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Advanced Swaps

Develop your skills and knowledge of swaps and the market environment for better investment decisions

Popular tourist destinations Millennium Bridge and St. Paul's Cathedral lit up at night in London

A one-day swaps training course

Review of Swap Pricing

  • The relationship between swaps, government yields, and the 'Libor' concept
  • Issues in cross-currency swap pricing vs IRS pricing
  • Documentation issues

The Zero-Coupon Curve

  • Creation of the zero-coupon curve and its uses in the pricing
  • Isolation of forward yield curves
  • Use in pricing forward start swaps and cross currency swaptions

Marking to Market

  • Prudent marking to market
  • Liquidity issues
  • Uses of the zero-coupon curve
  • Unwinding swaps, 'tear-ups' and swap assignments

Traditional Variations

  • Construction and pricing of swap variations
  • Forward start swaps
  • Amortising and accreting swaps (and roller coasters)
  • Currency swaps without exchange of principal
  • Marking these products to market and swap

Short-Date Swaps

  • SONIAs (Sterling Overnight Index Averages) and EONIAs (EURO Overnight Index Averages)
  • Pricing mathematics

Asset Swap Packages

  • Redcliffe's swaps course explains using this type of investment to create enhanced-return investment vehicles
  • Tax efficiency aspects

Advanced Swap Constructions

  • Quanto/Differential
  • Total return
  • Other exotic options

Caps, Floors & Collars

  • Basic option pricing concepts
  • Application to the long-term yield curve
  • The relationship they have with caps, floors and collars

Advanced Swaps Course Covers Trading Strategies

  • The risk/reward profile
  • The concept of the efficient frontier.
  • Arbitraging the swap money market; traditional and model-based

Redcliffe Training’s advanced swaps course trainer has worked in Investment Banks for nearly 20 years, including HSBC and the Bank of Montreal. During this time, he worked within Operations and as a trader; running books in FX, bonds and derivatives. Redcliffe’s trainer has run courses worldwide, including training in Amsterdam, Dublin, London, New York, Hong Kong, Singapore, Jakarta, Johannesburg, Delhi, Accra, Johannesburg, and more.

This trainer delivers courses that provide a practical and in-depth understanding of the markets from a trading, operations and risk perspective. His advanced swaps training is interactive and stimulating, allowing delegates to participate in an environment that encourages free discussion on the real issues faced in the workplace.

In addition to his swaps training activities, he has undertaken various consultancy projects, such as an in-depth collateral risk assessment at a major European Investment bank. He held the position of Non-Executive Director of Cazenove’s Derivative Oversight Committee for many years. In this role, he acted as a member of the committee in a general consultative capacity to assess the firm’s derivative capabilities and risks.

He has also presented at JPMorgan Forums in London, speaking on topics such as the Benefits and Risks of Derivatives. Along with representatives from the FSA, law firms, and hedge funds, he was asked to give his views on the risks of derivatives to 200 Directors and senior managers from the top investment firms in the UK.

  • By joining this advanced swaps course, you will gain a level of comfort that will allow you to cope with these products on a day-to-day basis.
  • Fully understand the pricing and their usage.
  • Swaps training will also teach you to understand market environment product limitations and swap liquidity issues.

  • Redcliffe's swaps training will teach delegates how they are priced: from IRS hedging to Quanto Equity Swaps. We explain how a trader prices and hedge fund swaps these products.
  • Appreciate the importance of the Zero-Coupon Curve and how it is essential in the pricing of the IRS variety.
  • Understand how the market in many countries is moving from Libor to RFR (Risk-Free Rates) including SOFR (Secured Overnight Financing Rate).
  • Gain real-life examples of how they are marked to market and how this gives you a value for profit or loss.
  • This course also covers some of the swap variations. You will learn about Short Dated Swaps, Asset Swap Packages, Caps, Floors and Collars and trading strategies.

  • This advanced swaps training course is a 'must-know' for:
  • Asset Managers
  • Junior Traders
  • Sales Traders
  • Middle office
  • Risk
  • Compliance
  • Anyone wanting to understand the Swaps Markets

Tailored for individuals with solid foundational knowledge, this advanced swaps training course combines theoretical insights with practical examples and serves as a valuable resource for those involved in various aspects, including treasury products, and derivatives markets. It offers a holistic and nuanced perspective on the complexities of the financial instruments landscape.

Redcliffe's swaps training is specifically aimed at dealers, sales, middle office and support staff who already have good basic knowledge. This training will enhance and deepen the understanding of this successful group of products.


Have this course presented In-House

  • On a date, time and in a location of your choice
  • Topics expanded or deleted to your bespoke requirements

Have this course pre-recorded

  • Full course recording edited exclusively for your company
  • Files converted to enable housing on your LMS
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