Advanced Swaps

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

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A one-day course

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Download: Course Category Brochure | Course Outline

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 conclude this opening swaps course module

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 training 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

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 brings nearly 20 years of experience working in leading investment banks, including HSBC and the Bank of Montreal.

Throughout his career, he has gained extensive expertise within Operations and as a trader, managing books in FX, bonds, and derivatives. His hands-on experience in various trading environments, coupled with a deep understanding of market dynamics, allows him to deliver highly relevant and practical training, providing invaluable insights into the complexities of swaps and derivatives.

A truly global educator, this advanced swaps training expert has led courses in Amsterdam, Dublin, London, New York, Singapore, and beyond. His methods provide a practical, in-depth understanding of the markets from trading, operations, and risk perspectives. The interactive sessions foster open discussions, allowing delegates to address real-world challenges they may potentially encounter.

He has presented at JPMorgan Forums in London on topics like the benefits and risks of derivatives, alongside experts from the FSA, law firms, and hedge funds, addressing 200 senior managers and directors from top UK investment firms. Furthermore, he has led consultancy projects, including a collateral risk assessment for a major European investment bank.

Our distinguished swaps course facilitator also served as a Non-Executive Director on Cazenove’s Derivative Oversight Committee, providing expert advice on the firm’s derivative capabilities and risks.

By joining this advanced swaps training, you will be equipped with the skills and confidence to deal with swaps in your daily professional tasks
Gain a deep understanding of how swaps are priced and how they are used in different market contexts
Learn to assess the market environment in which swaps are traded, including the factors influencing swap pricing and demand
Develop a deeper knowledge of the market environment, product limitations, and swap liquidity issues

Redcliffe's swaps training course 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 training course on swaps is highly beneficial for professionals across various roles in financial institutions. It is especially recommended for individuals who need to gain an in-depth understanding of swaps, including their pricing, usage, and the broader market environment.

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 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.

Specifically designed for dealers, sales, middle office, and support staff with a solid foundation of basic knowledge, this advanced course will enhance and deepen one’s understanding of these successful products, providing the insights needed to navigate complex swap markets. Participants will gain a more comprehensive grasp of market dynamics, product limitations, and liquidity issues through this advanced swaps training.

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