Kursuskatalog Course program Efterår Autumn

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1 Kursuskatalog Course program Efterår Autumn 07

2 Content Welcome 3 Registration Practical Information 4 Instructors 5 Risk Management Asset Liability Management i pensionssektoren 6 Risk Management 6 Value at Risk 7 Credit Risk Trading 7 Derivatives Anvendelse af FRAs, swaps og renteoptioner 8 Pricing and Hedging Interest Rate and Cross Currency Swaps 8 Finansielle instrumenter/derivatinstrument 9 Bond Analysis Introduktion til de skandinaviske obligationsmarkeder 10 Obligationsanalyse videregående/påbyggnad 10 Inflation Products NEW 11 Introduktion til SDO'er NEW 11 Portfolio Management Asset Allocation 12 Alternative Investments NEW 12 Performance Measurement 13 Financial Markets Introduktion til de finansielle markeder 14 Structured Financial Products 14 Financial Applications Excel in Finance (I) using the Built-in Functionality 15 Excel in Finance (II) Introduction to VBA Programming 15 Seminars Særligt Dækkede Obligationer NEW 16 Equity Derivatives NEW 17 In-house courses 18 E-learning 19 Course Calendar 20 2

3 Welcome We are happy to welcome you to an interesting autumn season at Financial Training Partner. This year you will find a number of new courses. In Denmark, you will be able to attend a seminar on Covered Bonds as well as an introduction course to the same topic. You will also find a course in Alternative Investments reflecting the Asset Management Industry s request for new asset classes with low correlations to bonds and stocks. Finally, we hold a new seminar on Equity Derivatives in Stockholm. In the course catalogue, you will also find our cornerstone courses which we hold throughout the Scandinavian countries and which, we are proud to say, always receive excellent feedback from our course participants. We hope to see you on one of our courses in the autumn of Ulrik Jørgen Carsten 3

4 Practical Information Registration Register at On receipt of your registration, we will send you a written confirmation. Payment Terms of payment are two weeks from the date of the invoice. For courses held in Denmark prices are exclusive of 25% VAT. Cancellation policy Cancellation must be sent in writing no later than two weeks before the course. No refund will be given after this date. If, for some reason, you are prevented from attending the course, you are welcome to send a substitute. Financial Training Partner reserves the right to change or cancel any part of the published program due to unforeseen circumstances. Hotel We will be happy to assist you with hotel accommodations and we have made advance bookings at hotels in Copenhagen, Oslo and Stockholm. When you register, please indicate if you would like us to help you with accommodations. E-learning When you register for a course that includes e-learning, your internet access will start two weeks before classroom training, where you will receive a personal username and a password by . You will have access to e-learning for eight weeks. News Service If you would like to receive news and special offers from Financial Training Partner by , please sign up for our News Service by sending an to info@ftpcourses.com or use our registration form at Financial Training Partner A/S Store Regnegade 12, 2. DK-1110 Copenhagen K Phone Fax info@ftpcourses.com 4

5 Instructors Carsten Mygind Feldt is partner at Financial Training Partner. Carsten has 10 years of experience from market making and sales of fixed income derivatives at Unibank, BG Bank and Morgan Stanley in London. Carsten holds a M.Sc. (Economics and Business Administration) and a BA (Finance) from Copenhagen Business School. Jørgen Just Andresen is partner at Financial Training Partner. He was chief financial consultant at SimCorp s course department where he started in Before 1996 he worked at Danske Bank with fixed income research and fixed income sales. He holds a M.Sc. (International Finance) and a BA (Accounting). Ulrik Strandgaard is partner and managing director at Financial Training Partner. He was head of the course department at SimCorp, which he joined in From he worked for Bikuben Børs as the head of fixed income research. Ulrik holds a M.Sc. (Economics) from The University of Copenhagen and a BA (Business) from The University of Melbourne. On very specialised topics, we use highly reputable external specialists from the financial sector. Furthermore, on accounting and taxation matters, we have a long-term partnership with KPMG in Denmark, Sweden and Norway. In practice, this works, but how about in theory? Attributed to a French Mathematician. 5

6 RISK MANAGEMENT Asset Liability Management i pensionssektoren september 2007, København Specielle kendetegn for pensionssektoren Rentebegreber i pensionssektoren Aktiv passiv mismatch Begrænsninger på aktivsiden Begrænsninger på passivsiden Opgørelse af varighed for aktiver og passiver Afdækning af mismatch ved CMS-floors, swaptioner og swaps ALM og strategisk allokering ALM modellering i ATP Sprog: Dansk Formateriale: E-learning på engelsk Niveau: Mellem Pris: DKK RISK MANAGEMENT Risk Management Seminar oktober 2007, København oktober 2007, Oslo november 2007, Stockholm Markedsrisiko Value at Risk Stress-testing Tracking Error og Information Ratio Back-testing Måling og styring af kreditrisiko Måling og styring af operationel risiko Kapitalkravsreglerne BIS II Sprog: Danmark: Dansk Norge: Skandinavisk Sverige: Engelsk/svensk Formateriale: E-learning på engelsk Niveau: Introducerende/mellem Pris: DKK (København) SEK (Stockholm) NOK (Oslo) 6

7 RISK MANAGEMENT Value at Risk November 8 9, 2007, Copenhagen The Parametric Approach VaR for Bonds, Stocks, FX and Derivatives Mapping Techniques Introduction to Monte Carlo Simulation Back-testing Simulation and Stress-testing Delta VaR Volatility Estimation Techniques Capital Requirements The Delta Gamma Approach Intermediate DKK 10,500 RISK MANAGEMENT Credit Risk Trading November 22 23, 2007, Copenhagen Corporate Bond Trading and Pricing Credit Derivatives - Credit Default Swaps (CDSs) - Total-Rate-of-Return Swaps (TRORS) - Credit Spread Options (CSOs) - Credit Linked Notes (CLNs) Credit Default Swap Trading - Plain Vanilla - FTD/N th to default Baskets Asset Swap Spreads Basis Trading CDO Trading and Pricing Standardised CDO Tranches (itraxx) Base Correlations, Correlation Smiles and Correlation Trading Intermediate/advanced DKK 11,500 7

8 DERIVATIVES Anvendelse af FRAs, swaps og renteoptioner til styring af rente- og valutakursrisici september 2007, København Klassifikation af produkterne FRAs contra deposit futures Rente og cross currency swaps Caps, floors, collars og swaptioner Definitioner og anvendelsesmuligheder Handels- og kalenderkonventioner Tidsprofil, fixing og afregning Comparison swap metoden Nulkupon prisfastsættelse Asset og liability swaps Risikomål Sprog: Skandinavisk Formateriale: E-learning på engelsk Niveau: Introducerende/ mellem Pris: DKK DERIVATIVES Pricing and Hedging Interest Rate and Cross Currency Swaps November 19 20, 2007, Copenhagen Standard and Non-standard Swaps The Swap Curve and Zero Coupon Yields Bootstrapping the Zero Coupon Yield Curve Zero Coupon Pricing Methodologies Calculating the Par Swap Rate Mark-to-Market Valuation of Swaps Swaps with an Up-front Payment Asset Swaps Risk Management Techniques Advanced Swap Structures Pre course: E-learning Intermediate DKK 10,500 8

9 The stock market will fluctuate. J.P Morgan, when asked what the market was going to do. DERIVATIVES Finansielle instrumenter / Derivatinstrument december 2007, København desember 2007, Oslo december 2007, Stockholm Futures Repos Optioner FRAs Swaps Renteoptioner Kredit derivater Handel Konventioner Regnskabsmæssig behandling Sprog: København: Dansk Oslo: Skandinavisk Stockholm: Eng./svensk Pre course: E-learning på engelsk Niveau: Introducerende Pris: København: DKK Oslo: NOK Stockholm: SEK

10 BOND ANALYSIS Introduktion til de skandinaviske obligationsmarkeder september 2007, København De skandinaviske obligationsmarkeder Investorer og emmitenter/udstedere Rentebegreber Kurs og effektiv rente Durations/varighedsmål Konveksitet Obligationskonventioner Porteføljenøgletal Introduktion til yield kurve estimation Sprog: Skandinavisk Formateriale: E-learning på engelsk Niveau: Introducerende Pris: DKK BOND ANALYSIS Obligationsanalyse videregående/påbyggnad september 2007, København Horisontanalyse og immunisering Porteføljeoptimering Yield kurve analyse Yield kurve estimation Switchanalyse Value at Risk og Delta VaR Tracking error og incremental tracking error Deltavektor analyse Trading Sprog: Skandinavisk Formateriale: E-learning på engelsk Niveau: Videregående/ påbyggnad Pris: DKK

11 BOND ANALYSIS Inflation Products October 26, 2007, Copenhagen The Market for Inflation Products Types of Inflation Products Inflation linked Bonds Inflation Derivatives Inflation Products and Asset Management Pricing and Risk Management Intermediate DKK 5,500 BOND ANALYSIS Introduktion til SDO er november 2007, København Det europæiske marked for Covered Bonds Den danske lovgivning Implikationer for det danske realkreditmarked Prissætning af SDO er SDO relaterede derivater Strukturerede SDO produkter Sprog: Dansk Niveau: Mellem Pris: DKK

12 PORTFOLIO MANAGEMENT Asset Allocation September 25 26, 2007, Copenhagen Risk Budgeting Strategic Asset Allocation Tactical Asset Allocation Forecasting Risk and Return Active Asset Allocation Alternative Investments Benchmarking The Mean-Variance Approach Understanding the Sharpe Ratio Intermediate DKK 10,500 PORTFOLIO MANAGEMENT Alternative Investments November 15 16, 2007, Copenhagen Investing - Real Estate - Hedge Funds - Commodities - Credit Products - Private Equity Risk Management Diversification Opportunities Pricing Cross Sector Correlations Intermediate DKK 10,500 12

13 PORTFOLIO MANAGEMENT Performance Measurement November 26 27, 2007, Copenhagen Problems with Performance Measurement Return Calculation in Practice Implementing Risk Adjusted Measures Sharpe, Jensen and Treynor Tracking Error Information Ratio Attribution Analysis Derivatives and Return Measurement Implementing GIPS Benchmark Construction Intermediate DKK 10,500 Det har været et godt kursus som jeg kan anvende i forhold til mit daglige arbejde og det har inspireret mig til at bevæge mig videre indenfor området. Introduktion til de finansielle markeder Mirella Gogotic, 2007 Codan Forsikring A/S 13

14 FINANCIAL MARKETS Introduktion til de finansielle markeder september 2007, København september 2007, Oslo november 2007, Stockholm De finansielle markeders opbygning Aktører på finansmarkederne: - Centralbanken - Børsen - Bankerne - Emmitenter og investorer Pengemarkedet Valutamarkedet Obligationsmarkedet - Handel, pris og risiko Aktiemarkedet - Handel, pris og risiko Sprog: København: Dansk Oslo: Skandinavisk Stockholm: Engelsk Niveau: Introducerende Pris: København: DKK Oslo: NOK Stockholm: SEK FINANCIAL MARKETS Structured Financial Products November 12 13, 2007, Copenhagen Introducing Financial Engineering The Building Blocks Structured Notes Equity linked Structures Constant Maturity Products Option Embedded Structures Credit linked Structures Variations and Pricing Callable Bond Variations Intermediate DKK 10,500 14

15 FINANCIAL APPLICATIONS Excel in Finance (I) using the Built-in Functionality October 1 2, 2007, Copenhagen The Financial Library Day Count Conventions Goal Seek and Solver Matrix Calculations Regression Analysis Data Analysis Charts Pivot Tables Scenario Analysis Auditing your Spreadsheet Drop-downs, Forms etc Introductory DKK 9,500 FINANCIAL APPLICATIONS Excel in Finance (II) introduction to VBA Programming October 23 24, 2007, Copenhagen The VBA Environment - Variables and Naming - Objects and Ranges - Conditional Actions - Loops and Debugging Build your own - Macros, Procedures and Functions VBA in Financial Cases - Generate Cash Flows - Pricing Bonds and Swaps - Calibration of Zero Coupon Models Intermediate DKK 10,500 15

16 Seminars SEMINARS Særligt Dækkede Obligationer - analyse, investering, prissætning 11. oktober 2007, København Den nye danske lovgivning Udstedelse af SDO er hvilke overvejelser? Det nye balanceprincip Nye obligationstyper Prissætning af SDO er Investorovervejelser Implikationer for derivat markederne Sprog: Dansk Niveau: Mellem Pris: DKK

17 SEMINARS Equity Derivatives - Trading and Hedging Strategies December 3 4, 2007, Stockholm Definitions and Terminology Pricing Futures and Options Basis, Delta, Gamma, Vega, Theta and Rho Basic Strategies Advanced Strategies Warrants, Convertible Bonds and Equity Index Swaps Intermediate/Advanced SEK 12,500 Carsten and Jørgen were very knowledgeable and could answer all our questions. Good mix of functional aspects of products, risk and pricing. The layout is good. Structured Financial Products Daniella Smiriglia, 2007 Hypo Public Finance Bank Plc. Dublin 17

18 In-house courses Financial Training Partner also provides customised in-house training to companies and financial institutions. This may be a single course related to a specific field or a modular training program our Competence Building Program stretching over an extended period of time. The content and format of an in-house course is developed in partnership with our clients to ensure we address your specific needs. 5 good reasons for choosing in-house courses by Financial Training Partner: The course content is customised to meet the requirements of the organisation and is adjusted in accordance with the different educational levels in the company The pros and cons of current company procedures can openly be discussed The time and place for the course is agreed upon individually The possibility of conducting weekend courses for a whole department without interrupting the daily work Lower fee per participant than corresponding open course fees Ulrik og Carsten har en meget struktureret form, hvor alle klodser bliver bygget op fra bunden. Derved kan alle følge med. Så, godt gået! Structured Financial Products Bo Madsen, 2007 SEB, København 18

19 Financial E-learning If you have an acute need to get introduced to a topic, if you are on the move and never really know where you will be next week, if you feel that ripping 2 days out of your calendar to go on a course is too much for you, or for some other reason can t participate in conventional training... try e-learning. Logon to the following interactive e-learning courses: Introduction to Bonds Bond Analysis Derivatives I Derivatives II Option Pricing Volatility and Correlation Estimation Value at Risk Fee per course: 6-month access to a single e-learning course: DKK exclusive of VAT Visit for content information. 19

20 Courses Autumn 2007 UMLOUD UNTD DK: Dansk S: Svenska N: Norsk UK: SKAN: Skandinavisk September Course Language Page Introduktion til de finansielle markeder DK Introduksjon til de finansielle markedene - Oslo SKAN Introduktion til de skandinaviske obligationsmarkeder SKAN Anvendelse af FRAs, swaps og renteoptioner SKAN Asset Liability Management i pensionssektoren DK Asset Allocation UK Obligationsanalyse - videregående/påbyggnad SKAN 10 October Course Language Page 1 2 Excel in Finance (I) - using the Built-in Functionality UK Risk Management (seminar) - København DK 6 11 Særligt Dækkede Obligationer (Seminar) - København DK Excel in Finance (II) - introduction to VBA Programming UK Inflation Products - Copenhagen UK Risk Management (seminar) - Oslo SKAN 6 November Course Language Page 1 2 Risk Management (seminar) - Stockholm UK/S Introduktion til Særligt Dækkede Obligationer DK Value at Risk UK Structured Financial Products UK Alternative Investments UK Pricing and Hedging Interest Rate and Cross Currency Swaps UK Credit Risk Trading UK Performance Measurement UK Introduction to the Financial Markets - Stockholm UK 14 December Course Language Page 3 4 Equity Derivatives (seminar) - Stockholm UK Finansielle instrumenter (seminar) - København DK Finansielle instrumenter (seminar) - Oslo SKAN Derivatinstrument (seminar) - Stockholm UK/S 9 Store Regnegade 12, 2., DK-1110 Copenhagen K Phone: , Fax: info@ftpcourses.com