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FINANCIAL MARKET COURSES

Swaps – An Introduction

In this course you learn about the most basic derivative building block – the forward transaction – which can take the form of OTC forwards or and exchange-traded futures contracts. The similarities and the differences between these two product types are examined. You will discover how it is becoming increasingly difficult to distinguish between the two. Finally the trends in the markets for both of these derivatives are discussed.

  • OBJECTIVES

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

    Describe the key differences and similarities between forwards and futures

    Explain the different risks associated with forwards and futures

    Discuss the ongoing changes in forward and futures markets

  • COURSE OUTLINE

    Topic 1: Similarities between Forwards & Futures

    Spot & Futures Prices

    Elements of Forwards & Futures Contracts

    Standardized Settlement

    Topic 2: Differences between Forwards & Futures

    Marketplace

    Bridging the Marketplace Gap

    Customization

    Contract Standardization

    Unwinding a Contract

    Topic 3: Risks in the Forwards & Futures Markets

    Risk Types

    o Credit Risk

    • Margin

    • Bilateral Collateralization Agreements

    o Basis Risk

    o Liquidity Risk

    Topic 4: Trading Mechanisms & Regulations

    Trading Forwards & Futures

    Central Clearing

    OTC markets: Evolution Not Elimination

    Futures Markets

  • PREREQUISITE KNOWLEDGE

  • ESTIMATED COMPLETED TIME

    60 Minutes

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