This is a 2-day online training course.

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

Programme

• 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
• 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
• 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
• 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
• 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

Tutor

• Jerry de Leeuw, MSc.
• Founder of Entrima, former trader and author of the book “Commodity & energy markets”