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FINANCIAL MARKET COURSES

Forwards & Futures – Trading

The practice of hedging is the foundation of futures and forward markets, but in this course we examine the various non-hedging trading strategies used by practitioners. Futures contracts have always been popular with traders who have no particular hedging interests. Close attention in this course is paid in particular to bond and money market futures trading strategies, such as bond basis trading, as these are probably the most widespread.

  • OBJECTIVES

    On completion of this course, you will be able to:

    Outline the various categories of non-hedging related trading strategies used in the futures/forwards markets

    Describe 'basis trading' and outline the particular way in which basis trading operates in the bond markets

    Explain the concept of 'spread trading' between futures contracts referencing different assets and different settlement dates for the same underlying asset

  • COURSE OUTLINE

    Topic 1: Trading Styles

    Market Directional Strategy

    Offsetting Trades

    Arbitrage & Relative Value Trades

    Topic 2: Basis Trading

    Definition of Basis

    Basis Trading Opportunities

    Exchange For Physicals (EFPs)

    A Typical Bond Futures Contract

    Conversion Factors (CFs)

    The Implied Repo

    Basis Trading – Cash & Carry

    Topic 3: Different Contracts

    Spread Trading

    Calendar Spreads

    Money Market Futures

  • PREREQUISITE KNOWLEDGE

  • ESTIMATED COMPLETED TIME

    75 Minutes

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