW1 OP1
Basics:
Contract specs, settlement, position management, cascading.
Interest rate swaps:
FRA, money market, IRS & valuation.
Basics:
Call-put, hedging exposures, moneyness, synthetics.
Intermediate level
OT2 GT2 CT2 PT2 ET2
Forward oil markets:
Pricing, hedging, oil futures & specs, crack spread.
Forward gas markets:
Pricing, hedging with forwards, gas futures & specifications
Forward markets:
Pricing, hedgingwith forwards, FFAs & futures.
Forward markets:
Pricing, hedging, power futures, CFDs & specs.
Carbon markets:
Curves, hedging with forwards, futures & specs.
Intermediate level
RM2 BO2 PS2
Risk assessment
Quantifying, value-at-risk, stress tests, CVaR & MCS
Accounting:
Valuation, internal transfers & IT pricing, structuring.
Pricing:
Price volatility, forward curves, premia, hedging.
Intermediate level
FF2 SW2 OP2
Pricing & Hedging:
Forward curves, basis, hedging, roll yield, hedge ratio.
Commodity swaps:
Basis swap, participation swap, range-out, fix-for-float.
Option valuation:
Black & Scholes, binomial tree, Monte Carlo, skew
Advanced level
OT3 GT3 CT3 PT3 ET3
Spreads & derivatives:
Crack spread, dynamic hedging, oil options & swaps.
Spreads & derivatives:
Dynamic hedge, time & location spreads, gas options & swaps.
Spreads & derivatives:
Dynamic hedging, coal & freight options & swaps.
Spreads & derivatives:
Dynamic hedging with futures, spark / dark spreads, options & swaps.
Spreads & derivatives:
Optionality, dynamic hedging, options & swaps.
Advanced level
RM3 BO3 PS3
Risk control:
Hedging strategies, applying derivatives delta- & proxyhedge
Pricing:
Indexes, reporting & price reporting agencies.
Hedging:
Consumer & producer hedges with options & swaps.
Intermediate level
FF3 SW3 OP3
Spreads:
Time / location / X-commodity spread & statistical arbitrage.
FX swaps:
FX market, FX rates, FX portfolio, money management.
Embedded options & Greeks:
Volume flex, swing options & hedging.
Expert level
OT4 GT4 CT4 PT4 ET4
Oil portfolio management:
Optimizing hedges of refineries & oil storages.
Gas portfolio management:
Asset-backed gas trading, optimizing hedges, financial trading.
Coal portfolio management:
Risk management, optimizing the coal & freight hedges.
Power portfolio management:
Asset-backed trading, optimize hedges, wind data analysis.
Portfolio management:
Portfolio optimization, hedge optimization.
Expert level
RM4 BO4 PS4
Risk mgt organisation:
Metrics, limits, risk capital, Treanor & Sharpe, CCR.
Financial crime:
Market abuse, tax, money laundering.
Accounting & pricing:
Indices, valuation, internal transfers.
Expert level
FF4 SW4 OP4
Weather derivatives:
Weather risk, HDD & CDD, wind derivatives.
Swaptions & CDS:
Options on swaps, application & valuation.
Real options:
Exotics, spread options & valuation.
Markets, Trading & Risk Management
Fundamentals of Commodity Markets Fundamentals of Trading
Code: CM0 Code: SS0
About commodities, commodity markets, products & pricing. About the why, where, when, who & how of deal making.
Legal
Behaviour
Mental management
Basic level
MM1
About ethics, culture & attitude. The impact of stress on traders and the quality of the decision making process.
Regulation
REMIT MAR MiFID EMIR Fin. Regulation
Insider trading & market manipulation Market abuse Financial instruments OTC derivatives Financial market regulation
Basic level
RT1 MAR MD1 ER1 FR1
Integrity & transparency, publication of inside information, reporting of transactional data, and registration. PPAETs, monitoring & surveillance, EAMPs, STOR. Investment services, financial instruments, market abuse, reporting, MiFID2, MiFIR, capital requirements. Systemic risk, mandatory clearing, CCPs, reporting, TRs, collateralisation, haircut, default waterfall. Short selling, market abuse (MAD), OTC derivatives (EMIR), financial instruments (MiFID), capital requirements (CRD).

There are 3 categories of courses:

  • Fundamentals (in yellow)
  • Essentials (in blue)
  • Regulation (in green)

Click here for overview of curriculum.

Click here for prices and dates.

Explanation of the codes in the table above:

BASIC PROGRAMME CONTENT
Fundamentals of Energy Trading (SS0) Why, how, by who, when & where does energy trading take place? What is risk management?
REGULATION CONTENT
Financial Regulation (FR1) Regulations – MAD, REMIT, EMIR, MiFID, short selling, capital requirements & reporting
REMIT (RT1) Market abuse & reporting – Manipulation, insider trading & inside info
MARKETS, PRODUCTS & TRADING CONTENT
Oil – Basic (OT1) Value chain & spot markets – Physical features of oil (products), refining & pricing
Oil – Intermediate (OT2) Forward markets – Oil futures and spreads (crack spread, time spread, location spread)
Oil – Advanced (OT3) Oil options & oil swaps – Optionality in oil supply contracts
Oil – Expert (OT4) Optimization & risk management – Oil portfolio optimization & risk management
Gas – Basic (GT1) Value chain & spot markets – Physical features of gas, storage & transport & balancing
Gas – Intermediate (GT2) Forward markets – Gas futures and spreads (spark spread, time spread, location spread)
Gas – Advanced (GT3) Gas options & gas swaps – Optionality in gas supply contracts
Gas – Expert (GT4) Optimization & risk management – Gas portfolio optimization & risk management
Coal & Freight – Basic (CT1) Value chain & spot markets – Physical features, storage, transport, vessel types & chartering
Coal & Freight – Intermediate (CT2) Forward markets – Futures and spreads (dark spread, time spread, location spread)
Coal & Freight – Advanced (CT3) Coal swaps & freight options – Optionality in coal supply contracts
Coal & Freight – Expert (CT4) Optimization & risk management – Coal & frieght portfolio optimization & risk management
Power – Basic (PT1) Value chain & spot markets – Power generation, transmission & balancing + market coupling
Power – Intermediate (PT2) Forward markets – Power futures plus spark & dark spreads
Power – Advanced (PT3) Power options & power swaps – Optionality in power supply contracts
Power – Expert (PT4) Optimization & risk management – Power portfolio optimization & risk management
Carbon – Basic (ET1) Value chain & spot markets – Kyoto, EU-ETS system & CDM, EUAs, CERs, ERUs and other rights
Carbon – Intermediate (ET2) Forward markets – Carbon futures, future spreads, the merit order and hedging strategies
Carbon – Advanced (ET3) Carbon options & swaps – Physical carbon swaps, financial carbon swaps & carbon options
Carbon – Expert (ET4) Optimization & risk management – Carbon portfolio optimization & risk management
SUPPORT CONTENT
Risk Mgt. – Basic (RM1) Risk identification & assessment – Type of risk & concepts (correlation, volatility)
Risk Mgt. – Intermediate (RM2) Risk quantification & reporting – Value at risk & stress tests (scenario analysis)
Risk Mgt. – Advanced (RM3) Risk control – Integrated risk management, limit structures & derivatives
Risk Mgt. – Expert (RM4) Risk optimization – Performance measurement, credit risk & operational risk
Back Office – Basic (BO1) Clearing & settlement – Collateralisation, margining, netting & CSAs
Back Office – Intermediate (BO2) Book structures – Accounting, setup of accounts, internal transfers (IT) & IT pricing
Back Office – Advanced (BO3) Pricing & reporting – Indexation, indices & reports
Back Office – Expert (BO4) Financial surveillance – Financial crime & anti-money laundering
Procurement & Sales – Basic (PS1) Supply contracts – Volume risk, flexibility & pricing
Procurement & Sales – Intermediate (PS2) Pricing – Indices, premiums & forward curves
Procurement & Sales – Advanced (PS3) Hedging exposures – Hedging strategies with options & swaps
Procurement & Sales – Expert (PS4) Accounting – Book structure, deals between Sales & Trade & internal transfer prices
DERIVATIVES CONTENT
Forwards & Futures – Basic (FF1) Fundamentals – Contract specifications, settlement procedures & cascading
Forwards & Futures – Intermediate (FF2) Pricing – Forward curves, edging & rolling over positions
Forwards & Futures – Advanced (FF3) Spreads & spread trading – Cross-commodity, cross-border, time & margin spreads
Forwards & Futures – Expert (FF4) Weather derivatives – Application, pricing, & hedging of weather risk
Options – Basic (OP1) Fundamentals – Call & put, contract specs, application of options & hedging strategies
Options – Intermediate (OP2) Option valuation – Pricing models, Black & Scholes, binomial trees, Monte Carlo Sim.
Options – Advanced (OP3) Embedded options & Greeks – Risk management & sensitivity analysis
Options – Expert (OP4) Real options – Exotic options, spread options & the real option approach
Swaps – Basic (SW1) Interest rate swaps – Interest rates, exposures, swap strategies & swap valuation
Swaps – Intermediate (SW2) Energy swaps – Oil, gas & power swaps (physical waps & financial swaps)
Swaps – Advanced (SW3) FX swaps – Currency exchange rates, currency pairs & swap strategies
Swaps – Expert (SW4) Swaptions – Credit default swaps & energy-related instruments
OTHER PROGRAMMES CONTENT
Behavioral Finance (MM1) Mental management – Decision making, stress, heuristics, framing & cognitive errors
Legal – Contract Management (LL1) Master agreements – Including standardized ISDA and EFET frameworks

All programmes require a minimum level of knowledge of trading and trading terminology. Intermediate to Expert levels require knowledge equivalent to that learnt in the previous level. Therefore we recommend to follow modules in order.

Those who wish to ignore Entrima’s advise to follow educational programmes in a self-selected sequence do so at their own responsibility. In case of questions, please call us, or send an email to [email protected].

Education at Entrima

E-learning

Our standardized programmes are also available online. Our E-learning consists of video lectures, extensive readers, tests, exams and certification.

In-class

Open enrolment courses are delivered during one or more days, at various locations.

In-company

We offer in-company delivery of courses. For in-company education content can be tailored.

Seminars

We offer a wide variety of themed interactive (live) online seminars and pre-recorded online seminars.