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Forex market techniques: forex market characteristics and conventions
FX swaps and futures: hedging swaps with spot and interest rates
Cut-off time / physical settlement: characteristics of foreign exchange options
Managing a cut-off time for an ATM-position
Managing an FX option position
Delta neutral options trading
Forward or cash hedging: interest rate risk incurred
Analysing interest rate risk on option positions over the last five years: impact of the liquidity crisis
Strategy trading: straddle, strangle, risk reversal, butterfly: position analysis
Managing Gamma
Rebalancing a delta neutral position: when and why?
Managing interest rate risk on a foreign exchange option position
Analysing hedging swaps and interest rate P/L on an option position
Calculating breakeven points for a delta neutral position: theta/gamma relationship
Volatile smile management
Analysing the volatility smile: analysing risk reversals and butterflies
Constructing the smile from market data
Secondary sensitivities: volga, vanna
Positive volga management: cost and benefits
Volatile smile management: trading choices
TRAINING TAKES PLACE USING THE FIRST TRADING ROOM® MARKET SIMULATOR
Immersion in a trading universe with a screen showing market data, charts, market news, position tables
Products traded: spot FX transactions and FX swaps, all strategies using plain vanilla options: straddles, RR, butterflies, etc. Market analysis, quoting prices to customers and the interbank market, trading, position management, trading risk management on standard and complex option strategies: overnight portfolio management as an options trader
Theta and gamma management - calculating breakeven points and making trading decisions
Analyse information, market data and investor sentiment
Master the valuation of options and the use of their sensitivity (Greeks)
Master delta neutral management and cash and forward hedging
Understand volatility trading
Master the correlation between sensitivities and portfolio management using the Greeks
Manage complex option positions
Master hedging and P&L calculation of options
Master trading of positive gamma and negative gamma / positive vega and negative vega
Master volatility smile management
Master management of an inter-strike and inter-maturity currency option position
Understand volga and vanna trading
Market simulation using FIRST TRADING ROOM®, our virtual trading room, to manage options and related products in compliance with sensitivity limits
Train on a system that has been developed by senior traders and reflects market reality
Those wanting to master front office positions management and middle office monitoring
Junior traders
Those responsible for monitoring results and market risks
