ACI Dealing Certificate Preparation Course – Money Markets: Products & Market Discipline
Due to acceleration in the flow of knowledge, including the fields of financial markets and exchange markets, the ROMANIAN BANKING INSTITUTE in cooperation with MG FINANCIAL TRAINING & CONSULTANCY, Netherlands launches a new series for the prestigious international program ACI DEALING CERTIFICATE Preparation Course in November 2017.
The ACI Certification is a must in today’s trading rooms.
In the ACI – The Financial Markets Association own definition, “The ACI Dealing Certificate is a foundation programme that allows candidates to acquire a working knowledge of the structure and operation of the major foreign exchange and money markets as well as their core products (cash, forwards and derivatives), and the basic skills required for competent participation, including the ability to apply the fundamental mathematics used in these markets. Candidates should also be able to apply The Model Code to their situation“.
The purpose of this intensive 6 days preparation course is to guide and assist the participants in their study effort to pass the examination leading to the ACI certification. All the items subject to examination will be discussed, reviewed, practiced and tested.
WHO SHOULD ATTEND
The course is developed to support those who are en route to sitting the examination for the ACI Dealing Certificate.
The course is designed for the following groups:
- new entrants and junior dealers (0-18 month’s experience) in the dealing room
- middle office and operations personnel
- auditors and compliance officers
Despite the specificity of the content, the course can be very useful for those who are active in or anyhow linked with the Financial or Capital Markets.
Other professionals potentially interested in this qualification:
- Relationship Bankers
- Account Managers
- Corporate treasurers
Based on the Syllabus of the ACI Certificate, all items object of the examination will be addressed:
Basic Interest Rate Calculations; Cash Money Markets; Foreign Exchange; Forward-Forward, FRAs and Money Market Futures and Swaps; Options; Principles of Asset & Liability Management; Principles of Risk; The Model Code.
The participants will be practicing on exam-like questions. The goal is to prepare for the examination.
In addition to the classroom material, participants will receive the “Financial Markets and the ACI Dealing Certificate 3I0-012” textbook, author Phil Parker, complete with the WinForex ‘Lite’ module for self-testing.
- Basic Interest Rate Calculations
Overall Objective: To understand the principles of the time value of money. To be able to calculate short-term interest rates and yields, including forward-forward rates, and to use these interest rates and yields to calculate payments and evaluate alternative short-term funding and investment opportunities.
Candidates should know what information is plotted in a yield curve, the terminology describing the overall shape of and basic movements in a curve and the classic theories which seek to explain changes in the shape of a curve. They should also know how to plot a forward curve and understand the relationship between a yield curve and forward curves.
- Cash Money Markets
Overall Objective: To understand the function of the money market, the differences and similarities between the major types of cash money market instrument and how they satisfy the requirements of different types of borrower and lender. To know how each type of instrument is quoted, the quotation, value date, maturity and payment conventions that apply and how to perform standard calculations using quoted prices. Given the greater inherent complexity of repo, a good working knowledge is required of its nature and mechanics.
- Foreign Exchange
Overall Objective: To understand and be able to apply spot exchange rate quotations. To understand basic spot FX dealing terminology and the role of specialist types of intermediary. To recognise the principal risks in spot and forward FX transactions. To calculate and apply forward FX rates, and understand how forward rates are quoted. To understand the relationship between forward rates and interest rates. To understand time options. To be able to describe the mechanics of outright forwards, FX swaps and forward-forward FX swaps, explain the use of outright forwards in taking currency risk and explain the use of FX swaps in rolling spot positions, hedging outright forwards, creating synthetic foreign currency assets and liabilities, and in covered interest arbitrage. To display a good working knowledge and understanding of the rationale for NDFs. To be able to recognise and use quotes for precious metals, and demonstrate a basic understanding of the structure and operation of the international market in precious metals.
- Forward-Forward, FRAs and Money Market Futures & Swaps
Overall Objective: To understand the mechanics of and how to use money market interest rate derivatives to hedge interest rate risk. To calculate settlement amounts in different derivative instruments.
Overall Objective: To understand the fundamentals of options. To recognise the principal classes and types, and understand the terminology, how they are quoted in the market, how their value changes with the price of the underlying asset and the other principal factors determining the premium, how the risk on an option is measured and how they are delta hedged. To recognize basic option strategies and understand their purpose.
- Principles of Asset & Liability Management
Overall Objective: To understand the fundamentals of Asset & Liability Management as a practice of managing and hedging risks that arise due to mismatches between the asset side and the liability side of the balance sheets of a bank. To explain how main risk factors like funding and liquidity risk, market risk (FX, Interest Rate, Equity, Commodity, etc.), credit risk, leverage risk, business risk and operational risk are interrelated and how they affect the balance sheet of a financial institution. To describe common risk management and hedging techniques which help control these effects and to understand how these techniques are used to set up a state-of-the-art ALM approach.
- Principles of Risk
Overall Objective: To understand why risk is inherent in banks business models and why effective risk management is a key driver for banks success.
Candidates will be Syllabus – ACI Dealing Certificate able to describe major risk groups: credit, market, liquidity, operational, legal, regulatory, and reputation risk. They will understand the significance of risk groups for different banking businesses and units.
Candidates will also get an overview about methods and procedures needed to manage these risk types and extend their understanding to different risk/return profiles of shareholders, regulators and debt providers.
- The Model Code
Overall Objective: For candidates to have a thorough knowledge of the provisions of the Model Code and market practices, with particular emphasis on high standards of integrity, conduct and professionalism as well as the monitor and control mechanisms to be introduced to protect individuals and their institutions from undue risks and resultant losses.
Moreno GIRALDI has over 30 years of experience as a trader, salesman and trainer in Foreign Exchange and Money Markets. His experience started in Italy, where he worked as FX Trader at San Paolo Bank. In 1989, he joined ABN AMRO Bank in the Netherlands. His work there covered trading Money Market instruments and using a variety of off-balance sheet instruments. At a later stage, he created and coordinated a sales team covering FX, Money Market and Fixed Income products dedicated to servicing Central Banks worldwide. After leaving ABN AMRO Bank in 2007, he dedicated himself to international training projects. Since 2009, he is the founder of M.G. Financial Training and Consultancy, offering in-house and open enrolment trainings on financial market products. In addition to training in the Netherlands, he has also been active in Luxembourg (in cooperation with Thomson Reuters) and in Romania (in cooperation with ACI Romania) for several years. Among other trainings, he offers the ACI Dealing and the Operations Certificate exam-training. A dedicated and enthusiastic lecturer, his trainings are practical and interactive, and include computer simulations of real-life work situations, thus enabling his students to have immediate practical application of their newly gained knowledge.
TRAINING PACKAGE (2 Months)
- 6 full days of classroom courses, on a block-release basis (2 x 3 days) on October 25-26-27, 2018 & November 16-17, 2019, from 9.00 to 17.00, to allow the candidates to assimilate the topics and exam techniques
- One intermediary test (progress test), followed by individual feedback and detailed personalized evaluations from the lecturer
- Exam tips & mock exam will be provided
- “Financial Markets and the ACI Dealing Certificate 3I0-012” textbook, author Phil Parker, including the WinForex ‘Lite’ module for self-testing
- Lecturer’s notes and handouts
- Individual coaching to encourage candidates to team up in sub-groups, in order to enhance interaction
- Lecturer’s permanent contact with the candidates between and after the classroom training sessions, through individual e-mails, until the final exam
- A teamwork approach to stimulate and promote professional networking among the candidates
For further information and enrollment, please contact the Romanian Banking Institute:
Mihaela Radu, Training Specialist
Tel: 0748.886.807, e-mail: firstname.lastname@example.org