Functioning in a non-linear system like the energy markets requires the ability to deal with complexity and uncertainty, as well as to be fit and effective. How do you educate your new recruits? Your solution is this comprehensive 1-year learning journey for new recruits & career changers. The ‘Foundation’ programme of the School of Energy Trading is a learning journey that is open for registrations of individuals by any organisation.
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Content
The content of the learning journey includes the following:
The energy supply chain; fossil fuels, electricity, hydrogen, heat & emissions
Fundamentals & essentials of markets and trading
Trading strategies, trading technicalities, trading tools, technology and systems, trading operations, controls, risk management, compliance and reporting.
Activities, processes and concepts, plus related terminology
Cohorts
Annually, there are two cycles (meaning, there are 2 possible starting points):
February cohort
The start of group no. 1 — year 202X:
Kick-off meeting:
First Tuesday of February
On-site, in Amsterdam (not mandatory)
September cohort
The start of group no. 2 — year 202X:
Kick-off meeting:
First Tuesday of September
On-site, in Amsterdam (not mandatory)
Multitude of Learning Styles
Each candidate is provided with the following learning services:
Live-tutoring
A series of Workshops — week 1 – 12; see Programme StructureInteractive online sessions
Guidance (weekly sessions + membership to community)
Other materials — Accessible via / downloadable from Learning Platform
Services & Materials
Each learner will be provided access to the following educational services:
Workshop(s)— Online & On-site
*** Tutoring ***
Each Learner participates twelve (12) workshops, which allow for interactivity and provide a foundation for developing skills & competences.
Entrima’s learning platform— Online service
*** Self-study ***
Each Learner is provided with a Learning Licence, which grants access during a 12-month period. Examination & certification for each of the 100+ courses.
Entrima’s simulation platform— Online service
*** Self-study ***
Each Learner is provided with a Simulation Licence, which grants access during a 12-month period. Report + proof of doing for each of the 50+ simulations.
MAC’s learning platform— Online service
*** Self-study ***
Each Learner is provided with a Learning Licence, which grants access during a 12-month period. Examination & certification for each of the 75+ courses.
Entrima’s Weekly Wizard— Online service
*** Mentoring ***
Each Learner is provided with a Membership, which grants participation during a 12-month period. Weekly meetings & 24/7 access to community for Q&A.
MAC’s Mentor— Online service
*** Mentoring ***
Each Learner is provided with a Membership, which grants participation during a 12-month period. Weekly meetings & 24/7 access to community for Q&A.
Books— Hard copies
*** Reference material ***
A selection of handbooks. Reference materials.
Foundation Programme — Week-by-week
Kick-off meeting: Meeting the Candidates
6 February 2024
09:00-10:00 CET — on-site & online intro: explaining setup + roles & responsibilities 10:00-15:00 CET — meeting in Amsterdam: study advice + network
Commodity Value Chains Week 1
13 February 2024
09:00-15:00 CET
Regulation & Compliance Week 8
2 April 2024
09:00-15:00 CET
Markets & Organisations Week 2
20 February 2024
09:00-15:00 CET
Financial Crime & Market Abuse Week 9
9 April 2024
09:00-15:00 CET
Trading Week 3
27 February 2024
09:00-15:00 CET
Trading Operations Week 10
16 April 2024
09:00-15:00 CET
Contracts Week 4
5 March 2024
09:00-15:00 CET
Finance & Quantative Analysis Week 11
23 April 2024
09:00-15:00 CET
Pricing & Analysis Week 5
12 March 2024
09:00-15:00 CET
Trading Tools & Technology Week 12
30 April 2024
09:00-15:00 CET
Contract Management Week 6
19 March 2024
09:00-15:00 CET
Assignments Week 13
7 May 2024
09:00-15:00 CET
Risk Management Week 7
26 March 2024
09:00-15:00 CET
Self-study & Mentoring Week 14-51
14 May 2024 — 4 February 2025
09:00-15:00 CET
Diploma Week 52
4 February 2025
09:00-15:00 CET
get your diploma in Amsterdam + meeting new candidates
Pricing — And Other Numbers
The registration of (a) learner(s) and the consequent learning journey(s) requires the employer to make payment of a fee.
Rates The tariff for registering an individual to the 1-year public ”Foundation” programme is as follows:
Price *)
Price **)
‘Foundation’ programme
€ 9,900
€ 13,900
Notes: Prices are in euro, exclusive of VAT (if applicable). *) Price for members **) Price for non-members Travel & stay expenses student at the account of the employer.
Membership fee The membership fee is charged per calendar annum. Currently the following rates apply:
Company membership
Organisation with < 15 staff
€ 999
Organisation with> 15 and < 99 staff
€ 1,999
Organisation with > 100 staff
€ 2,999
Affiliate membership
Individuals – Per person
€ 99
Note: Prices are in euro, exclusive of VAT (if applicable).
Programme Structure
Week 1 — Commodity Value Chains
This module covers a 1-day online workshop in Amsterdam covering the following topics:
Commodities and their supply chains
Power
Crude & distillates
Natural gas & LNG
Coal
Bio-energy (biomass, biofuels, biogas)
Hydrogen (green, blue & others)
Heat
Emission rights
Attribute certificates
Supply chain activities
Upstream activities: production
Upstream capacity
Conventional: thermal plants
Renewable: hydro, PV, wind, geothermal, nuclear
Midstream activities: transport & storage
Midstream capacity
Transport: transmission, system operators, balancing
Storage: batteries, water bassins, UGS, etc.
Downstream activities: consumption
Downstream capacity
Marketing & sales
Supply
In addition, the candidate is supposed to:
Perform self-study
Learning Platform – Entrima:
Follow course:
Commodities
Climate change & energy policy
Bio-energy
Heat
Hydrogen
LNG
Carbon markets & emission rights trading
Follow Mentoring sessions
Attend Weekly Wizard – Entrima
Attend MAC’s Mentor – Market Abuse Centre
Week 8 — Regulation & Compliance
This module covers a 1-day online workshop covering the following topics:
Market regulations
Market integrity
Transparency
AML & ATF policies
Anti-bribery and corruption
Anti-market abuse policies
Import & export restrictions
Trade sanctions & embargoes
Trade compliance
Compliancy framework
Policies/procedures
Compliance to market-related regulations
Shielding the employer
Protecting the employees
Sanctioning
Administrative sanctions
Criminal sanctions
Sanctions by trading venues (disciplinary actions)
Self-incrimination
Whistleblowing
Anti-retaliation policy
Reputational risk
Reputational risk management
Naming & shaming
Harming the brand
Market integrity
In addition, the candidate is supposed to:
Perform self-study
Learning Platform – Market Abuse Centre:
Follow course:
Trade compliance – The basics
Morality
Ethical blindness
Follow Mentoring sessions
Attend Weekly Wizard – Entrima
Attend MAC’s Mentor – Market Abuse Centre
Hand-in group/individual assignment
This week’s assignment
Learners will be provided feedback regarding the previous assignment
Week 2 — Markets & Organisations
This module covers a 1-day online workshop covering the following topics:
Markets
Time horizon
Balancing, spot and term markets
Structure
Continuous trading vs. auctions
Stakeholders in the markets
The roles of parties acting in or relating to the markets
Market participants
Brokerage firms
Trading venues
Clearing organisations
System operators
Policy makers
Regulators
Their relations and their interactions
Industry bodies
Producer confederacies (e.g. IOGP, AFEER)
Trader federations (e.g. ISDA, EFET, NAET)
Brokers associations (e.g. EVIA)
Exchange alliances (e.g. Europex)
System operator coalitions (e.g. ENTSO-E)
Regulator blocs (e.g. CEER)
The trading organisation
Functions
Business functions
Trading
Analytics
Control functions
Risk management
Auditing
Trade compliance
Trade surveillance
Support functions
Trading operations
Clearing, settlement
Nomination, allocation, reconciliation
Their interactions with the outer world
In addition, the candidate is supposed to:
Perform self-study
Learning Platform – Enrima:
Follow course:
Commodity markets
Follow Mentoring sessions
Attend Weekly Wizard – Entrima
Attend MAC’s Mentor – Market Abuse Centre
Hand-in group/individual assignment
This week’s assignment
Learners will be provided feedback regarding the previous assignment
Week 9 — Financial Crime & Market Abuse
This module covers a 1-day online workshop covering the following topics:
Financial crimes
Types of crime
Money laundering
Terrorist financing
Bribery
VAT fraud
Insider trading
Market manipulation
How can these crimes be committed in the markets & the world of trading?
KYC procedures
Know your customer/client/counterparty
Initial & periodic checks
The verification process
Market monitoring & trade surveillance
People
Qualifications, expertise & training
Systems
In-house development & vendors
Fundamental data & transactional data
Data quality
Arrangements
Procedures
Case handling
Alert generation & flagging
Alert management
Intepretation
Investigation
Internally
By external party
False positive & negatives
System optimisation
Calibration
Reporting suspicious activity to the relevant authority
Whistleblowing & anti-retaliation policies
In addition, the candidate is supposed to:
Perform self-study
Learning Platform – Market Abuse Centre:
Follow course:
Introduction to financial crime
Money laundering
Terrorist finance
Bribery
Financial fraud
Tax fraud
Employee fraud
Market abuse
Surveillance – Financial crime – A holistic approach
Trade surveillance – The basics
Follow Mentoring sessions
Attend Weekly Wizard – Entrima
Attend MAC’s Mentor – Market Abuse Centre
Hand-in group/individual assignment
This week’s assignment
Learners will be provided feedback regarding the previous assignment
Week 3 — Trading
This module covers a 1-day online workshop covering the following topics:
Fundamentals of trading
Why does trading take place?
Where does trading take place?
When does trading take place?
Who does perform the trading?
How does trading take place?
On-venue versus off-venue trading
OTC deals versus exchange transactions
Brokerage agreements versus memberships
Brokerage services & direct market access
Discretion vs. a non-discriminatory basis
KYC procedures & rulebooks
Bilateral deal-making versus multilateral deal-making
Counterparty risk
Netting
Clearing
Margining
The organisation of trading
The role of brokers
The role of exchanges
The role of clearing houses
The role of clearing members
The cost of trading
Fee structures
Cost of capital
Data & news
In addition, the candidate is supposed to:
Perform self-study
Learning Platform — Entrima:
Follow course:
Reasons to transact
Bilateral deal-making & OTC markets
Exchange-trading
OTC trading platforms
Central orderbook
Order types
Simulation Platform — Entrima:
Run a simulation:
Market analysis
Screen-based trading
Financial performance (P/L)
Central order book — Order initiation
Follow Mentoring sessions
Attend Weekly Wizard — Entrima
Attend MAC’s Mentor — Market Abuse Centre
Hand-in group/individual assignment
This week’s assignment
Learners will be provided feedback regarding the previous assignment
Week 10 — Trading Operations
This module covers a 1-day online workshop covering the following topics:
Trade confirmations
Exchange trade & bilateral deal confirmations
Manual & electronic confirmations
Trade validations
Trade enrichment
Dispute resolution
Clearing
Risks involved with CCPs and clearing banks
Accounts and related risks (individual seggregated, omnibus)
Default fund, defaults and close outs
Collateralisation & margining
Settlement
Settlement processes
Delivery versus payment vs. cash settlement
Alternative delivery procedure (ADP)
Trading at settlement (TAS)
Exchange of futures for physicals (EFP)
Withdrawal of deposits
Contracts with a delivery moment vs. delivery period
The nomination process
Electronic message with instruction to operator of transport facility
Timely nomination
Re-nomination
In addition, the candidate is supposed to:
Perform self-study
Learning Platform – Entrima:
Follow course:
Clearing
Netting
Margining
Settlement
Simulation Platform – Entrima:
Run a simulation:
Margin requirements
Futures – At position level
Futures – At portfolio level
Follow Mentoring session
Attend Weekly Wizard – Entrima
Attend MAC’s Mentor – Market Abuse Centre
Hand-in group/individual assignment
This week’s assignment
Learners will be provided feedback regarding the previous assignment
Week 4 — Contracts
This module covers a 1-day online workshop covering the following topics:
Supply contracts
Main specifications
Volume
Fixed
Variable
Price
Fixed
Floating (e.g. indexation)
Type of constructions
Take-or-pay
Take-and-pay
Volume flexibility
Percentage
Volume risk
Swing optionality
Upper & lower limit
Time to delivery
Time to delivery
Spot contracts
Intraday
Day ahead
Term contracts
Forwards
Futures
Delivery period
Granularity
Hourly, daily, weekly, monthly, quarterly and calendar contracts
For what reason?
Rolling listings
Derivative contracts
Types
Futures
Swaps
Options
Their features
Their applications
In addition, the candidate is supposed to:
Perform self-study:
Learning Platform – Entrima
Follow course:
Derivatives – Introduction
Derivatives – Position management
Forward curves
Options – Introduction
Simulation Platform – Entrima:
Run a simulation:
Futures – At position level
Futures – At portfolio level
Options – Call option
Options – Put option
Follow Mentoring sessions
Attend Weekly Wizard – Entrima
Attend MAC’s Mentor – Market Abuse Centre
Hand-in group/individual assignment
This week’s assignment
Learners will be provided feedback regarding the previous assignment
Week 11 — Finance & Quantitative Analysis
This module covers a 1-day online workshop covering the following topics:
Valuation
Pricing versus valuation
Historical cost accounting vs. mark-to-market (M-to-M) valuation
M2M reporting
Mark-to-model
Book structures
Accounts (trading, sales, asset management)
P/L responsibility
Internal transfers
Internal transfer pricing
Performance measures
P/L
Gross operational margin
Gross profit margin
Return on investment / assets / equity
Physical assets & finance
Input vs. output
Output value minus input value
Financial performance
Gross operational/processing margins
Transport capacity
Location spread
Storage capacity
Time spread
Combined production and consumption capacity (or processing capacity)
Cross-commodity spread
Asset-backed trading
Hedging physical capacity by trding a futures spread (or spread future)
Transport capacity
Trading the location spread:
Buy term contract A
Sell term contract B
Storage capacity
Trading the time spread:
Buy term contract C
Sell term contract D
Combined production and consumption capacity (or processing capacity)
Trading the cross-commodity spread:
Buy term contract X
Sell term contract Y
In addition, the candidate is supposed to:
Perform self-study
Learning Platform – Entrima:
Follow course:
Flexibility
Modelling
Spreads & spread trading
Simulation Platform – Entrima:
Run a simulation:
Gas – Location spread
Gas – Time spread
Power – Spark spread
Follow Mentoring sessions
Attend Weekly Wizard – Entrima
Attend MAC’s Mentor – Market Abuse Centre
Hand-in group/individual assignment
This week’s assignment
Learners will be provided feedback regarding the previous assignment
Week 5 — Pricing & Analytics
This module covers a 1-day online workshop covering the following topics:
Price discovery
The role of price reporting agencies
Pricing panels
Governance rules for administrators and contributors
Market analysis
Fundamental analysis
Technical analysis
Quantitative analysis
Psychological analysis
Price formation in the wholesale markets
Price driving factors
Fundamental drivers
Non-fundamental drivers
Central order book
Bid & ask
Price efficiency
Order types
Order flow
Market liquidity
Price formation in the retail markets
Commodity price
Transport cost
Taxes / subsidy
Premiums
Validity premium
Volume risk premium
Imbalance premium
Creditworthiness premium
Reference prices
Index
Index calculation procedures
Indexation
Benchmarks
Hub prices
Settlement prices
Settlement price calculation procedures
In addition, the candidate is supposed to:
Perform self-study
Learning Platform – Entrima:
Follow course:
Commodity pricing
Commodity indices & price-indexation
Price volatility
Simulation Platform – Entrima:
Run a simulation:
Forward curve
Follow Mentoring sessions
Attend Weekly Wizard – Entrima
Attend MAC’s Mentor – Market Abuse Centre
Hand-in group/individual assignment
This week’s assignment
Learners will be provided feedback regarding the previous assignment
Week 12 — Trading Tools & Technology
This module covers a 1-day online workshop covering the following topics:
Trading & risk management (TRM) systems
Backbone for trading organisations
Usage by front, middle and back office
Data & systems
Deal entry
Data management
Data reporting
Transactional data
Fundamental data
Algorithmic trading
Algorithmic vs. human trading
Rule-based instructions
Worries & challenges
Abusive behaviours
Abusive behaviours
Governance structure
Regulatory requirements
High-frequency algorithmic trading
Artificial intelligence & the future of trading
Crypto-assets
Crypto-currencies & the impact on trading
Tokenisation & the consequences for trading
In addition, the candidate is supposed to:
Perform self-study
Learning Platform – Entrima:
Follow course:
Trading & risk management systems
Follow Mentoring sessions
Attend Weekly Wizard – Entrima
Attend MAC’s Mentor – Market Abuse Centre
Hand-in group/individual assignment
This week’s assignment
Learners will be provided feedback regarding the previous assignment
Week 6 — Contract Management
This module covers a 1-day online workshop covering the following topics:
Master agreements
Legal frameworks for bilateral deal-making
Standardisation of non-commercial terms
Specifications & clauses
Industry standards & the role of industry bodies
Managing counterparty risk
Counterparty credit risk management
Due diligence & KYC procedures
Credit ratings
Credit support
Credit support annex (CSA)
Supply contracts
Volume risk
Price risk
Delivery risk
Credit risk
Force majeure
Triggers & events
Power purchase agreements (PPAs)
Renewable power generation projects
Project financing
Bankability
Primary & secondary actors
Obligations & rights
Tariff structures
Risks
Development or construction risk
Operational phase risks
Change in law or tax
Force majeure
Dispute resolution
Corporate PPAs
In addition, the candidate is supposed to:
Perform self-study
Learning Platform – Entrima:
Follow course:
Master agreements
PPAs
Follow Mentoring sessions
Attend Weekly Wizard – Entrima
Attend MAC’s Mentor – Market Abuse Centre
Hand-in group/individual assignment
This week’s assignment
Learners will be provided feedback regarding the previous assignment
Week 13 — Assignments
This module covers a 1-day online workshop covering the following topics:
Group assignment
Develop document & present it
Individual task
Develop document & present it
In addition, the candidate is supposed to:
Follow Mentoring sessions
Attend Weekly Wizard – Entrima
Attend MAC’s Mentor – Market Abuse Centre
Week 7 — Risk Management
This module covers a 1-day online workshop covering the following topics:
Risk management
Risk identification
Risk assessments (qualification & quantification)
Risk reporting (scenario & sensitivity analysis)
Risk control (liquidation, hedging)
Market risk
Price volatility
Market (price) risk management
Counterparty risk
Two components
Delivery risk
Credit risk
Credit risk management
Liquidity risk
Types of liquidity risk
Market liquidity (asset liquidity)
Funding liquidity (finance liquidity)
Liquidity risk management
Collateralisation
Margining
Compliance risk
Compliancy framework
Code of conduct
Compliance risk management
Operational risk
Operational risk management in trading
Mandates
Limit structures
In addition, the candidate is supposed to:
Perform self-study
Learning Platform – Entrima:
Follow course:
Risk & opportunity
The risk management organisation
Value at risk
Weather risk
Simulation Platform – Entrima:
Run a simulation:
Exposure assessment
Value at risk
Follow Mentoring sessions
Attend Weekly Wizard – Entrima
Attend MAC’s Mentor – Market Abuse Centre
Hand-in group/individual assignment
This week’s assignment
Learners will be provided feedback regarding the previous assignment
Week 14 - 51 — Self-study & Mentoring
This module requires candidates to do the following:
Perform Self-study
Run simulations on Entrima’s Simulation Platform
Attend courses & take exams (and be certified) on Entrima’s Learning Platform
Attend courses & take exams (and be certified) on Entrima’s Learning Platform
Attend Mentoring services
Attend weekly sessions MAC’s Mentor (MM) + Participate ongoing in community
Attend weekly sessions Weekly Wizard (WW) + Participate ongoing in community
Week 52 — Diploma
This module covers a 1-day on-site meeting in Amsterdam.
This is the last building block of the learning journey by handing the diploma, thereby formalising and finalising the programme.
