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Target Group

The course is designed for senior foreign exchange and money market dealers, corporate and bank treasurers as well as senior operations staff or any financial markets professional who need to get a profound understanding of Foreign Exchange.

Learning Target

Participants confidently deal with FX spot, swap and forward transactions, currency options, using bid-offer spreads, recognize arbitrage-relationships, collateralization, structure and price simple strategies and understand the basics of standardized exotic options (in the sense of the ISDA Definitions). Participants will conduct option valuation and interpret risk management figures. A focus will be on understanding the meaning of hedge sensitivities (Greeks) in the context of trading and risk management, the relationships among these Greeks and Greeks of higher order. Participants will be able to structure risk management solutions for corporate treasury using vanilla and basic exotic options as their building blocks; these exotic options include mainly barrier, touch, digital options as well as variance and volatility swaps. Part of the working knowledge in FX options will include the FX volatility smile for vanilla options and apply vanilla structures to manage the risk of changing volatility and shape of the smile surface. Participants will be able to judge which combination of products cause which type of risk for different client types.


Lecture, discussion, individual and group exercises, case studies


5 Days



Functional Questions