Morning Session Introduction to the Derivative Market The origins of the market and Market Participants Hedgers – using the market to manage price risk Speculators – using the market to profit from favourable price movement Arbitrageurs – using the market to lock in risk free profits from mispricing Derivative Instruments Forwards contracts pricing of forwards and futures using the cost-of-carry model benefits and risks of using forward contracts Futures contracts the structure of a futures exchange the mechanism of the futures market benefits and risks of using futures contracts Options the basic characteristics of calls and puts benefits and risks of using options contracts Afternoon Session Hedging Foreign Exchange Risk Forward Exchange Contracts – FECs When to use FECs for importers and exporters Flexibility on drawdown using flexi-forwards the benefits and limitations of using FECs Currency options When to use options for importers or exporters Using calls or puts Option combination strategies to reduce premium cost The benefits and limitations of using options

Speakers

Andre Kurten

André holds BCom Honours degree from UNISA and is a CAIB (SA) with the Institute of Bankers in SA.

André is a Fellow of the South African Institute of Financial Markets and has served as a Governor on the board for over 17 years. He has extensive knowledge of banking, treasury and finance products.

André worked in the treasury at Nedcor for 9 years, where he traded money and bond markets. While at Nedcor, he was instrumental in establishing the interest rate derivative trading desk. André worked at two major interdealer brokers as a Director responsible for Interest rate derivative broking.

André worked at ABSA as Head of their agricultural derivatives trading desk in 1994. During his time at ABSA, André sat on the executive committee of the SA futures Exchange Agricultural Markets Division.

André worked for the SA Futures Exchange for a year as Assistant General Manager responsible for interest rate product development.

The ACI Financial Markets Association recognizes André as a training provider for both the ACI Dealing and Operations Certificate programs.

André has been training for 16 years and is extensively traveled having facilitated workshops and training interventions for many of the large multinational financial institutions from introductory to advanced level in Singapore, Hong Kong, Dubai, Oman, KSA, Malaysia, China, Sri Lanka, India, Pakistan, Uganda, Malawi, Zimbabwe, Zambia, Namibia, Kenya, Nigeria, Ghana, and South Africa. He consults to a number of companies on treasury product implementation and hedging.

André has conducted over 100 ACI Workshops internationally with an outstanding first time pass rate for both the ACI Dealing and Operations certificate.

André authored a book titled “Introduction to Derivatives – A South African Perspective”.

Morning Session Managing Interest Risk FRAs, IRSs and Interest Rate Options The characteristics of FRAs managing short-term interest rate risk using FRAs The characteristics Interest rate swap managing long-term interest rate risk using IRSs Bond Options Caps, floors and collars Managing Equity Risk Equity futures to hedge portfolio exposure Hedging portfolio using Index futures Equity options on futures Hedging portfolio using Index options on futures Afternoon Session Managing Commodity Risk Producers using futures and options on futures Hedging grains and oil seed production price risk Buyers using futures and options on futures Hedging grains and oil seed procurement price risk

Speakers

Andre Kurten

André holds BCom Honours degree from UNISA and is a CAIB (SA) with the Institute of Bankers in SA.

André is a Fellow of the South African Institute of Financial Markets and has served as a Governor on the board for over 17 years. He has extensive knowledge of banking, treasury and finance products.

André worked in the treasury at Nedcor for 9 years, where he traded money and bond markets. While at Nedcor, he was instrumental in establishing the interest rate derivative trading desk. André worked at two major interdealer brokers as a Director responsible for Interest rate derivative broking.

André worked at ABSA as Head of their agricultural derivatives trading desk in 1994. During his time at ABSA, André sat on the executive committee of the SA futures Exchange Agricultural Markets Division.

André worked for the SA Futures Exchange for a year as Assistant General Manager responsible for interest rate product development.

The ACI Financial Markets Association recognizes André as a training provider for both the ACI Dealing and Operations Certificate programs.

André has been training for 16 years and is extensively traveled having facilitated workshops and training interventions for many of the large multinational financial institutions from introductory to advanced level in Singapore, Hong Kong, Dubai, Oman, KSA, Malaysia, China, Sri Lanka, India, Pakistan, Uganda, Malawi, Zimbabwe, Zambia, Namibia, Kenya, Nigeria, Ghana, and South Africa. He consults to a number of companies on treasury product implementation and hedging.

André has conducted over 100 ACI Workshops internationally with an outstanding first time pass rate for both the ACI Dealing and Operations certificate.

André authored a book titled “Introduction to Derivatives – A South African Perspective”.