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Commodities - Trading and Investment Strategies
The course starts off by looking at tactical and market opportunity based trades, then moves on to look at long term allocation to broad commodity indices. An in depth examination of exchange traded, capital protected and yield enhanced structured products completes the programme.  The different motivations and strategies used by participants are also considered.

Attending the course will help you:
  • Learn about different commodity trading and investing perspectives
  • Understand short term trades to longer buy-and-hold strategies
  • Gain practical knowledge for implementing commodity strategies

Who should attend?

This course is suitable for anyone with an understanding of the fundamental concepts of finance who wishes to know more about commodity trading and investment strategies.  For those with little or no background in commodities, it would be advisable to take the “Commodities - An Introduction” course first.  This is not a formal pre-requisite, but basic knowledge of the commodities markets is required to best understand the programme content.

Course Director

Neil Schofield
Neil is a visiting fellow at the University of Reading and is a freelance training consultant. From 2001 to 2008, he was global head of financial markets training at Barclays Capital in London. He was responsible for the design and delivery of a large number of seminars in a variety of different asset classes to many different audiences.  Previous to that he was a director at Chisholm Roth training in London and has also held positions at Chase Manhattan Bank as well as Security Pacific Hoare Govett (now trading as Bank of America). Neil has over 20 years of experience in financial markets. In 2008, he published his first book “Commodity Derivatives” and his second text “Trading the Fixed Income, Inflation and Credit Markets” was published in 2011. He is currently co-authoring a book on Inflation and a book on Equity Derivatives due to be published in 2016.

The course content is divided into several topic areas, which are then broken down into multiple subtopics:

1. Tactical & Market Opportunity Based Trades
  • Popular strategies in the base metal markets
  • NYMEX WTI vs. ICE Brent
  • Energy vs. refined product spreads
  • Interfuel spreads
  • 'Dark' and 'spark' spreads

2. Long Term Allocation to Broad Commodity Indices
  • The rationale for investing in commodities
  • The main index commodities
  • The main source of return from indices (roll yield)
  • Recent index investment structures

3. Exchange Traded Products
  • Exchange traded funds
  • Exchange traded commodities
  • Exchange traded notes

4. Capital Protected & Yield Enhanced Structured Products
  • Basket notes
  • Outperformance notes
  • Best of/ Worst of structures
  • Reverse covertibles
  • Leveraged structures

Details of the next seminar

3 November 2015


International Capital Market Association (ICMA) Limited
3rd Floor
23 College Hill
London EC4R 2RP
United Kingdom


The cost is £625.00 for ICMA Members and £825.00 for non-members.

The course fee includes all lunches, coffee breaks and training materials.

Payment can be made by secure online credit card or by invoice. Please note that selecting the invoice method will add £50 (administration fee) to the course price.  Multiple candidates from the same company can request one invoice, thus reducing the overall administration fee.

Cancellation charges

Registrations for classroom-based courses are transferable to another person within the same company.

All classroom-based courses are subject to the following cancellation charges:
  • 1-7 calendar days: 50% of the gross course fee
  • Course start date or thereafter: no refund will be given
Refunds will only be processed after the completion of the relevant course and after return of any course material already provided to you. Any such material must be returned undamaged and at your own expense.

Registrations for online courses are non-transferable and non-refundable.

Please note:

The course is a non-residential learning programme, so candidates are responsible for arranging their own travel and accommodation.

Course materials will be provided to candidates in electronic format prior to the start of programme. Please ensure that you have access to this document during the course by either printing off a copy or by downloading it on your laptop, iPad or tablet.

Should you have any queries about the course please contact education@icmagroup.org


Fixed Income Certficate (FIC)