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

  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
  2. Course Content
    • Overall Financial Market and Front to End Treasury View
    • Deal Capture, Trade Entry and Confirmations
    • Settlement, Netting and Clearing
    • Reconciliations and Investigations
    • Treasury Systems and Data Managemen
    • Risk Management, Controls, Compliance and Documentation
    • Foreign Exchange
    • Money Market
    • Derivatives
    • Short Term Bonds and Notes
  3. Course Fee covers education material and tuition. ACI Forex Danmark membership and Exams are charged separately.
  4. More information: ACI Operations Certificate Exams | ACI Financial Markets Association (ACI FMA)
  5. Maximum of antendees is set to 12.
Start date: 7. November 2022
Duration:

4 days

Location: Online
Registration: Few available spots
Education
ACI Danmark

ACI Dealing Certificate week 40

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

Start date: 4. October 2022
Duration:

4 days

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

ACI Dealing Certificate Week 41

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.

Start date: 10. October 2022
Duration:

4 days

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

ACI Diploma

Note, this course will be 1 Day Remote + 5 days Phycial at Rungstedgaard Hotel!

Remote session –  Thursday 19/5/2022
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 30 May – Friday 3 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
Start date: 19. May 2022
Duration:

6 days

Location: Rungstedgaard Hotel, Rungsted Strandvej 107, 2960 Rungsted, Denmark
Registration:
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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