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Agenda Overview

DAY ONE: Tuesday 25th June 2013

 

DAY ONE - 25 JUNE 2013

08:00     Registration & coffee

 

09:00-09.45

Session 1

Introduction and overview of the steam coal physical market

 

Instructor: Guillaume Perret, Director, Perret Associates

 

·         Course outline and organisation

·         Introduction to teaching faculty and delegates

·         Summary of the steam coal physical market

·         The importance of risk management in coal and commodities training

 

09.45 – 10.30

Session 2

Key quality parameters relevant for steam coal pricing

 

Instructor: Senior Representative, Inspectorate International Ltd, a Bureau Veritas Company

 

·         Which are the most important quality criteria for steam coal?

·         How are they determined?

·         How do they impact on prices?

 

10:30     Networking refreshment break

 

11:00-12:30

Session 3

The steam coal derivatives market

 

Instructor: Guillaume Perret, Director, Perret Associates

 

·         Main coal derivatives products: historical trading volumes, liquidity,  volatility and methodology

·         The permanent evolution of the market structure and new entrants  – principals, brokers, exchanges

·         How does a financial swap work?

·         New products in development

·         Case studies: interactive risk management examples for suppliers, end users and traders

 

12:30     Networking lunch

 

 

 

14:00 – 15:45

Session 4

Using derivatives for risk management

 

·         Case studies: interactive risk management examples for suppliers, end users and traders

 

15:45     Networking refreshment break

 

16:00-17:00

Session 5

Mark-to-market and forward curve

 

Instructor: Guillaume Perret, Director, Perret Associates

 

·         What is mark-to-market and why is it so critical for trading companies?

·         Implications and potential pitfalls

·         Mark-to-market of financial and physical positions

·         Price forecast versus forward curve

·         What can we learn from contango and backwardation and why is the switch between the two critical?

·         Case study: forward curve trading

 

17:00     Networking drinks reception

 

DAY TWO: Wednesday 26th June

 
DAY TWO - 26 JUNE 2013

08:30     Morning coffee

 

09:00-10:00

Session 6

Trading the physical coal market

 

Instructor:  Adrian Hills, Market Manager, globalCOAL  

 

·         Is physical coal a commodity?

·         Role of globalCOAL in the commoditisation of steam coal

·         Current developments in standardise contracting

·         Physical contract pricing – options & trends

·         Exchange of futures for physical – how does it work?

·         Physically settled futures contracts – the basics

 

10:30     Networking refreshment break

 

 

10:30-12:30

Session 7

Case study

 

Instructor: Guillaume Perret, Director, Perret Associates

 

·         Interactive case study emphasising pitfalls to avoid in commodity trading

·         Lessons to be applied in the coal market

 

12:30     Networking lunch

 

 

14:00-15:30

Session 8

Introduction to options

 

Instructor: Guillaume Perret, Director, Perret Associates

 

·         Definitions – call, put, strike, premium and other essential concepts

·         Premium calculation and the Black Scholes Model

·         Practical examples: How traders use options

·         Risks and pitfalls

 

15:30     Networking refreshment break

 

 

16:00-17:00

Session 9

What traders and brokers do: Over-the-counter trading mechanisms

 

Instructor: Paul Graham-Clarke, Managing Director, London Commodity Brokers

 

·         Step-by-step worked example of a derivatives deal

·         Snapshot of trading screens. Screen trading versus voice trading

·         Different ways to trade coal derivatives – over-the-counter or through exchanges

·         Required infrastructure to support trading activities

·         Dealing in the iron ore swap market

·         Developments in coking coal as it heads towards exchange traded swaps

 

 

 

 

 

DAY THREE: Thursday 27th June

 

DAY THREE - 27 JUNE 2013

08:30     Morning coffee

 

09:00- 10:00

Session 10

Understanding risk management indicators

 

Instructor: Guillaume Perret, Director, Perret Associates

 

·         Volatility, correlation, delta, value-at-risk and other risk measures

·         Easy and useful ways to calculate these indicators

·         Avoiding the false sense of security they can provide

·         Introduction to more sophisticated risk management systems

 

10:00     Networking refreshment break

 

 

10:15-11:15

Session 11

Use of structured derivatives to manage coal price exposures

 

Instructor: Tim Knight, Managing Director, BNP Paribas Futures Limited

 

  • Structured financing solutions
  • Advance options: collar
  • Interactive case studies

 

11:15-12:15

Session 12

Clearing: Another way to address counterparty risk

 

Instructor:

Louise Croucher, Director, Energy Products, CME Group

Jonathon Jachym, Executive Director, Government Relations, CME Group

Also accompanied by Matthew Glass as a third representative (replacing Tina Hasenpusch)

 

·         What is clearing?

·         Clearing mechanisms – exchange, clearing house, clearing members

·         Implications for market participants – marked-to-market, initial margins, daily margins, cash flows

·         Implication of the new regulation: Dodd Frank, EMIR

·         Interactive examples

 

12:15     Networking lunch

13:15-14:15

Session 13

Introduction to technical analysis

 

Instructor: Guillaume Perret, Director, Perret Associates

 

·         What is technical analysis?

·         Introduction to simple concept: support, resistance, trend, moving average, bars

·         How can technical analysis be used in steam coal trading?

 

14:15-15:00

Session 14

Setting up a derivatives desk and wrap-up

 

Instructor: Guillaume Perret, Director, Perret Associates

 

·         Typical trading floor organisation and business models

·         Departments’ responsibilities and inter-connections – front office, risk management, back office, credit, legal

·         Risk analysis and strategy implementation

·         Requirements to set up and develop a trading activity

·         Critical issues to consider and mistakes to avoid

·         Course wrap-up and next steps