Username: *
Password: *


Sign up for
this course
(2-day programme / delegate fee 7.500 DKK  (1000 EUR))
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
  • 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
  • Classic repo
margin calls
treatment of coupon
  • Summary of securities lending
  • Applications
cash borrowing
covering short bond positions
central bank operations
  • Mechanics, pricing and settlement of FRAs
  • Use by borrowers, lenders, speculators
covering a mismatched position
Review of previous day's homework
Interest rate futures
  • Comparison with FRA
OTC v exchange-traded
  • 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
  • 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
  • Back office to back office
  • 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
  • Purpose and mechanics of reconciliation
explanation of outstanding entries
  • Investigations
Cash management
Risk and control
  • Market risk
basis risk, liquidity risk
  • 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.

Sign up below

Sign me up for this course: *
Become a
ACI Member »


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


ACI World Congress 2019

We are pleased to share with you more details on the 58th ACI World Congress that will be held from 03rd to 05th October 2019 in Colombo, Sri Lanka.

03/10/2019 - 05/10/2019

Location: Colombo Hilton, 2 Sir Chittampalam A Gardiner, Mawatha, Colombo 00200, Sri Lanka

ACI UK & CISI - LIBOR Migration Panel


In a joint event with ACI UK, CISI will host a panel at 12:00 on Tuesday 8th October dedicated to the proposed changes to this important benchmark for financial markets.


08/10/2019 - 08/10/2019

Location: CISI - South Side Entrance, 3rd Floor, 20 Fenchurch Street, London, EC3M 8AF