Masterclass “Energy, energy markets & energy trading” (5-day programme)

Best of breed, super pragmatic, experiential learning

Mon-Fri 19-23 September 2022, each day 10:00-16:00 (CET)

Target groups:

  • New recruits and any other professionals in the commodity and energy markets, including employees of system operators, regulators, exchanges, brokers, and parties with a trading function.

Learning objectives:

  • Master the energy supply chain
  • Being able to identify the risks and opportunities of energy producing and supplying companies
  • Understand the role of the trading function in commodity & energy companies
  • Become aware of trading processes, concepts and related terminology
  • Learn the role of the business, control and support functions in a trading organisations
  • Understand the parties around a company with a trading function and their relationships
  • Familiarise with the players in the commodity & energy markets
  • Master risk management within a trading organisation
  • Getting grip on market abuse and the prevention and detection of it

Including:

  • Study materials (handout + book)
  • Lunch
  • Guided tour around the exchange, brokers, hedge funds and trading firms.

Programme:

DAY 1:

  • Supply chain
    • Oil value chain
      • Up-, mid- & downstream
      • Crude
        • Grades
      • Refining
        • Refinery products
      • Gas value chain
        • Natural gas and LNG
        • Transport & storage
      • Coal supply chain
        • Grades
        • Shipping, chartering
      • Electricity value chain
        • Investment
        • Maintenance
        • Marginal cost of production
        • The merit order
        • The impact of renewables on the price level and volatility
        • The impact of an emission trading system

DAY 2:

  • Markets
    • Physical versus financial markets
    • Balancing, spot and term markets
    • On-venue and off-venue
      • Exchange
        • Membership & cost structure
        • Clearing
      • OTC
        • Brokerage services & brokerage agreement
        • Master agreements
      • Products
        • Supply contracts
          • Take-or-pay
          • Volume flexibility
          • Swing optionality
        • Derivatives
          • Futures contracts versus forward contracts
          • Options
          • Swaps
        • Pricing
          • Negotiations
          • Price formation at trading venue
            • Central order book
              • Order submission, amendment & cancellation
              • Market making
            • Trading
              • Trading tools
              • Trading strategies
              • Trading technicalities
              • Trading operations
                • Settlement

DAY 3:

  • Markets & trading – Asset & portfolio management
    • Oil markets & trading
      • Crack spread
    • Gas markets & trading
      • Storage capacity trading & time spread
      • Transport capacity trading & location spread
    • Coal markets & trading
      • Shipping & freight markets
      • Incoterms
    • Electricity markets & trading
      • Continuous trading versus auction
      • The day-ahead power market in Europe
      • Spark, dark & black spread
      • PPAs
      • Attribute energy certificates
        • GOs, RECs, I-RECs
      • Carbon markets & emission rights trading
        • Clean/green spreads
        • Emission trading systems
        • UN initiatives
        • Attribute energy certificates

DAY 4:

  • Organisational setup
    • Asset management
    • Portfolio management
    • Risk management
    • Trading division
      • Front, middle & back office
    • Market risk, counterparty risk, liquidity risk
      • Counterparty (credit) risk
        • Collateralisation & margining
        • Initial margin and variation margin
      • Market risk
        • Value at risk
        • Stress testing
      • Reporting
      • Limit structures

DAY 5:

  • Market abuse regulations & compliance
    • Regimes around (incl. US and EU)
    • Prohibitions
      • Insider trading
      • Market manipulation
    • Obligations
      • Publication of inside information
      • Reporting of data
      • Market monitoring & trade surveillance
    • Regulators across the globe
    • Differentials & collaboration/interaction

 



About the Lecturer

Jerry de Leeuw + guest speakers
Jerry de Leeuw, MSc. (founder of Entrima, former trader and author of the book “Commodity & energy markets”)

 



Register for Masterclass “Energy, energy markets & energy trading” (5-day programme)



 

Our Labels

Entrima and Market Abuse Centre (MAC) are the two labels we operate to provide learning services for professionals in the commodity & energy markets.
 
 


Content & Context

Entrima’s mission is to transfer knowledge regarding the business, controls & operations of parties in (or relating to) the wholesale markets.

www.entrima.org


Conduct & Culture

MAC’s mission is to facilitate the prevention & detection of misconduct and to foster proper behaviour in organisations. This is achieved via training, periodic updates and increased awareness.

www.marketabusecentre.com