Certified Derivatives Trader 2018 Certificate Program - Gruppe Deutsche Börse
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Certified Derivatives Trader 2018 Certificate Program Capital Markets Academy
2 Certified Derivatives Trader 2018
Course Structure
This Certificate Program trains participants in deriv- Target audience
atives trading completely. It qualifies you not only The Certificate Program is aimed at employees
for trading on Eurex, one of the world’s leading deriv- dealing in derivatives at banks and trading firms,
atives exchanges, the program is also accredited as well as university students and retail investors.
by the Financial Conduct Authority (FCA) and gives Participants should have basic knowledge about
you entrance to the U.K. derivatives market. options and futures.
One program – two qualifications Course structure
By attending the program and passing the Eurex The one-week course combines theoretical funda-
Online System Training as well as the final exami- mentals and practical case studies with hands-on
nation, participants gain the professional knowledge use of interactive media and calculation programs.
and practical experience required for admission Topics covered include key concepts and principles
as trader at the Eurex Exchanges. relating to the creation, valuation and trading
of financial derivatives. Underlying markets and
Furthermore participants may complete additional market participants will also be covered.
examinations from the Chartered Institute for Securi-
ties & Investment (CISI) to achieve the authorisation Exam
as Retail Investment Advisers in Derivatives from the The exam is conducted electronically. It includes
U.K. regulator the “Financial Conduct Authority (FCA)” true / false and multiple choice questions. Participants
in respect of the Retail Distribution Review (“RDR”). are given 3 hours to answer 150 questions which are
randomly picked out from a question pool of approx.
Certified Financial Engineer 900 questions. The pass mark is 75 percent.
The passed final exam is accepted by the European
Institute of Financial Engineering and Derivatives Only participants who have attended the one-week
(EIFD). course are allowed to take the final exam “Certified
Derivatives Trader”. Participation in the course must
Requirements not exceed 6 months.
Participants should have a good understanding
of derivative products.
One program qualifies for two markets
Certified Derivatives Trader
Additional approriate qualification (e.g. exams provided by
the Chartered Institute for Securities & Investment (CISI) in:
Regulation and Ethics
Investment Principles and Risk
Personal Taxation
Qualified for U.K. retail activity of “Dealing and Advising Qualified for trading at Eurex Exchanges
on Derivatives”Certified Derivatives Trader 2018 3
Organization
Continual Professional Development (CPD) Duration
The program has been approved by the Financial Five days, 09:30 –17:00 CET daily plus examination
Conduct Authority (FCA) and for 32.5 CE credit
hours by the CFA Institute. Participants can also claim Locations
CISI CPD hours. Deutsche Börse AG Eurex Zürich AG
Mergenthalerallee 61 Mannessestrasse 85/87
Eurex® Trading Architecture 65760 Eschborn 8045 Zurich
Participants, who will register as trader at Eurex, Germany Switzerland
are recommended to book the Eurex Online System
Training. By means of interactive exercises they learn Deutsche Börse AG
the most important functions of the trading system. Westferry House
The successful completion of the online training course 11 Westferry Circus
is accepted as practical experience for trading at Eurex. London E14 4HE
United Kingdom
Tutors Fees
3.200 € (2,870 £)
Walter Braegger 2.950 € (2,650 £) for early bookings up to 6 weeks
Partner, Nosco Partners AG, before the start of the program
Financial Market Expertise,
Zurich, Switzerland Dates
26.02.– 02.03.2018 (course in Eschborn in German)
13.04.2018 (exam date in Eschborn)
Vincent Couson Early booking discount until 15.01.2018
Partner, Nosco Partners AG,
Financial Market Expertise, 23.04.–27. 04.2018 (course in Zurich in Englisch)
Zurich, Switzerland 17. 05.2018 (exam date in Zurich)
Early booking discount until 12. 03.2018
Paul North 03.09.– 07. 09.2018 (course in Eschborn in German)
Trainer – Derivatives and 30.10.2018 (exam date in Eschborn)
Capital Markets, Early booking discount until 23.07. 2018
Teddington, United Kingdom
26.11.–30. 11.2018 (course in London in English)
19. 12. 2018 (exam date in London)
Stefan Toetzke Early booking discount until 15. 10.2018
Founder, mmSuisse GmbH,
Zumikon, Switzerland The final exam can be taken once a month at all our
representative offices.
Contact
Phone +49-(0) 69-211-1 3767
Fax +49-(0) 69-211-1 37 63
academy@deutsche-boerse.com
www.deutsche-boerse.com/cma4 Certified Derivatives Trader 2018
Agenda
Certificate Program Certified Derivatives Trader 2018
Monday Tuesday Wednesday Thursday Friday
Derivatives market OTC Derivatives Portfolio research and Relationships Eurex Strategy Master
overview ■ Forwards vs. futures construction ■ Put-call-parity ■ Mapping risk
■ Origin and types of ■ Forward rate agreements ■ Overview of modern ■ Special case: options on ■ Simulating changes
derivatives (FRAs) and contracts for portfolio theory futures in price, vola and time
■ Forwards (swaps), futures difference (CFDs) ■ Use of beta and correlation ■ Arbitrage: conversion /
and options (exotics & ■ Types of swaps – ■ Fundamental vs. technica reversal / box Directional strategies
warrants) e.g. interest rates, credit analysis ■ Synthetic positions ■ Bull spreads call / put
■ OTC vs. Exchange-based default swaps ■ Synthetic positions using ■ Bear spreads call / put
products ■ ISDA agreements Investment selection future style options
■ General market terminology ■ General pricing and and administration on futures Volatility strategies
valuation ■ Strategic vs. tactical ■ (Hedged) protective put ■ Straddle
Market participants ■ Applications of different allocation purchasing ■ Strangle
■ Buy side and sell side forwards ■ Selecting the right portfolio ■ (Hedged) covered call ■ Butterfly
■ Banks, funds, corporates ■ Trading venues for clients writing ■ Condor
■ Brokers, dealers, sales, ■ Structured products ■ Risk Reversal ■ Time spreads
traders, market makers Regulatory requirements
■ HFT and algo firms Hedging, trading and ■ Post financial crisis – Pricing Hedge ratios
■ Regulators investing strategies changes in regulation ■ Intrinsic value and ■ Correlation
■ Determine (simple) ■ The BASEL accords and time value ■ Beta
Underlying markets hedge ratio impact on banks ■ Insurance value and ■ Limitations of correlation /
■ Equities ■ Fine tuning the hedge ratio ■ MiFid, Dodd Frank, Vocker interest value beta
■ Fixed income ■ Basis risk Rule implications ■ Negative time value ■ Delta hedge
■ Money market ■ Outright trading ■ Financial Conduct Authority ■ Variables affecting ■ Gamma hedge
■ FX ■ Spread trading (FCA) and Prudential the time value ■ Using index vs. future
■ Commodities ■ Arbitrage principles Regulation Authority (PRA) ■ Different types of volatility in hedge ratios
■ Weather ■ Cash and carry arbitrage ■ Client money and levels and their importance ■ Using CTD and basis point
of protection ■ Maximum pain and pin risk value (BPV) in hedge ratios
Exchange-traded futures Clearing ■ Role of custodian ■ Anticipating CTD-change
■ Contract design based on ■ Managing counterparty risk Sensitivities in hedge ratios
different underlyings ■ Counterparty risk Options ■ Greeks: delta, gamma,
■ Working out a futures price in different derivatives ■ Options fundamentals vega, theta, rho
■ Cost of carry and arbitrage ■ Listed derivatives cleared ■ Basic options positions ■ Importance of gamma and
relationship via Central Counterparty ■ Eurex options vega: move and uncertainty
■ Applications of futures (CCP) ■ Risk/reward profiles of ■ Developing trading
■ Hedging, speculation and ■ OTC derivatives cleared the positions strategies
arbitrage via CCP
■ Calculating profit and loss ■ OTC derivatives not cleared
■ Basis consideration ■ Netting principles
Margining derivatives
■ Initial margin calculation
■ Variations margin
■ Portfolio-based margining
■ SPAN vs. historical VaR
methodology
Role of Clearing Member
and CCP
■ Types of clearing
membership
■ Account structure
■ Default management
process
Delivery and settlement
■ Cash vs. physical settlement
■ Determining invoice
amount and convergence
■ Concept of cheapest
to deliver (CTD)
■ Understand basis risk
■ Seller’s optionality
in a futures contract
Published by December 2017
Deutsche Börse AG Order number 1910-4760
60485 Frankfurt / Main
Germany Eurex® is a registered trademark
www.deutsche-boerse.com of Deutsche Börse AG.Registration
Deutsche Börse AG
Capital Markets Academy
60485 Frankfurt am Main
Fax +49-(0) 69-2 11-1 37 63
Registration “Certificate Program Certified Derivatives Trader 2018”
Personal details Name, first name Male Female Place and date of birth
Home address Street / P.O. box Postcode, town
Phone, fax E-mail
Business address Employer
Street / P.O. box Postcode, town
Phone, fax E-mail
Billing address Home address Business address
Professional experience Years in total Years in the financial sector
Course details / date 26.02.– 02.03. 2018 (Eschborn, course in German) 03.09.– 07. 09. 2018 (Eschborn, course in German)
23.04.– 27. 04. 2018 (Zurich, course in English) 26.11.– 30. 11. 2018 (London, course in English)
Terms and conditions I hereby expressly confirm that I have correctly entered my details into the application for the program “Certified Derivates Trader”.
I have read the terms and conditions and accept them as part of the contract.
We process your personal data in accordance with our General Data Protection Regulation (www.deutsche-boerse.com > Privacy Policy).
Place, date Stamp, signature
Name in printlettersTerms and conditions
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is received. If Deutsche Börse AG has no record of payment being received prior to commencement they are consumers (section 13 of the German Civil Code), i.e. conclusion of the contract cannot
of the face-to-face training course, Deutsche Börse AG may refuse the participant’s participation be ascribed to their commercial or freelance professional activity. This right shall apply for a period
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