ACI Danmark

      ACI Forex Danmark and ACI Australia

Proudly host

 The ACI Australia Dealing Simulation

30 Oct to 02 November 2023

Venue: Rungstedgaard Hotel, Rungsted Strandvej 107, 29060 Rungsted Kyst, Denmark

The FASTEST Way to Learn the Dynamics of the FX Market

Take on the role of FX Sales, Cash and Options Trading. Build an understanding of liquidity and execution risk and how to understand and facilitate, customer business on the only hands-on Simulated Dealing Course of its kind in the world!

There are many critical lessons to be learnt in understanding the workings of the foreign exchange market – What price should I make? What does my customer need? How do I manage my customers’ orders? How do I execute this risk on my or the customer’s behalf? What other risks do I need to manage? Theoretical knowledge can help but practical experience and training is paramount.

The ACI Australia Dealing Simulation is the fastest and most effective way to acquire that invaluable practical knowledge. Participants experience real-life simulated market scenarios over five high- impact days.

Run in accordance with the internationally- recognised FX Global Code of Conduct that     promotes and encourages markets best practice, integrity and professionalism.

Important information:

• Early Bird price 20k DKK ( EUR 2.700) + 1 year membership 1250,- (EUR 170)  if not already a member of ACI Danmark (Signing up before June16^th  2023)
• Normal price 22,5k DKK (EUR 3.025)+ 1 year membership 1250,- DKK (EUR 170)  if not already a member of ACI Danmark(Signing up after June 16^th 2023)

The sign up price covers the course, tuition and hotel at Rungstedgaard (30Oct-2Nov) If an extra night is needed, please let us know as soon as possible and  we can book that for you. The extra cost will be held by yourself.

Cancelation Policy:

• A 100% refund will be made for Cancelation notified in writing before August 1^st
• A 50% refund will be made for Cancelation notified in writing before September 1^st
• No refund will be given in respect of any Cancelation made after September 15^th

Global Sponsors

* The Full FX

* Refinitiv

* EBS Now part of CME GROUP

The 2023 course is now fully electronic, we have removed the broking desk and have added an extra liquidity provider on the electronic trading system to boost liquidity there, an additional CLOB is also being added to help teach VWAP, as well as TWAP, execution techniques. We have also dramatically increased the amount of customer business the teams see, via RFQ and the chat mechanism in the form of orders.

We continue to use an RFQ function as we believe this provides detailed insight and education into the processes behind the technology, so that delegates understand how the price is formed, the different ways to manage risk, and the challenges of quoting prices to clients in even the toughest circumstances. This has seen more delegates attend the course from middle office functions, as well as front, we have also seen an increasing number of attendees from the compliance and surveillance functions, as well as from technology teams.

We accept that in the modern world there is greater automation but feel there is still real value in providing that background knowledge as to what happens behind the machines

Likewise, while we understand that algos squeeze the time horizon for trading news events, it is important delegates understand why and how the market moves therefore, as is central to the Dealing Simulation Course, we enable them to learn through experience. While we have reduced the emphasis on P&L in recent years, it is still a useful tool for quantifying the difference between a proactive and passive response to events, flow, and other information.

Ethical debates have been added to the agenda to ensure that delegates understand key issues still facing the FX industry the grey areas that are inevitable in a principles-based document like the FX Global Code. These debates, which use real-life cases to provide context, are on subjects such as the repapering of trades; best execution; last look; and stop-losses. There are also ongoing discussions around incidents that arise during the live dealing sessions on the course.

The Chat Room is used for customer business, options execution and for market colour.

This has proven very useful on the courses to help put FX Global Code principles into action and to provide discussion points for the post-session brief.

Teams may also be required to use technical analysis to help with trading, options decisions and communication with clients to pass trading ideas and market colour.

The teams are now made up of two or three persons, with three principal roles

1)            Liquidity provider and execution trader

2)            Sales function and options trader.

3)            Technical analysis.

Above are some of the changes we have made to the DSC which we believe helps

provide the necessary grounding in risk management and liquidity in a modern

market structure framework.

Any Questions please do not hesitate to reach out.

The ACI Dealing Certificate New Version Exam has been designed to cover the basic competence skills for the new entrants in dealing floors and all other financial markets roles related to foreign exchange, interest rates and commodities instruments. The Syllabus has been built to allow basic understanding of these instruments and the related financial market segments, therefore providing the required competence level for existing or future financial markets professionals.

Career and Employer benefits of the ACI Dealing Certificate:

• Increase candidate opportunities nationally and internationally with a global qualification
• Fulfil the requirements established by financial services authorities for regulated activities
• Learn a global standard and a skill set which is unique in treasury
• Become part of a global community of thousands of ACI certificate holders
• Enable your organisation to successfully pass risk assessments conducted by regulators
• Staff members fulfil the requirements established by financial services authorities for regulated activities

The workshop is conducted over 4 days
Day 1:
– Money market instruments and calculations
– Repos
– Bonds

Day 2:
– Foreign exchange – spot, forwards, cross currencies, fx swaps etc

Day 3:
– Forward rate agreements
– Interest rate swaps
– Options
– Futures

Day 4
– Financial market applications including risk, Basel III, VAR, and a bit of ALM

• The workshop is very interactive with the delegates expected to do work after hours as well as during contact sessions

Cancelation rules:

Cancelation 1 month (before Oct.21st) before the course starts – fully refundable.

Cancelation less than 2 weeks (before nov.7th) before the course starts – 50% refund.

Cancelation less than 1 week (before Nov. 14th) before the course starts – no  refund.

Important: Participation in any course offered by ACI Forex Danmark requires a valid membership in ACI Forex Danmark. If you are not already a member of ACI Forex Danmark you can become one as part of the sign up process, assuming you fulfil the membership requirements (for more information visit our statutes on our webpage). Becoming member incurs an additional fee.

Note, this course will be 1 Day Remote + 5 days Phycial at Rungstedgaard Hotel ( 25k North of Copenhagen in beatiful surroundings)

Remote session –  Thursday 8/6/2023
4 sessions: 8.30 – 10.00; 10.30 – 12.00; 1.00 -2.30; 3.00 – 4.30

Topics to be covered:
Bonds:
Domestic, Foreign and Eurobonds
Some different types of bonds
Pricing

FRA’s:
Calendar spreads

Statistics:
Standard Deviation and Volatility

Face to Face Sessions – Monday 12 June – Friday 16 June

(Each day is extremely intensive.  Candidates should be familiar with much of this material, as they will already have passed the Dealing Certificate or have equivalent experience. Homework will be given at the end of each day)

Days 1 and 2:
The Foreign Exchange Market
·         Spot exchange rates, reciprocal rates and cross-rates
·         Roles of market-makers, brokers and electronic broking
·         Forward outrights and their uses and the relationship with the money markets
·         Forward swaps
premiums and discounts
cross-rate swaps
what is a swap deal?
settlement rates
historic rate rollovers
hedging forwards via deposits
·         Covered interest arbitrage and hedging a swap in the deposit market
·         Short dates
daily rollover of positions
·         Position-keeping: average rate, net position, and profit/loss
·         Forward-forward rates
·         NDFs
·         Time options
·         Value dates and broken dates interpolation
·         Long-dated foreign exchange forwards

Days 2 and 3:
The Money Markets
·         Time value of money, present value / future value, NPV
·         Calculation of simple yield on an investment
·         Simple and compound interest
·         Annual and semi-annual equivalent yields
·         Cash loans and deposits
reference fixing rates
yield curve shapes and theories
·         Day / year conventions
converting between ‘bond’ and ‘money market’ yields
·         Certificates of deposit
calculation of settlement amounts
price / yield relationship
accrued coupon, capital gain/loss
domestic, foreign, and Euro securities
·         Discount instruments
T-bills, commercial paper, bills of exchange
·         Discount instruments
T-bills, commercial paper, bills of exchange
calculation of settlement amounts
discount / yield calculations
·         Comparison of yields quoted according to different conventions

Forward-forwards and FRAs
·         Forward-forward interest rates
·         The yield curve
·         FRAs
the mechanics
uses by borrowers, depositors and position-takers
documentation and rate-fixing
·         Arbitraging with FRAs and FX

Day 3:
Bond Markets
Zero-coupon bonds
bond STRIPs
·         Zero-coupon yield calculations
bootstrapping ytm to zeros
valuation of a bond
calculation of par yield from zeros
·         Bond futures
cash-and-carry arbitrage
·         Price sensitivity of bonds
calculation of duration and modified duration, annual and semi-annual bonds
calculation of portfolio duration and modified duration
hedging a bond position
·         Rating systems

Repos, Sell/Buy-Backs and Securities Lending
·         Classic repo
market conventions and terminology
pricing
general v. special collateral
margin
marking to market
substitution
cross-currency repos
triparty v. bilateral v. hold-in custody repos
documentation
·         Users, applications and examples of repos
·         Buy/sell-backs
pricing the buy / sell-back structure
coupons
close-out and re-pricing
·         Securities lending
comparison with repo and buy/sell-back
·         Synthetic repo structures

Days 4 and 5:
The Futures Markets
·         Pricing interest rate futures
·         The futures markets
the mechanics of trading
tick values
currency futures markets
futures compared to OTC markets
·         Trading strategies
calendar spreads
futures strips
butterfly, condor
calculation of P/L
·         Arbitrage between FRAs and futures
·         Hedging a FRA with futures
strip hedge, stack hedge, basis risk
calculation of FRA rate and hedge
·         Hedging forward-forward FX using FRAs and futures
·         Basis
definition and calculation of basis, theoretical basis and value basis
convergence
·         Convexity problem
·         Volume and open interest
calculation of open interest

Interest Rate Swaps
·         Concepts and swap pricing
comparative advantage
·         Mechanics of swaps
·         Applications, asset and liability swaps
·         Price quotation
day / year payment basis and calculations
annual and semi-annual
spread over Treasuries
·         Calculating all-in cost of borrowing / all-in return on an asset swap
·         Settlement calculations
·         Swap structures
basis swaps
constant maturity
OIS
total return
·         Hedging swap positions
·         Valuation
the use of zero-coupon yields
·         Creating a 12-month swap from a strip of futures / FRAs

Currency Swaps
·         NPV and swap pricing
·         Applications
·         Comparison with foreign exchange forwards
·         Settlement calculations

Currency and Interest Rate Options
·         Basic concepts, definitions and terminology
·         Pricing
underlying concepts
historic and implied volatility
limitations of Black & Scholes
‘European’ and ‘American’ options
binomial models
different ways of quoting a currency option price
·         Historic and market volatility
·         Put / call parity
synthetic forwards
·         Exchange-traded options
price quotation
margin
·         Profit / loss of a position
·         Trading strategies
spread
straddle
strangle
risk reversal
butterfly

• Interest rate hedging
  IRGs, caps, floors, collars and zero-cost structures
  ·         Hedging a cap / floor from calls and puts
  ·         Survey of exotic options
  barrier, Asian, swaption, compound, binary
  ·         Delta hedging a position
  ·         Gamma hedging
  ·         Vega, Theta and Rho

Cancelation rules:

Cancelation 1 month before the course starts – fully refundable.

Cancelation less than 2 weeks before the course starts – 50% refund.

Cancelation less than 1 week before the course starts – no  refund.

Important: Participation in any course offered by ACI Forex Danmark requires a valid membership in ACI Forex Danmark. If you are not already a member of ACI Forex Danmark you can become one as part of the sign up process, assuming you fulfil the membership requirements (for more information visit our statutes on our webpage). Becoming member incurs an additional fee.

1. Target Group for the ACI Operations Certificate
   • Recent Entrants to the Operations Department (Back-Office)
   • Other Trading Room Support Areas
   • Internal and external auditors
   • Compliance and Risk Officers
   • Product control staff
   • Vendors

There are 5 core subjects areas in the ACI Operations Certificate New Version Exam:

• Financial Markets Environment
• Foreign Exchange
• Rates (Money and Interest Rate Markets)
• FICC (Fixed Income, Currency and Commodities) Derivatives
• Financial Markets Applications

2. Course Fee covers education material and tuition. ACI Forex Danmark membership and Exams are charged separately.
3. More information: ACI Operations Certificate Exams | ACI Financial Markets Association (ACI FMA)
4. Maximum of attendees is set to 12.

Important: Participation in any course offered by ACI Forex Danmark requires a valid membership in ACI Forex Danmark. If you are not already a member of ACI Forex Danmark you can become one as part of the sign up process, assuming you fulfil the membership requirements (for more information visit our statutes on our webpage). Becoming member incurs an additional fee.

The four-day ACI Dealing Certificate exam preparation course is a comprehensive financial markets course. The course is originally developed for people who are working at front-offices of treasury departments of banks and other financial institutions. Because of the fact that an increasing number of transactions are concluded via trading platforms nowadays, however, it becomes increasingly important that also IT specialists have a thorough understanding of traded instruments and market conventions. Another example of staff for whom the course is very beneficial are risk managers.

This intense and interactive training course thoroughly prepares the candidates for the ACI exam. Each training session consists of a short introduction about a core exam subject after which the candidates will be given the opportunity to test the newly acquired knowledge by answering questions that are similar to those in the official exam. During the course, the participants are strongly encouraged to ask questions themselves and also to share their own knowledge and experience with the group. After each session, the students are required to make home-work questions for which the assessed needed time is one hour per training day. The course comes with a e-learning tool with, amongst others, over 600 practice questions and an exam simulator. The e-learning is especially relevant to study the Financial Markets Environment part and the Applications Part because these topics will only be discussed briefly during the course.

Day 1: Rates

• Interest Calculations
• Accumulation Factors and Discount Factors
• Yield curves
• Forward Yields

• Money Market Paper
• Deposits
• Bonds
• Repurchase Agreements
• Securities Finance
• Islamic Banking

Day 2: Foreign Exchange 1

• FX Quotations
• Cross Rates
• FX Forward Rates
• FX Forwards and  Trading before the Spot
• FX Swaps
• O/N and T/N swaps, Forward Forward Swaps
• NDFs and Time Options

Day 3: Foreign Exchange 2 and Options

• Performance Measurement with FX Trading Positions
• Covered Interest Arbitrage
• Precious Metals

• Features of Options
• The Greeks
• Delta position and delta hedging
• Strangles and Straddles
• Interest Rate Options

Day 4: Interest Rate Derivatives / Financial Markets Environment and Risk

• FRAs
• Money Market Futures
• Interest Rate Swaps
• Financial Markets Environment
• Risk

Your trainer will be Lex van der Wielen
Lex worked with ABN AMRO Bank on the Asset and Liability Management department and as Commercial Paper Broker. Then he joined ING Bank as Head of a Treasury Desk. He also worked for the Dutch State Treasury Agency where he was responsible for setting up a market risk management department. In 2006 he has founded the Financial Markets Academy. Since 2014 he is also associated with the University of Amsterdam. Lex is the author of a number of text books in the area of the financial markets. His books differ from other books by the clear and simple way in which they describe the sometimes difficult concepts. Lex is a passionate teacher who strives intensively to share his enthusiasm with his students.

Cancelation rules:

Cancelation 1 month before the course starts – fully refundable.

Cancelation less than 2 weeks before the course starts – 50% refund.

Cancelation less than 1 week before the course starts – no  refund.

Important: Participation in any course offered by ACI Forex Danmark requires a valid membership in ACI Forex Danmark. If you are not already a member of ACI Forex Danmark you can become one as part of the sign up process, assuming you fulfil the membership requirements (for more information visit our statutes on our webpage). Becoming member incurs an additional fee.

From January 2017, ACI has taken over the management of test centres to improve the service we provide to exam candidates and members. Please use the link below to register and/or to indicate where you wish to sit an exam.

ACI oversees an extensive and ever-growing Test Centre network with over 130 centres available to exam participants in more than 90 countries. Through our Test Centre partnerships further locations are continually being added. If you would like to register for an exam in a country which is not listed, please do specify the country in the corresponding field and we will do our best to organise an exam seat in a location nearest to you.