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Foreign Exchange Risk Management Workshop Training Course

This training course teaches you how to manage all your foreign exchange risks and profit from them.

Dates, Locations & Fees | Instructor | Download brochure | Book your seat

Course objectives

In three days, you will:

Learn how to profit from your FX transactions
Work with your fellow delegates to solve realistic case studies
Be introduced to a highly effective and innovative teaching technique called the "arrows methodology" which describes flows of domestic and foreign currencies respectively in terms of different coloured-coded magnetic arrows
Learn how to apply the "arrows methodology" every day in your job. You'll be able to use this methodology to describe all the foreign exchange situations you will ever encounter
Learn how to solve the management of your own foreign exchange problems
Be able to trade with confidence as you'll have tools to make wiser decisions and act quickly to take advantage of market opportunities

Have a question? Email us at:

or call us at: (+852) 2273-4393

Foreign Exchange Risk Management Course Agenda

DAY ONE

Definition and representation of basic exposures:

a generic, colour-coded, symbolic methodology for representing any foreign exchange exposures

Be a confident, pro-active risk manager rather than someone bewildered after a foreign exchange-based "ugly incident"!

defining objectives
articulating a philosophical attitude towards foreign exchange risk
should corporate foreign exchange exposure management be centralised?
the role of limits
communicating authorities
vital internal controls
exposure reporting systems
extracting value from the banking system
knowing the right questions to ask

Other background judgment factors underlying exposure management.

Commercial and financial exposure management alternatives.

Corporate financial alternatives:

using combinations of markets to engineer financial solutions
foreign exchange and money markets
local markets and Eurocurrency markets

Pricing of alternative engineered solutions:

general principles underlying optimal selection from alternatives

Case study: selection from basic alternatives:

"cover" fully foreign exchange exposures
a commercially important, counter-intuitive solution to a common financial management problem that has the potential to save otherwise needlessly wasted money.

Case study: comparison of solutions engineered to guarantee certainty as opposed to being deliberately uncovered:

speaking the language of foreign exchange professionals: calculating forward points
how to take a calculated risk

DAY TWO

Case study: delaying foreign exchange transactions:

engineering an easy, but often overlooked, financing solution to multicurrency cash flows in different directions and with timing differences
foreign exchange forward rate agreements (FRAs)

Case study: non-deliverable foreign exchange contracts:

eliminating foreign exchange risk without dealing in foreign exchange
doing what regulated foreign exchange regimes often try to prevent without violating central bank restrictions
pricing principles

Interpreting quotation sheets in money markets and foreign exchange markets:

profiting from utilising the information providers
role of foreign exchange brokers
simulated dealing: benefiting from understanding professional practice

Case study: pricing foreign-foreign transactions:

possible benefits from splitting foreign exchange transactions into two components – one domestic and one "offshore"
pricing principles not often shown by banks

Case study: exchange rate risk; interest rate risk; managing a foreign exchange book:

eliminating foreign exchange risk while managing interest rate risk
how to benefit from understanding principles used by professionals when managing a foreign exchange book

Case study: spot against forward swaps:

the price-efficient way to roll forward cover
pricing principles bankers rarely reveal
money just for asking: how to get a better price merely by asking the correct question!

Case study: domestic or offshore funding?

covering principal and interest
all-up covered cost of funds
effect of interest withholding tax (where applicable)
a fundamental pricing principle reflecting the fact that "there are no free lunches"

DAY THREE

Case study: odd dated forward pricing:

market practice
pricing principles

Case study: forward-forward swaps:

spot against forward swaps extended
moving forward cover to a more distant future date price-efficiently
pricing principles
more that the bankers rarely reveal

Value date option contracts:

pricing principles
circumstances under which a bank will most often offer these contracts
are they a trap for the unwary?

Case study: currency options:

options terminology
option pricing principles
basic options
exotic options: the combination of basic options

Short dated foreign exchange market:

short-dated swaps
pricing principles

Case study: interest rate swaps:

swapping from a floating to a fixed interest rate and vice versa
pricing principles

Case study: currency coupon swaps:

swapping from a floating interest rate in one currency to a fixed interest rate in another currency and vice versa
pricing principles
swap-driven Eurobond issues

Case study: optimal currency of invoicing:

reconciling multiple joint invoicing alternatives and funding alternatives
covering multicurrency exposures
a counter-intuitive, commercially important, general solution.

What do past attendees say about this course?

"The course goes beyond my expectations...What I liked most about this course was the way John makes it simple and easy to understand by his arrows and colors." - SC, Finance Dept. PTT Exploration and Production, Thailand

“The foreign exchange workshop run by John Rush is the best workshop I have ever participated in. John is a real expert in this area. During the three days, John explained and translated complex concepts into simple to understand concepts by using his own creative tools (the famous "arrows"), which enabled us to fully implement his expertise and experience in our real world! I highly recommend this course to those people who are eager to understand foreign exchange operations and how to improve their bottom line result by better managing FX risks.” - C.S., Financial Director, Greater China, Nexans Wires & Cables, China

"John is great. His experience gives us useful knowledge." - HM, Treasury Group, Bank Mandiri, Indonesia

"..(The) foreign exchange workshop is one workshop where I walked out feeling fully satisfied, thinking it is value for money and my time is well spent. John managed to present a complex subject in a very easy illustrative, practical and understandable format." - T. Seeto, GM, Finance & Business Strategy. Mitsubishi Electric Australia

"...I can say that John's workshop was one of the best prepared and presented I have ever attended...The workshop was highly practical, and I was shown techniques which, when applied (and I will apply them), will save my company's treasury operation vastly more than the cost of my attendance at the workshop!..." - C. Hammond, Deputy Treasury Manager, APAC, Bechtel Asia Pacific

Who should attend?

Corporate treasury professionals
Finance staff
Bank Treasury professionals
Or you are a banker or a finance lawyer and you want to:
- Solve your multi-currency cash flow problems
- Completely avoid FX risk
- Eliminate FX risk while managing your interest rate risk
- Profit from utilising information providers
- Learn the pricing principles that your bankers use, but may not tell you
- Get a better price by asking the correct question
- Make confident and wiser decisions when managing your FX transactions
- Offer authoritative advice to colleagues and clients

What you need to bring

Please bring along a financial calculator or a laptop for the case studies and exercises.

Have a question? Email us at:

or call us at: (+852) 2273-4393

Why Ethan Hathaway training courses?

Practical. Learn from experienced and active industry practitioners and what's being practiced by your peers.
Applicable. Apply what you learn in your job and your career
Specially designed courses by industry active experts for industry practitioners
Quality Control. Each expert instructor is interviewed and vetted through our senior management and our 5-point instructor criteria.
Valuable. Earn more revenue or save your organisation from monetary loss. You and your organisation will quickly earn back your investment on the course fee and more
Enjoyable. Speakers who have a passion for their topic
Clear. Turning complex concepts into easy to understand concepts
Limited seats - each session is limited to between 18-25 seats

What do you receive from an Ethan Hathaway training course?

You gain knowledge and skills that make you valuable to your company and your career
Instruction by industry experts
Course notes and reference package
Daily lunch, snacks and refreshments
Certificate of completion
Meeting your industry peers
Ask questions relevant to your job

Download the course brochure to learn more

Your course instructor

John Rush: An economist by training, John R. Rush has a First Class Honours degree in Economics from the University of Sydney. He then spent four years as a research economist in the Research Department of the Reserve Bank of Australia before being appointed Treasury Analyst of the Australian mining and industrial conglomerate Peko-Wallsend Ltd, then amongst Australia's largest fifteen public
companies, where he was responsible for the Group's international banking and foreign exchange exposure management.

John Rush then joined the Bank of America merchant bank BA Australia Ltd in Sydney. As a Senior Manager in their Financial Markets Advisory Group, his primary responsibility was for the presentation and development of that company's Foreign Exchange Workshop. Since undertaking independent treasury management consulting, John has provided advice as a recognised foreign exchange expert to the legal profession in both Australia and New Zealand in cases requiring foreign exchange expertise, giving expert evidence in Court proceedings when required.

John has been Financial Training Consultant to the Securities Institute of Australia, a course presenter for CPA Australia and a technical contributor to the New York publication International Treasurer. In his work in New Zealand, John has presented foreign exchange workshops for the Reserve Bank of New Zealand.

John Rush is now Principal Consultant of a consulting company. He is able to provide a perspective from the vantage point of one who has been a central bank economist, a corporate treasurer and has been closely linked with a leading international financial markets trading operation.

Above all, he has been widely acclaimed for his technical knowledge of financial markets and a presentational style that encourages the relaxed, active participation of workshop attendees. His other strengths lie in verbal, written and presentation skills that clarify technical concepts and practices often confused by jargon and
mystique.

Dates & Locations & Fees

Date	Location	Venue	Course Fee	Early Bird Fee	Register
6 Oct - 8 Oct, 2010	Kuala Lumpur, Malaysia	TBA	US$3998	See Brochure

Early Bird Savings Early Birds Save Up To 30% Off the Regular Fee, download the brochure to learn more

Limited seats - Email us: for availability.

* Venue, dates, course fees, promotions, course content, course instructor are all subject to change

Can't find a session in a city near you?

If there's no session scheduled in a city near you, you have the following options:

In-house training: If you have a group of 8 or more, consider having us run this course in-house for you
Co-sponsored training: Between 5-7 people, consider a co-sponsored course - you agree to send this set number of people to the course if we run it in a city near you and Ethan Hathaway sells the remaining seats to other companies
Distance learning: Less than 5 people, consider distance training format: live trainer presents over phone lines/web at pre-scheduled times (available only for select courses)
Just tell us where you want the course: Let us know which city you'd like us to run this course in - we'll plan it if there's enough demand

Email us at: for more information regarding the above options.

Register for the course

You may book your place on the course by any of these methods:

Online booking - simply click on the "Register Me" button next to the course date you wish to register and it will take you through our quick online registration procedure.
Email us at: - please include your full contact details.
Fax us the booking form (included in the brochure) to: +852 3014-0721
Or call: +852 2273-4393 during normal office hours

Related Courses

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Detailed course agenda of what you'll learn
Eligible discounts
Our course quality guarantee
Course expert biography
Course venue details
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