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What will you learn about?
- The supply and demand fundamentals of equity, currency, interest rate and commodity (agricultural, energy and metals) markets
- How to measure and mitigate risks in financial and commodity markets and industries utilizing both exchange-traded and OTC derivatives including swaps, FRAs, caps and collars
- Fundamental and technical analysis of futures markets
- Advanced futures strategies and pricing
- Advanced option pricing, volatility and sensitivity
- Advanced options strategies including bull, bear, volatility and income strategies
- Options strategies and technical analysis
- How structured products including ETFs utilize derivatives in their creation
What is the course syllabus?
Section 1 - Understanding Underlying Markets
Chapter 1 - The Interest Rate Market
Topics covered in this chapter are:
- Characteristics of Interest Rate Instruments
- Deposits and Loans
- Securities
- The Term Structure of Interest Rates
Chapter 2 - The Foreign Exchange Market
Topics covered in this chapter are:
- What Is the Foreign Exchange Market?
- Exchange Rate Quotations
- Determinants of Foreign Exchange Rates
- Spot and Forward Markets
- Structure of a Foreign Exchange Operation
Chapter 3 - An Overview of the Crude Oil Industry
Topics covered in this chapter are:
- History of Crude Oil
- Structure of the Oil Industry
- Crude Oil Trading
- Major Participants in Crude Oil Risk Management
- Oil Market Pricing
- Forward Pricing
- Crude Oil Investment Vehicles
Chapter 4 - The Natural Gas Market and Industry Overview
Topics covered in this chapter are:
- A Primer on Natural Gas
- History and Regulation of the Natural Gas Industry
- Structure of the Natural Gas Industry
- Uses of Natural Gas
- Trading in Natural Gas
- Natural Gas Pricing
- Natural Gas Investment Vehicles
Chapter 5 - An Overview of the Gold Industry and Markets
Topics covered in this chapter are:
- History of Gold
- Structure and Size of the Gold Industry
- Sources of Gold Demand
- Sources of Gold Supply
- The Case for Gold as an Investment
- Spot Gold Market Pricing
- Forward Gold Market Pricing
- Gold Investment Vehicles
- Precious Metals Mining Company Analysis
Chapter 6 - Agricultural Markets
Topics covered in this chapter are:
- The Wheat and Corn Industries
- Overview of the Wheat and Corn Markets
- Price Discovery in the Wheat and Corn Markets
- Investment Vehicles
- Appendix: Analysis of the Wheat Market
Section 2 - Pricing of Forward-based Contracts
Chapter 7 - Pricing of Forward-Based Contracts
Topics covered in this chapter are:
- The Pricing of Forward-Based Commodity Contracts
- Forward Pricing in the Energy Sector
- Forward Gold Market Pricing
- Agricultural Forward Market Pricing
- The Pricing of Forward-Based Interest Rate Contracts
- The Pricing of Forward-Based Equity Contracts
Section 3 - Advanced Trading Techniques using Derivatives
Chapter 8 - Option Pricing and Volatility
Topics covered in this chapter are:
- Price Versus Value
- Intrinsic Value
- Time Value
- Factors that Affect the Value of an Option
- Option Pricing Models
- Volatility
Chapter 9 - Option Sensitivities
Topics covered in this chapter are:
- What Are Option Sensitivities?
- Delta
- Gamma
- Vega
- Theta
- Rho
- The Interrelationship of the Sensitivities
- Calculating Portfolio Sensitivities
Chapter 10 - Bull and Bear Spreads
Topics covered in this chapter are:
- What is an Option Spread?
- Bull Call Spread
- Bear Call Spread
- Bear Put Spread
- Bull Put Spread
Chapter 11 - Volatility Strategies I
Topics covered in this chapter are:
- Overview of Volatility Strategies
- Long Straddle
- Long Combination (Strangle)
- Short Straddle
- Short Combination
- Long Butterfly
- Short Butterfly
Chapter 12 - Volatility Strategies II
Topics covered in this chapter are:
- Call Backspread
- Put Backspread
- Ratio Call Spreads
- Ratio Put Spreads
- Time Spreads
Chapter 13 - Hedging Strategies
Topics covered in this chapter are:
- Protective Puts
- Married Puts
- Protective Calls
- Covered Calls as a Hedge
- Collars
Chapter 14 - Income Strategies
Topics covered in this chapter are:
- Naked Option Writing
- Covered Call Writing
Chapter 15 - Option Strategies and Technical Analysis
Topics covered in this chapter are:
- Option Patterns versus Underlying Stock Price Patterns
- When to Implement an Option Strategy
- Reversal Patterns
- Continuation Patterns
- Sideways Trading Markets
- Options as Market Indicators
Chapter 16 - Futures Spread Strategies
Topics covered in this chapter are:
- Benefits of Spreads
- Types of Spreads
- Risks of Spread Trading
Chapter 17 - Fundamental Analysis of Futures Markets
Topics covered in this chapter are:
- Supply and Demand Analysis
- Types of Fundamental Analysis
- How Government Programs and International Agreements CanAffectPrices
- Major Limitations in Fundamental Analysis
Chapter 18 - Technical Analysis of Futures Markets
Topics covered in this chapter are:
- Sentiment Indicators
- Volume and Open Interest
- Seasonality
- Combining Technical and Fundamentals
- Trading Systems and Risk Management
- A Simple Trading Plan
Section 4 - Advanced Risk Management Techniques using Derivatives
Chapter 19 - Hedging Equity Market Risk
Topics covered in this chapter are:
- Identifying Equity Risk
- Managing the Risk of a Single Stock Using Equity Options
- Managing the Risk of an Equity Portfolio Using Stock IndexFutures
- Managing Equity Risk Using Equity Swaps
- Managing the Risk of Bought Deal Transactions
Chapter 20 - Hedging Interest Rate Risk
Topics covered in this chapter are:
- Identifying Interest Rate Risk
- Measuring Interest Rate Risk
- Managing the Risk of Future Borrowing Costs
- Managing the Risk of Current Borrowing Costs
- Managing the Risk of Bonds with Bond Futures Contracts
Chapter 21 - Hedging Foreign Exchange Risk
Topics covered in this chapter are:
- Which Entities Are Exposed to Foreign Exchange Risk?
- Measuring Foreign Exchange Risk
- Measuring the Risk of Foreign Securities
- Managing Translation and Transaction Risk
- Managing the Currency Risk of Foreign Securities and Portfolios
Chapter 22 - Hedging Commodity Price Risk
Topics covered in this chapter are:
- Identifying Commodity Price Risk
- Hedging Energy Price Risk
- Hedging Energy Price Risk Using Exchange-Traded Derivatives
- Hedging Energy Price Risk Using OTC Derivatives
- Hedging Metal Price Risk
- Hedging Agricultural Price Risk
Section 5 - Using Derivatives to Structure Investment Products
Chapter 23 - Principal Protected Notes (PPNs)
Topics covered in this chapter are:
- Principal-Protected Notes (PPNs) – What Are They?
- PPN Structures and the Use of Derivatives
- CPPI and Zero-Coupon Bond Plus Call Option Structures— Key Differences
Chapter 24 - Derivative-Based ETFs
Topics covered in this chapter are:
- Commodity ETFs
- Swap-Based ETFs and the Synthetic Replication ofIndexes
- Leveraged and Inverse ETFs
How will you learn?
CSI’s online learning system helps you meet your study goals. You’ll benefit from:
- Textbook material in PDF and printed format
- Review questions included throughout the course
- Course updates
- End of section quizzes to earn CE credits
- Access to CSI’s academic support specialists
Course Completion Notice
On successful completion of this course you will be able to download a Notice of Course Completion available through your student profile. This will remain on your profile as formal confirmation of course completion.