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Hedging Interest & Currency Rate Exposures Training Course

This training course teaches how to effectively manage your interest rate and foreign exchange currency exposures.

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How to Hedge and Manage Your Interest Rate and Currency Exposures

This workshop gives you a framework for understanding how derivatives products are priced and structured by investors, hedgers and financial intermediaries for the purpose of hedging your financial exposures.

Here are just some of the key benefits you gain from this course:

How to Manage Corporate Exposures
How to Hedge Interest & Currency Exposures
Marketing Derivative Solutions
How to Structure Effective Hedging Strategies
How to Manage Market Risks
Learn how to tailor effective hedging strategies, using forwards and options on currency and interest rates and perform comparative analysis between alternative structures and solutions.
You will develop an understanding of how originators, investors and financial intermediaries’ interact with each other to execute their hedging strategies and meet your specific business needs.

In addition, a comparative analysis will target the structure and pricing techniques most commonly used in the OTC and exchange-traded derivatives products on interest and currency rates:

FRA’s, interest rate swaps, asset swaps, treasury rate locks, forward starts and blend & extends
Caps, floors and collars on interest rates
FX forwards, FX swaps, cross currency swaps
Caps, floors and collars on FX rates

"The course was excellent and exceeded my expectation." - A.A., Saudi Aramco, Saudi Arabia

"The speaker Janet has a very good knowledge and she explain the main concept very clear, very straight forward." - C.A., Treasury, Royal Bank of Scotland (RBS), Hong Kong

View the detailed course content and the latest discount promotions:

Have a question? Email us at:

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

Hedging Interest & Currency Rate Exposures Course Agenda

"The speaker Janet has a very good knowledge and she explain the main concept very clear, very straight forward." - C.A., Treasury, Royal Bank of Scotland (RBS), Hong Kong

"What I liked most about this training was the Trainer and her professional approach...I am pleased with the course and all the arrangements." - S.R.N., Finance Manager, Oman Oil Company, Oman

"Excellent! Nice class and participants...What I liked most about this training course was the many exercises and case studies so I can understand more clearly day by day." - I., Bank Rakyat Indonesia, Indonesia

"I enjoyed the course. Course materials were easily absorbed. Even though we did not address the problems I have to deal with, I now have the tools I need." - W.R., Abu Dhabi National Energy Co

"Excellent" - P.F., Lippobank, Indonesia

"Everything well prepared" - K.E., Bank Negara Indonesia, Indonesia

"Excellent...Trainer well organized and thoroughly walk thru the materials from basic to more challenging topic." - C.J., Standard Chartered Bank, Thailand

"Good course, it align my knowledge with theory." - W.Y., Bank Mizuho Indonesia

DAY 1

Review best practices utilized to identify financial risks and establish effective hedging policies

Establish framework for identifying, measuring and managing exposure to financial risks
Review current accounting requirements for calculating realized/unrealized gains and losses and impact in trading and non-trading accounts
Discuss scope of financial risks and methodologies used for establishing exposure management policies and implementing more commonly used hedging techniques
Discuss structure of derivatives markets and products, including current regulatory issues

Measuring, reporting and managing exposure to interest rate risks using forward derivative markets and products

Perform basic yield curve analysis; calculate forward yield curves
Identify and diagram interest rate risks in corporate debt portfolios
Price and structure derivatives solutions for managing floating-rate debt using Libor forwards (FRA’s) and IR swaps
Establish key links between FRA’s and IR swaps
Discuss financial risks and termination techniques used for IR swap “unwinds”

Managing corporate debt portfolios using options on interest rates

Price and structure derivative solutions using single and combined option strategies (caps and collars)
Discuss limitations in pricing options using binomial models
Discuss widely used options pricing methods and price sensitivities
Define methods used for estimating volatility

DAY 2

Case Study: You will identify and analyze a corporate debt exposure, structure a series of appropriate derivative solutions and compare hedging results.

Managing corporate investment portfolios using asset swaps and forward starts

Identify, diagram and label price sensitivities in bond investments to changes in yields
Diagram and label how market risks on investments portfolios are transformed when hedged using IR swaps
Review, structure and price asset swaps
Review, structure and price forward start swaps

Enhancing yields on corporate investments using single and combined option strategies

Structure, price and graph transformed exposures when combining long bond positions, IR swaps and options
Graph and label yield enhancement on underlying long bond positions using single and combined option hedging strategies
Discuss how mark-to-market process effects cost of hedge on non-cash assets and contingent liabilities

Case Study/Options Game: You will identify and analyze corporate debt exposures, structure and price a series of appropriate derivative solutions using an options pricing model and present their team findings.

DAY 3

Establish a framework for understanding how to measure, report and manage currency exposure

Review structure of foreign exchange markets
Discuss pricing conventions and quotation systems on FX rates
Define net exchange position
Review current revaluation methods and “mark-to-market” process

Hedging foreign currency receivables/payables using forward FX markets and products

Review interest covered arbitrage hedging and pricing techniques to determine forward FX prices
Graph and label currency hedges more commonly used by importers/exporters using forward outrights and NDF’s
Discuss how underlying currency exposures are transformed when combined with OTC solutions

Hedging foreign currency borrowings/investments using cross-currency swaps

Review structure of cross-currency swaps and discuss common uses for borrowers/investors
Discuss cross-currency swap pricing techniques

Case Study: You will analyze, structure, price and compare a variety of hedges to address the needs of borrowers/investors in a multitude of different currencies

Hedging foreign currency receivables/payables using options on foreign exchange rates

Identify, graph and label underlying currency exposures and demonstrate how they are transformed using single and combined options strategies
Compare advantages/disadvantages between hedging through use of currency forwards vs. options on FX rates
Team Presentations: In teams, participants will identify, structure and price currency hedges using single and combination option strategies.

Case Study: You will identify and analyze a corporate debt exposure, structure a series of appropriate derivative solutions and compare hedging results.

Who Should Attend?

Corporate risk managers
Corporate Treasury Professionals
Bank Treasury Professionals
Dealers
Capital Markets Professionals
Market risk managers
Credit risk managers
And support area specialists (i.e. audit, legal, trading and sales) who are required to structure, price and/or execute derivatives transactions on behalf of their clients.

Pre-Requisites

You should know how to use a financial calculator, such as the HP-12C or HP-19. Alternatively, a laptop with MS Excel installed may be acceptable.

View the detailed course content and the latest discount promotions:

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

Janet Wilson: Janet G. Wilson is Founder and Managing Director of a US based consultancy. Prior to founding the firm, Janet spent 15 years with Citibank performing various treasury functions as well as developing and delivering training. Ms. Wilson managed a Foreign Exchange and Interest Rate Products Team in Texas and Mexico, where she was responsible for all phases of product risk assessment and documentation, marketing, training, distribution, and trading the bank's position.

In her capacity as Director for Citibank's North American Investment Bank Training Center, Ms. Wilson developed and delivered their financial markets training curriculum for New York and Latin America. She received her BA, Magna Cum Laude, from the University of St. Thomas in Houston, Texas. Janet is fluent and teaches in Spanish in addition to English.

Dates & Locations & Fees

Date	Location	Venue	Course Fee	Early Bird Fee	Register
6 Aug - 8 Aug, 2012	HK, Hong Kong	Royal Garden Hotel	US$4598	See Brochure
5 Nov - 7 Nov, 2012	SG, Singapore	Marina Mandarin Hotel	US$4598	See Brochure

Early Bird Savings Early Birds May 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

** Selected courses only

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.

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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

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