Kursuskatalog Course program Efterår Autumn

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1 Kursuskatalog Course program Efterår Autumn 09

2 Content Welcome 3 Registration - Practical Information 4 Instructors 5 Conference Risikostyring i liv- og pensionssektoren konference - NEW 6 Financial Applications Excel in Finance (I) - using the Built-in Functionality 7 Excel in Finance (II) - Introduction to VBA Programming 7 Derivatives Anvendelse af FRAs, swaps og renteoptioner 8 Pricing and Hedging Interest Rate and Cross Currency Swaps 8 Introduktion til derivater/derivatinstrument 9 Bond Analysis Introduktion til de skandinaviske obligationsmarkeder 10 Obligationsanalyse - videregående/påbyggnad 10 Danske realkreditobligationer 11 Portfolio Management Asset Allocation 12 Performance Measurement 12 Advanced Portfolio Management 13 Risk Management Value at Risk 13 Credit Risk Management - NEW 14 Liquidity Risk Management - NEW 14 Risk Management 15 Risk Management i L&P-sektoren 15 Alternative Investment Seminars Investing in Commodities - NEW 16 Understanding Inflation Products 16 Understanding Hedge Funds 16 Credit Default Swaps - EXTENDED CONTENT 16 Collateralised Debt Obligations - EXTENDED CONTENT 16 Financial Markets Introduktion til de finansielle markeder 17 Introduktion til pengeinstitutter 17 Dear all Navigating in today s financial markets requires knowledge. At Financial Training Partner we continue to develop our courses to reflect the needs of financial institutions in a turbulent environment. This autumn we will launch new courses within Credit Risk Management and Liquidity Risk Management. We also plan to hold a conference in Denmark on Risk Management in the Pension Sector, where we will focus on the new challenges facing the pension sector during the current crisis. Moreover, we plan to hold a number of 1-day courses on alternative investments; i.e. hedge funds, CDOs, CDS, inflation-linked products and commodity derivatives. Some of these markets have suffered severely during the crises and might represent an interesting investment opportunity now, whereas other markets like the inflation-linked bond market will represent a more defensive strategy for tackling the market. Finally, we have our cornerstone courses which we continue to update and which always receive excellent feedback from our course participants. We look forward to seeing you on our courses in the autumn of 2009! Best regards, In-house courses 18 E-learning 19 Course Calendar 20 Ulrik Jørgen Carsten 2 3

3 Practical Information Instructors 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. 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 info@ftpcourses.com 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 and Sweden. The instructors have excellent and teaching skills - they use good examples and have a very down to earth way of explaining everything Leena Runukangas, Nordea Bank AB Risk Management seminar in Stockholm 4 5

4 Conference FINANCIAL APPLICATIONS Excel in Finance (I) - Using the Built-in Functionality October 5-6, 2009, 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 10,500 Risikostyring i liv- og pensionssektoren - i tiden efter finanskrisen og før solvens II FINANCIAL APPLICATIONS Excel in Finance (II) - Introduction to VBA Programming 3. december 2009, København November 26-27, 2009, Copenhagen Trends indenfor risikostyring i L&P- sektoren Et dansk L&P selskabs erfaringer under finanskrisen - Lektionerne fra den rekordhøje volatilitet i markederne - Situationen efter finanskrisen - hvilke ændringer er gennemført? Risikomål i den daglige risikostyring - Samspillet med afdækning af rentegarantierne - De nye og kommende reglers påvirkning af risikostyringen - Solvens II påvirkningen - hvor langt er man nået i Danmark? - Krav til L&P selskaber der vil anvende interne modeller under solvens II - Kan banksektorens erfaringer anvendes i et L&P selskab? Dansk Mellem/avanceret DKK 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 6 7

5 DERIVATIVES Anvendelse af FRAs, swaps og renteoptioner september 2009, København DERIVATIVES Introduktion til derivater /Derivatinstrument september, december 2009, København december 2009, Stockholm december 2009, Oslo 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 Case: Afdækning af funding risiko Comparison swap metoden Nulkupon prisfastsættelse Asset og liability swaps Skandinavisk Introducerende/ mellem DKK Futures Repo er Optioner FRAs Swaps Renteoptioner Kredit derivater Handel og konventioner Derivater i Hedge Fonde Strukturerede produkter København: Dansk Stockholm: Eng./Svensk Oslo: Skandinavisk Introducerende København: DKK Stockholm: SEK Oslo: NOK DERIVATIVES Pricing and Hedging Interest Rate and Cross Currency Swaps November 9-10, 2009, 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 Super kursus - kan anbefales! Jeg har aldrig før fået så meget med hjem Lene Rejnhold, Leo Pharma om seminaret Introduktion til de finansielle markeder i København, forår

6 BOND ANALYSIS Introduktion til de skandinaviske obligationsmarkeder BOND ANALYSIS Danske realkreditobligationer oktober 2009, København november 2009, København De skandinaviske obligationsmarkeder Investorer og emmitenter/udstedere Rentebegreber Kurs og effektiv rente Durations/varighedsmål Konveksitet Obligationskonventioner Porteføljenøgletal Introduktion til yield kurve estimation Skandinavisk Introducerende DKK 10,500 Realkreditmarkedets opbygning Ratings og kreditrisiko Realkreditlovgivningen Prepayment modeller Låntageradfærd Gevinstkrav Teoretisk pris Option Adjusted Spread Optionsjusteret risiko SDO-lovgivning Produkter i kølvandet på SDO-lovgivningen Dansk Mellem DKK BOND ANALYSIS Obligationsanalyse - videregående/påbyggnad oktober 2009, København Horisontanalyse og immunisering Porteføljeoptimering Yield kurve analyse Yield kurve estimation Switchanalyse Value at Risk og Delta VaR Tracking Error Deltavektor analyse Trading Skandinavisk Videregående/ påbyggnad 10 11

7 PORTFOLIO MANAGEMENT Asset Allocation PORTFOLIO MANAGEMENT Advanced Portfolio Management - for Fixed Income Portfolios September 28-29, 2009, Copenhagen November 30-December 1, 2009, 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 Strategic Allocation Tactical Allocation Scenario Generation Optimisation using Risk Budgeting Using Delta and component VaR and Delta and Component Tracking Error Currency Overlay Management Fixed Income Attribution Analysis / Advanced DKK 12,500 PORTFOLIO MANAGEMENT Performance Measurement RISK MANAGEMENT Value at Risk November 23-24, 2009, Copenhagen October 20-21, 2009, 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 GIPS: Global Investment Performance Standards Benchmark Construction 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 Historical Simulation 12 13

8 RISK MANAGEMENT Credit Risk Management RISK MANAGEMENT Risk Management October 22, 2009, Copenhagen oktober 2009, Stockholm oktober 2009, København BIS Recommendations on Credit Risk Management Credit Risk and Capital Requirements Economic Capital Managing Credit Risk using Credit Derivatives Credit Risk Models Stress-testing Credit Risk and the Sub Prime Crisis DKK 6,000 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 Stockholm: Engelsk København: Dansk Introducerende/ mellem Stockholm: SEK København: DKK RISK MANAGEMENT Liquidity Risk Management RISK MANAGEMENT Risk Management i L&P-sektoren October 23, 2009, Copenhagen november 2009, København BIS Recommendations on Liquidity Risk Management Gap Analysis Ratio Analysis Funding Analysis Stress-testing Liquidity Risk and the Sub Prime Crisis Market Liquidity Risk Contingency Funding Plan DKK 6,000 Specielle kendetegn for L&P-sektoren Rentebegreber i L&P-sektoren 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 Dag-til-dag afdækningsstrategier Dansk Mellem DKK

9 Alternative Investment Seminars November 16-20, 2009, Copenhagen FINANCIAL MARKETS Introduktion til de finansielle markeder september 2009, Stockholm september 2009, København oktober 2009, Oslo Investing in Commodities - NEW November 16, 2009 Why Invest in Commodities?, Characteristics of Commodities vs. Traditional Asset Classes, Portfolio Optimisation with Commodities, Commodity Derivatives, Commodity Futures Pricing, Contango vs. Normal Backwardation, Structured Products with Commodity Derivatives Understanding Inflation Products November 17, 2009 Time lag and Type of Indexation, Inflation Linked Bonds, Break Even Inflation, Inflation Swaps, Seasonal Adjustments, How to use ILBs, Inflation Forwards and Options, Inflation Products and Portfolio Optimisation Understanding Hedge Funds November 18, 2009 Definitions and Concepts, Hedge Funds vs Mutual Funds, Hedge Fund Strategies, Risk Factors in Hedge Funds, VaR for Hedge Funds, Performance Measurement for Hedge Funds DKK 6,000 for the first day and DKK 5,000 for any additional day De finansielle markeders opbygning Aktører på finansmarkederne: - Centralbanken - Børsen - Bankerne - Emmitenter og investorer Pengemarkedet Valutamarkedet Obligationsmarkedet - Handel, pris og risiko Aktiemarkedet FINANCIAL MARKETS Introduktion til pengeinstitutter Stockholm: Engelsk København: Dansk Oslo: Skandinavisk Introducerende Stockholm: SEK København: DKK Oslo: NOK Credit Default Swaps (CDS s) - EXTENDED CONTENT November 19, 2009 Products Definitions and Concepts, Default definitions, Settlement and Legal Aspects, How to use CDS s, N th to Default Baskets, CDS Pricing, CDS Trading, Physical Delivery vs. Cash Settlement Collateralised Debt Obligations (CDOs) - EXTENDED CONTENT November 20, 2009 Concepts and Definitons, CDO Tranches, CDO Pricing, Default Correlations, CDO Design and Building Blocks, Asset Backed Securities (ABS s), Special Purpose Vehicles (SPVs), Cash Flow CDOs, Synthetic CDOs, CDO Variations: Single Tranche CDOs, CDO november 2009, København De overordnede rammer for et pengeinstitut - Lovmæssige forpligtelser - Finansiering af aktiviter - Hvordan læser man et pengeinstituts regnskab? - Typer af pengeinstitutter Detailbanker, engrosbanker og finansielle banker - Kapitalstrukturen i et pengeinstitut - Øvrige aktiviteter (realkredit, investeringsforeninger, proprietary trading m.v.) - Kapitaldækningsreglernes indvirkning på et pengeinstituts aktiviteter - Risikostyring på område- såvel som koncernniveau Dansk Introducerende DKK

10 In-house Courses Financial E-learning 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. For further information visit 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 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. For further information visit 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 Financial Training Partner has for years trained our staff with great satisfaction. We have sent colleagues to FTPs open courses at a very basic level as well as more advanced courses. In addition to that we have used FTP for tailored in-house training of our staff in Savings and Asset Management e.g. within specific derivative contracts where we had educational needs Ulrik Modigh, Head of Operations, Savings and Asset Management, Nordea 18 19

11 Courses Autumn 2009 UMLOUD UNTD DK: Dansk S: Svenska N: Norsk UK: SKAN: Skandinavisk September Course Language Page Introduction to the Financial Markets - Stockholm UK Anvendelse af FRAs, swaps og renteoptioner SKAN Introduktion til de finansielle markeder DK Introduktion til derivater - København DK Asset Allocation UK 12 October Course Language Page 1-2 Introduktion til de skandinaviske obligationsmarkeder SKAN Excel in Finance (I) - using the Built-in Functionality UK Introduksjon til de finansielle markedene - Oslo SKAN Value at Risk UK Credit Risk Management UK Liquidity Risk Management UK Obligationsanalyse - videregående/påbyggnad SKAN Risk Management - Stockholm UK Risk Management - København DK 15 November Course Language Page 2-3 Danske realkreditobligationer DK Introduktion til pengeinstitutter DK Pricing and Hedging Interest Rate and Cross Currency Swaps UK Risk Management i L&P-sektoren DK Investing in Commodities UK Understanding Inflation Products UK Understanding Hedge Funds UK Credit Default Swaps UK Collateralised Debt Obligations UK Performance Measurement UK Excel in Finance (II) - introduction to VBA Programming UK Advanced Portfolio Management UK 13 December Course Language Page 3 Risikostyring i liv- og pensionssektoren konference - Kbh. DK Derivatinstrument - Stockholm UK/S Introduksjon til derivater - Oslo SKAN Introduktion til derivater - København DK 9 Store Regnegade 12, 2., DK-1110 København K Tlf.: , info@ftpcourses.com