Global Markets Training

In this one day workshop delegates will learn: How STIR Futures integrate with other money market products like Overnight Index Swaps and FRA’s as well as capital market instruments such as bonds and swaps; How to use STIR futures to hedge bonds and swap positions; How to trade STIR futures against other products and be able to indentify the ensuing opportunities but also the risks such as credit risk or convexity; How to construct advanced trading strategies; How to use STIR futures as implied financing for carry trades on stock indices or currencies.

Delegates should ensure they are familiar with the basics of STIR Future mechanics, pricing and hedging before coming on this course.
 

	Date: November 3, 2010
	Duration: One day (9.00am to 5.00pm)
	Location: London Chamber of Commerce – London, UK
	Trainer: Stephen Aikin
	Course fee: £895 + VAT – Register online

Course Outline

Using STIR Futures – Hedging Bonds and Swaps
+ Introduction to Bonds
+ How bond duration differs from STIR duration
+ Hedging bonds using STIRs
+ Hedging Bond futures with STIRs
+ Swaps and swap risk factors
+ Hedging swaps by time buckets
+ Adjusting for the convexity bias

STIR Futures and Money Market Instruments
+ Types of money market instruments and how they relate to STIR futures: LIBOR; EURIBOR; Depos; Overnight Index Swaps; General Collateral Repo; Forward Rate Agreements
+ Central Bank Policy Rates
+ Inferring market expectations of interest rate changes from STIR futures and other money market instruments

Using STIR Futures – Cross-market Relative Value Trading
+ Term spreads with bond futures
+ The choice of Stacks, Packs and Bundles
+ Term spreads with swap futures
+ OIS/STIR
+ Fed funds/Eurodollar
+ Synthetic Index calendar spreads
+ Synthetic FX Calendars
+ WORKSHOP: Trading strategies – Constructing term spreads and implied financing trades