Welcome to

ACI Danmark

Our aim is to heighten the professional and ethical level amongst members. To elevate the effectiveness of the currency markets. To work for a good co-operation amongst currency traders inside Denmark as well as towards foreign financial institutions.

About us Education

Courses & Certificates

EDUCATION

Courses are offered exclusively to members of ACI Danmark.

 

Education
ACI Danmark

ACI Operations Certificate Week 21 2023

 

  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
  1. Course Fee covers education material and tuition. ACI Forex Danmark membership and Exams are charged separately.
  2. More information: ACI Operations Certificate Exams | ACI Financial Markets Association (ACI FMA)
  3. 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.

Start date: 23. May 2023
Duration:

4 days

Location: Online
Registration: Available
Education
ACI Danmark

ACI Dealing Certificate Week 13 2023

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.

Start date: 27. March 2023
Duration:

4 days

Location: Rungstedgaard Hotel, Rungsted Strandvej 107, 2960 Rungsted, Denmark
Registration: Available
Education
ACI Danmark

ACI Diploma Course Week 24 2023

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.

Start date: 8. June 2023
Duration:

6 days

Location: Rungstedgaard Hotel, Rungsted Strandvej 107, 2960 Rungsted, Denmark
Registration: Available
Education
ACI Danmark

ACI Simulation Course incl. Exam

Start date: 20. November 2021
Duration:

4 days

Location: Online
Registration:
Education
ACIFMA

ACI Online FX Global Code Exam

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.

Start date: 6. November 2021
Duration:
Location: Online
Registration:

-

Education
ACIFMA

Book Exam. Test

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.

Start date: 28. November 2021
Duration:

5 days

Location: Online
Registration:

-

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BECOME A MEMBER TODAY

Become an ACI Danmark Member today. If you want to become a new ACI member, you can sign up by following the link below, and signing the form.

Become a member Contact us here

Announcements & Current News

NEWS FROM ACI DANMARK

News
News

GFXC meets in Zurich to approve work programme.

The Global Foreign Exchange Committee (GFXC) met in Zurich on 27–28 June in-person, with the option of virtual participation. The majority of GFXC members met physically for the first time since the outbreak of the coronavirus pandemic. The GFXC meeting was led by its Chair, Andréa Maechler of the Swiss National Bank, and its Co-Vice Chairs, Richard de Roos of Standard Bank and Stefanie Holtze-Jen of Deutsche Bank.

The GFXC agreed on the work programme for the next two years, which will cover the interim period until the next three-year Code review. Discussion on the programme began at the previous GFXC meeting in December 2021, and Local Foreign Exchange Committee (LFXC) members expressed their interests and priorities in a survey in February 2022. The results of the survey and conclusions were shared with LFXCs in May 2022. Andréa Maechler indicated, “Our priorities going forward are clear. Almost a year since the publication of the revised Code a number of market participants have signed up to the Code and the GFXC expects those who have not yet renewed their Statement of Commitment to do so shortly. In order to foster even more widespread adoption of the Code, the GFXC must continue its efforts in ensuring that the cost of adherence reflects a market participant’s role in the FX market and that the tangible benefits of adherence are well understood.”

You may find more information here.

 

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News
Announcement

The new website is finally online

Time had caught up with our website, and late last year the board decided  that the time had come for a major upgrade.

We are therefore pleased that we can go live with a modernized website where You can quickly and easily find the information You are looking for.

Should You have any questions or comments, please feel free to contact us.

On behalf of the board

Thomas and Michal

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News
News

ACI FMA Remote Council Meeting, 17th June 2020

For the 1st time in ACI FMA’s history and due to COVID-19 outbreak, the Council meeting was successfully held remotely.

The meeting took place last 17th of June, via video conference and was attended by more than 40 participants.

Read more here.

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News
News

Introduction of ACI FMA and ELAC

You may find a short introduction to ACI FMA and ELAC here

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News
News

ACI Danmark er kommet på LinkedIn

Det er ofte hurtigere og nemmere at tilgå informationer i et feed end på en hjemmeside.

Vi har derfor oprettet en side på LinkedIn, som vi håber, at du som medlem finder nyttig.

Vi vil løbende sørge for, at der bliver slået relevante nyheder og informationer op.

Du kan finde vores side på LinkedIn her

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News
Announcement

Jørn “Luffe” Sodborg valgt som co-præsident for ACI FMA Europe

I en proces ledet af ACI FMA-præsident, Kim Winding Larsen, ansøgte kandidaterne Marc De Bosscher og Jørn Luffe Sodborg om den stilling, der var blevet åben siden Marc De Bosschers oprindelige periode som ACI FMA Europe co-præsident sluttede i maj 2021.

Den nyvalgte ACI FMA Europe co-præsident vil arbejde tæt sammen med Branko Petrovic, ACI FMA Europe co-præsident og respektere den struktur, der blev indført af ACI FMA Europe i begyndelsen af ​​året, så de vil sammen definere de fremtidige strategier og aktioner for regionen.

Luffe overtager den nye rolle med virkning fra den 9. juni 2021.

Vi ønsker Luffe tillykke med valget.

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News
Announcement

GFXC har opdateret FX Global Code

15. juli 2021

GFXC har afsluttet sin gennemgang af FX Global Code og opdateret principperne for god praksis på valutamarkedet inden for flere nøgleområder. Komitéen offentliggør også skabeloner, som markedsdeltagere kan bruge til at forbedre oplysninger og hjælpe med transaktionsomkostningsanalyse.

GFXC’s opdateringer til FX Global Code følger en omfattende konsultationsproces med de lokale komiteer rundt om i verden og en offentlig anmodning om feedback i april.

Der er foretaget opdateringer til 11 af kodeksets 55 principper og styrker kodeksets vejledning om anonym handel, algoritmisk handel og analyse af transaktionsomkostninger, oplysninger og afviklingsrisiko.

Se mere på GFXC’s hjemmeside.

Du kan finde den opdaterede FXGC her.

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DOMESTIC EVENTS

Save the date – ACI Danmark Annual Assembly 2022

Please Save the Date and join us on this  occasion.

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Senior Management Forum 2022

SAVE THE DAY The programme will be published as soon as possible.

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Referat af generalforsamling 2021

Dagsorden i henhold til vedtægter Valg af dirigent Præsidentens beretning Godkendelse af regnskab Indkomne forslag. Forslag skal være bestyrelsen i hænde senest 14 dage før generalforsamlingen. Bestyrelsen sender indkomne forslag til medlemmer via bankernes kontaktperson senest 5 dage før afholdelsen. Valg af bestyrelsesmedlemmer. Poul Erik Christensen, SparNord og Rene Simonsen, ICAP. Begge er villige til […]

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