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Foreign Exchange and Money Markets

Start Date:
10 Dec 2018
QAR 7500
Course Name: Foreign Exchange and Money Markets - Qatar
 Course Description:
This course will provide delegates with a thorough understanding of the mechanics of the money markets and foreign exchange products and the risks incurred when using these markets. 
Delegates will work through case studies and worked examples enabling them to put the theory into practice and gain the skills needed when they return to work.
After taking this course, candidates will have a very good understanding of :
  • Money Markets
  • Money market formula
  • Yield versus return
  • Market Conventions
  • Forward Rate Agreements (FRA)
  • Foreign Exchange Products
  • Risk analysis
  • Arbitrage
 Target Audience:
Accountants, finance department staff, Treasurers who are looking to work their annual budget.  
Course Structure:
Participants are guided through practical steps of the topic with a combination of lectures, case studies, video training, class exercises and group discussions
Course Facts:
Duration: 4 Days

Program Contents:
Module 1
  • Factors determining the value of money
  • Future value and present value
  • Discount factors and compound factors
  • Money market formula
  • Yield versus return
Market Conventions
  • Actual / 365
  • Actual / 365F: UK money market convention
  • Actual / 360: US money market convention
Payment Date Conventions and How it Affects the Settlement Date
  • Holidays
  • Following business day convention
  • Preceding business day convention
  • Modified following business day convention
  • Modified preceding business day convention
  • FRN convention
Money Market Instruments
  • Development of money markets
  • The role of the central bank as lender of last resort
  • Implementation of economic policy
  • Discounted securities versus interest bearing securities
  • Decomposition of cash flows
  • Interest rate calculations
Module 2
Forward Forward Markets
  • Developing a forward market from deposits
  • Cash and carry arbitrage and cross currency basis
  • Decomposition of cash flows
  • Forward forward pricing
Forward Rate Agreements (FRA)
  • Developing FRAs from Forwards
  • FRA Pricing
  • Decomposition of cash flows
  • FRA settlement amount and working out P&L
Overnight Index Swaps (OIS)
  • Developing the OIS from loans and deposits
  • OIS pricing
  • The importance
Interest Rate Futures
  • Quotation
  • Interpolation
  • ‘Points per day’
  • Jumps on special days
Using Different Input Data for Forward Pricing
  • Futures
  • OIS
  • FRAs
Spot FX
  • Quoted and base currencies
  • Direct and indirect quotation
  • Treatment of holidays
 Cross Rates
  • The basics of cross rates
  • Crosses with different conventions
  • Crossing through USD or EUR
 Module 3
Forward FX
  • Calculating forward outrights
  • Hedging the cash flows
  • Forward points (PIPS)
  • Linear interpolation
  • P&L calculation
 FX Swaps
  • Understanding the FX swap mechanism
  • Hedging the cash flows
  • Pricing FX swaps
  • Calculating swap points
  • Discussion of forward starting FX swaps
  • Comparison of FX swaps with FRAs, forwards and futures
 Module 4
 FX Risk
  • Splitting between spot and forward desk
  • Business day
  • The importance of NY EBS close
  • Measurement of risk
 Covered Interest Arbitrage
  • Selecting the ‘right’ investment
  • Carry trades
FX Options
  • The spot, forward and option arbitrage triangle
  • Hedging an FX option with FX forwards
What Moves the Markets?
  • Fundamental versus technical analysis
  • Market views
  • Algorithmic trading
  • Economic factors
  • Central bank policy
  • Liquidity management
  • Currency interventions
  • Purchasing power parity
  • The role of hedge funds 

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