Welcome to
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.
Courses & Certificates
Courses are offered exclusively to members of ACI Danmark.
Education
There are 5 core subjects areas in the ACI Operations Certificate New Version Exam:
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.
4 days
Education
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
Day 2: Foreign Exchange 1
Day 3: Foreign Exchange 2 and Options
Day 4: Interest Rate Derivatives / Financial Markets Environment and 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.
4 days
Education
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
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.
6 days
Education
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
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!
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.
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.
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.
4 days
Education
4 days
Education
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.
-
Education
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.
5 days
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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.
Announcements & Current News
News
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.
News
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
News
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.
News
You may find a short introduction to ACI FMA and ELAC here
News
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
News
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.
News
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.
