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ACI OPERATIONS CERTIFICATE
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Physical - 2-day programme / delegate fee 7.500 DKK (1.000EUR)

Online - 2-day programme / delegate fee 5.000DKK (675 EUR)
 
DAY 1
 
Foreign Exchange
 
  • Spot, terminology
  • Forward outrights
  • FX swaps
historic rate rollovers
covered interest arbitrage
 
  • Short dates
  • NDF
  • Position keeping
  • EMU and the euro
 
Money Markets
 
  • Terminology
  • Short dates
  • Yield curves
  • Value dates
  • Interpolation
  • Basic interest calculation
  • Day/year conventions
  • Money market instruments
deposit, CD, CP, T-bill, MTN
 
  • Settlement calculations
 
Bonds
 
  • Overview
  • The issue process and secondary trading
  • Pricing concepts; clean/dirty price, accrued interest
  • Day/year conventions
  • Variations
FRN, index-linked
zero-coupon bonds
convertibles, calls, puts
index-linked bonds
 
  • Bond ratings
  • DvP
 
Repos
 
  • Classic repo
terminology
margin calls
treatment of coupon
documentation
 
  • Summary of securities lending
  • Applications
cash borrowing
covering short bond positions
central bank operations
 
FRAs
 
  • Mechanics, pricing and settlement of FRAs
  • Use by borrowers, lenders, speculators
covering a mismatched position
 
Homework
 
DAY 2
 
 
Review of previous day's homework
 
Interest rate futures
 
  • Comparison with FRA
OTC v exchange-traded
specifications
 
  • Exchange structure and margin
  • Major exchanges and contracts
 
Interest rate swaps
 
  • Basic mechanics and terminology
  • Hedging borrowing costs
  • Liability and asset swaps
  • Coupon swap, basis swap
 
Currency swaps
 
  • Overview
  • Exchange of principal at maturity
 
Options
 
  • Overview and terminology
  • Risk profile for buyer and writer
  • Straddle
  • Cap, floor, collar
 
Derivatives summary
 
  • ‘Off-balance sheet’, ‘cfd’, leverage
 
Life of a deal and the role of the back office
 
  • Trade capture and entry input, validation, settlement instructions, confirmation, netting, settlement, reconciliation
  • STP
  • Static data management
 
Settlement instructions
 
  • SSIs
 
Confirmation
 
  • Back office to back office
  • SWIFT MTs
  • Oral checks
  • Transmission
  • Timing
  • Checking
 
Settlement and clearing systems
 
  • Net, hybrid and RTGS
  • Domestic and EUR payment systems
  • Securities DvP settlement
  • SWIFT MTs, serial method / cover method
 
Nostro accounts and reconciliation
 
  • Correspondent bank, nostro, vostro/loro
  • SWIFT MTs
  • Purpose and mechanics of reconciliation
explanation of outstanding entries
 
  • Investigations
 
Cash management
 
Risk and control
 
  • Market risk
basis risk, liquidity risk
limits
marking-to-market
 
  • Credit risk
counterparty risk, replacement risk, settlement/Herstatt/delivery risk
limits, collateral, netting, DvP/PvP
 
  • Operational risk
back office risk, disaster risk, systems risk, fraud, personnel risk
disaster recovery and BCP
back-up systems
third-party payments
separation of functions
 
  • Systemic risk
  • Legal risk
 
Netting and documentation
 
  • Bilateral netting, multilateral netting
  • Obligation/settlement netting, close-out netting
  • Industry-standard documentation
  • CLS (PvP)
 
Money Laundering
 
  • Summary of the laundering process
placement, layering, integration
 
Model Code and regulation
 
  • Gifts and entertainment
  • Confidentiality
  • Professional behaviour
 
Homework and practice exams
 
 
 
A help line is available until each participant has passed the exam.
 
 
 

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Education
ACI Dealing certificate The ACI Model Code 18-21 june 2013
ACI Dealing certificate
The ACI Model Code

Candidates are provided with the ACI's Model Code to study in advance of the course

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