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Course List
Introduction to the Securities Industry
 
Introduction to the Securities Industry
Introduction to U.S. Securities Processing
Securities Lending and Borrowing : An Operations Perspective
Foundations of Investment Management and Buyside Operations
Dealing with Change in the Financial Markets
Collateral Management: An Operations Perspective
International Issues
 
International Securities Operations
International Portfolio Accounting
Foreign Currency: Markets, Clearance, Settlement & Accounting
Foreign Exchange: Lifecycle of a Trade
Corporate Actions
 
U.S. Domestic Corporate Actions
Global Corporate Actions
Capital Markets
 
Capital Markets Overview
Capital Market Economics - Investigating the Linkages Between the Real Economy and the Financial Markets
Portfolio Management
 
Portfolio Management
Securities Analysis
Managing Risk
 
Risk in a Global Market - Management and Operational Challenges Looking Forward
Financial Management
 
Financial Accounting and Financial Mathematics
Financial Statement Analysis
Fixed Income Securities
 
Bond Math: Mathematics of the Fixed Income Market
Structured Securities: MBS, ABS, CDOs
Introduction to Fixed Income Products
Accounting for Fixed Income Securities and Derivatives
Mortgage-Backed Securities
Collateralized Debt Obligations and Credit Default Swaps (CDOs and CDS)
Fixed Income Analytics
Interest Rate Swaps and Credit Default Swaps
Fixed Income Securities Trade Processing and Operations
Accounting, Regulatory & Management
 
Stock Brokerage Accounting & Securities Regulations
Introduction to Private Equity Markets
Trading After the Volcker Rule
Dodd-Frank for Non-US Derivatives Users
Complying with the MiFID II/MAR Rules
Derivatives
 
Introduction to Derivative Products
Derivatives: Markets, Operations, Accounting & Control
Derivative Products: Risk Management and Valuation
Option Valuation and Trading
Equity Derivatives: Futures and Swaps
Interest Rate Futures and Swaps
Introduction to Options: Products, Trading & Processing
Swaps Processing and Operations
Commodity Futures: Energy, Metals and Agricultural
Equity Options: Strategies, Accounting and Operations
Mutual Funds
 
Introduction to Mutual Funds
Mutual Fund Operations

Course Description
Commodity Futures: Energy, Metals and Agricultural
Available Dates:
There are no dates available.
Course Code: 821
Duration: 1 day
Level: Basic
Fee: $795.00
CPE Credits: 7
Prerequisite: No Prerequisite Required

This one-day seminar provides participants with a broad introduction to the most actively traded energy, metals and agricultural futures contracts and markets. The presentation will focus on how these futures are used by market participants in a variety of trading and risk management applications.

The session will begin with a discussion of the fundamentals of futures: contract features, related terminology and definitions.  After familiarizing participants with these basics, the presentation will turn to a detailed discussion of the most important energy (crude oil, heating oil, gasoline, natural gas and electricity), metals (gold, silver, copper and aluminum) and agricultural (soy beans, wheat, corn, coffee and sugar) futures contracts.

There will be a segment of the presentation devoted to each of these important commodities.  Each segment will begin with an introduction to the terms of the futures contract (number of units of underlying commodity, deliverable grades, price quotes, delivery points, margins, etc.).  

This will be followed by a discussion of the structure of the market for the underlying commodity (primary factors influencing supply and demand, major producers and users of the commodity, storage and transportation/transmission issues, etc.). The discussion of market structure will set up the ensuing discussion of the forward price curve and how market factors will affect the shape of the curve and how it adjusts over time.

The final portion of each segment will focus on market participants and how they use futures contracts in their risk management and speculative strategies (user/long hedges, producer/short hedges, processor hedges/crack spread, long and short positioning by investors, etc.).

This seminar would be useful for anyone whose duties entail some exposure to commodity futures and the program would be especially helpful to those working in areas supporting futures trading or sales as well as middle and back office areas such as clearance and settlement, compliance, financial control, information technology, portfolio administration or marketing. 

Topics for Discussion Include:

Review of Futures Contracts Fundamentals

  • Contract features and cash flows
  • Creating exposures - long and/or short positioning by asset managers
  • Hedging price risks - producers (short hedgers), users/consumers (long hedgers) and processors/middlemen (long and short hedgers)

The Metals Markets

    • Gold, silver, aluminum, copper & steel
    • Key information about physical markets
  • The Metals Futures Contracts:
  • Contract specifications, margin & forward curves

  • Market Participants
  • Hedging Strategies
  • Hedging forward price risk
  • Contango and backwardation
  • The Energy Markets 
  • Crude oil, heating oil, natural gas & electricity
  • Key information about physical markets
  • The Energy Futures Contracts:
  • Contract specifications, margin & forward curves
  • Energy Market Participants
  • Hedging Strategies
  • Hedging forward price risk
  • Crack spreads: calculation, mechanics & strategies
  • Electricity markets: price spikes, lack of storability

The Agricultural Markets 

  • Soy beans, wheat, corn, coffee and sugar
  • Key information about physical markets
  • The Agricultural Futures Contracts:
  • Contract specifications, Margin & Forward Curves
  • Ag Market Participants
  • Hedging Strategies
  • Hedging forward price risk
  • Crush spreads: calculation, mechanics & strategies
  • Seasonal production and crop years