Metal Derivatives

Introduction
  • Physical offering
  • Types of metals
  • The economy of metals
  • Chain of metals
  • Practical workshop
  • Case studies
Introduction to financial calculation
  • Discounting cash-flows, discount factors
  • Linear transactions
  • Mechanics and pricing of options
  • Book management
Trading
  • LME: history and purpose
  • Listed contracts
  • Definition of Forward Terminal Contract
  • Margin calls calculation and clearing system
Practical workshop
  • Calculate margin calls
  • Cash & forwards / convenience yield
  • Cash and carry exercise
  • OTC trading
  • Comex futures.
  • Practical workshop
  • Book management
  • Arbitrage LME/Comex
Bullion trading
  • LBMA & LPPM
  • Gold and Silver fixings
  • Role of LBMA and LPPM
  • Trading spot
  • Comex futures
  • Fra and forward-forward
  • Swaps
  • Practical workshop
  • Define and explain the Gold Lease market
  • Case study: hedging exposure with swaps
  • Case study: hedging exposure with options

  • Understanding the jargon, specific aspects and dynamics of metal markets
  • Hedging exposures with metal derivatives
  • Managing risk dynamically
  • Progressive and concrete acquisition of the fundamentals of metal derivatives book management
  • Course not suitable for people who already master hedging strategies, especially option-based strategies. More advanced courses on exotic options or structured products are also available
  • Salespeople
  • Brokers
  • Risk managers
  • Commodities professionals
  • Project finance
  • IT
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