Guy O’Loughnane – CFI Education – Foreign Exchange – Non-Deliverable Forwards

Description

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Guy O’Loughnane – CFI Education – Foreign Exchange – Non-Deliverable Forwards

Foreign Exchange – Non-Deliverable Forwards
Learn the benefits of using non-deliverable forwards and the intricacies of the NDF markets.

• Learn the benefits of using non-deliverable forwards
• Explore the NDF market and various product structures
• Identify strategies to manage and hedge against foreign exchange exposure

Overview
Foreign Exchange Non-Deliverable Forwards Course Overview
Some nations choose to protect their currency by disallowing trading on the international foreign exchange market, typically to prevent exchange rate volatility. Market participants can use non-deliverable forwards (“NDFs”) to transact in these non-convertible currencies. In this course, we will discuss how traders may use NDFs to manage and hedge against foreign exchange exposure. We will also take a look at various product structures, such as par forwards and historic rate rollovers. Lastly, we will outline several ways to negate or cancel an existing forward position that is no longer needed.

Foreign Exchange – Non-Deliverable Forwards Learning Objectives

• Explain non-deliverable forwards
• Compare regular and irregular settlement and fixing dates
• Identify NDF and DF risk limits and manage forward exposure
• Calculate settlement payments, broken dates, risk limits, par forwards, and historic rate rollovers
• Learn about the history of the Yen premium

Who Should Take This Course?
This course is designed for those who desire to work in or already work with FX trading, specifically in exotic markets where capital controls exist and it is not possible to construct a deliverable forward curve

What you’ll learn

Introduction
Introduction
Learning Objectives
Downloadable Materials

Non-Deliverable Forwards
Non-Deliverable Forwards Overview
NDF Structure
Settlement and Fixing Dates
Settlement Payment Calculation
Settlement Payment – Downloadable Files
NDF Price Determination
Onshore and Offshore Markets
Interactive Exercise 1
NDF Broken Dates Overview
NDF Broken Dates Example
NDF Broken Dates Downloadable Files
Setting Irregular Fixing and Settlement Dates
Setting Irregular Fixing and Settlement Dates Examples
Interactive Exercise 2
NDF and DF Risk Limits
NDF and DF Risk Limits Downloadable Files
Value at Risk
Interactive Exercise 3
Cross Product Limits
NDF Fixing Risk and TN Balances
Nostro Account Balancing
Risk Limiting Facilities
TriOptima
Interactive Exercise 4

Midway Check-in
Midway Check-In

More Complex Deliverable Forward Products
Par Forwards
Par Forwards Calculation
Historic Rate Rollovers
Historic Rate Rollover Calculation
Historic Rate Rollover Downloadable Files
Canceling a Forward Contract
Managing Forward Exposure Example
Trade Cancellation
Basis Risk

Case Study: The Yen Premium
Case Study The Yen Premium
Case Study The Yen Premium Continued
The Effects on the Forward Market
The Effects on the Forward Market Continued

Course Summary
Course Summary

This Course is Part of the Following Programs
Why stop here? Expand your skills and show your expertise with the professional, specializations.

All Capital Markets & Securities Analyst (CMSA)® Courses
Foreign Exchange – Non-Deliverable Forwards is part of the Capital Markets & Securities Analyst (CMSA)®, which includes 41 courses.

• Skills Learned
  Trading strategies used in the finance and capital markets
• Career Prep
  Work in capital markets, whether on the buy-side or the sell-side

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