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Description |
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The amazing growth in global derivatives has made it a cornerstone of developed financial markets. It is applied in practically every area of investments (arbitrage and speculation), capital markets (liquidity), banking (hedging), asset management (hedging and relative value) and corporate finance (hedging and risk management). Derivatives are the basic building blocks of most financial innovations in the last couple of decades and will continue to be one of the most dynamic instruments in the financial world. A sound knowledge of derivatives is crucial in today’s financial markets for every financial professional and essential for every business executive. Practitioners may not be required to price derivatives but should at the very least be able to understand the applications. Individuals who are skilled at analysing derivatives are in great demand in New York, London and Asian financial centres. |
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Objective |
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This course is an introduction to derivatives encompassing options, forwards, futures and swaps. In particular, our focus is derivatives on stocks, bonds, currencies and commodities. Throughout the course, there are constant references to market practices and illustrations to help link concepts to the real world and how practitioners apply derivatives in capital markets and businesses. In particular, we shall create market applications from Bloomberg systems.
Our emphasis in the module stems from a practical industry perspective with key focus on the intuition and applications rather than mathematics. Although there is inevitably some reliance on mathematical concepts (any course in financial derivatives will need some groundwork in this respect), the use of math only constitutes tools to better understand derivatives and not intended to be the main focus. |
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Participants |
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This programme is suitable for senior managers and executives in finance including CFOs, Director of Finance, Senior Finance Managers as well as senior managers or executives from the financial industry including investment portfolio managers, mutual fund managers and analysts. Other executives interested in learning more about financial instruments may also find this programme beneficial. |
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Benefits |
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In this programme, participants will:
- Understand the use, application and pricing of derivatives
- Learn market examples of how to value these instruments using binomial trees and generic valuation models
- Gain an understanding of volatility views and its importance in understanding all aspects of derivatives
- Be able to analyse why markets pay for volatility and trade it
- Learn to make volatility transactions
- Learn to create value with various financial instruments
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Coverage |
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- Future markets and applications
- Forwards and swaps
- Options - valuation, trading strategies and applications
- Risk management and financial engineering
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Schedule |
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Day 1
- morning Futures Markets and Applications
- Course overview and introduction
- Types of futures - stocks, bonds, commodities, and others
- The basis and spreads
- Futures prices on stocks, market expectations
- Futures prices and risk aversion
- Speculation and hedging in futures
- afternoon Forwards and Swaps
- Review of interest rates
- Determinants of forwards and futures prices
- Interest rate futures and Eurodollar futures
- Treasury bond options and futures
- Interest rate swaps and applications
- Currency swaps and applications
- FX swaps
Day 2
- morning Options - Valuation, Trading Strategies and Applications
- Fundamentals of options markets
- Determinants of options prices
- Properties of stock options
- Option applications - trading strategies on stocks, bonds and currencies
- Option applications - hedging techniques and asset management
- Valuation of options on stocks using binomial trees
- Case study
- afternoon Risk Management and Financial Engineering
- Black Scholes Merton pricing model of stock options
- Option greeks
- Implied volatility and the term structure of volatility
- Risk management and derivatives
- Basics of exotic options
- Financial engineering and structured products
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Faculty |
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Professor Aaron Low, Programme Director |
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Venue |
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- Shanghai (CEIBS Shanghai campus, 699 Hongfeng Road, Pudong, Shanghai)
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Admissions |
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Applications are reviewed as they arrive. Completed applications must be received 20 working days before the start of the programme. Any applications received after that date will be considered on a space-available basis. Please address all applications and enquiries to our customer service team in Shanghai, Beijing or Shenzhen.
If a confirmed booking is cancelled within 15 working days of the start of the programme, or if the applicant fails to attend the programme, a cancellation fee equaling to 20 percent of the total programme fee will be charged. If an applicant is unable to attend the programme, the applicant may transfer to another CEIBS Executive Education Programme within the same calendar year. When a request to substitute participant(s) for the same programme is made less than 15 working days prior to the start of the programme, the seat(s) will not be guaranteed. |
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* CEIBS reserves the right to amend information on this programme including price, date, location, faculty, daily schedule and other details. |
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