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Credit Default Swaps (CDS) - An Introduction    
 
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Objectives


This course is to provide an understanding of the single name credit default swap (CDS) product.  It introduces the main CDS concepts and analyses the different ways in which the product can be valued and traded.  It closes by discussing the CDS indices and various structured products that CDS are packaged into.  

 

Target Audience


This course is suitable for anyone with an understanding of the fundamental concepts of finance and fixed income.  An understanding of bond pricing and market risk (i.e. duration / DV01) is assumed.  

 

Length and Structure of the Course


The course consists of one day of lectures and case studies.  The day typically consists of four 90 minute session with coffee breaks in the morning and afternoon and a lunch break in the middle.  There is no exam for this course but candidates will get a certificate of attendance.

 

Course Tutor


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 is currently in the process of writing a second “Relative Value in Financial Markets”.

Course Brochure

Click
here to download the Credit Default Swaps (CDS) - An Introduction 

 

Course Outline
 

Session 1 Contents 

Credit Default Swap fundamentals

• The CDS market
• CDS structures and contractual terms
• European and North American terms
• Understanding credit events
• Applying a framework to analyse CDS


Session 2 Contents 
Pricing CDS • Risky PV01
• Risky DV01
• Valuing CDS from asset swaps
• Zero coupon pricing


Session 3 Contents 

Applications

• The CDS basis
• Switch trades
• Curve trades
• Forward trades
• Capital structure trades
• The CDS market

Session 4 Contents 
CDS related transactions

• Credit-linked notes
• CDS indices
• CDS Options
• An introduction to tranches


 

 

Details of the next Credit Defaults Swaps (CDS) - An Introduction seminar

ICE Education
ICE Education, London, have a look at the venue
Course date: 29 November 2010
London, United Kingdom
Registration deadline: 22 November 2010


This is a jointly promoted ICMA Executive Education and ICE Education course.
Hosted at ICE Education London offices at Milton Gate, 60 Chiswell Street. 

IntercontinentalExchange® (NYSE: ICE), is a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets. ICE's diverse markets offer contracts based on crude oil and refined products, natural gas, power and emissions, agricultural commodities including canola, cocoa, coffee, cotton, orange juice and sugar, as well as credit derivatives, foreign exchange and Russell Index futures and options.

 

 

Cost
 

London Course
The cost of the Credit Defaults Swaps (CDS) - An Introduction course is £500.00 for both ICMA & ICE Members and £650.00 for non-members with the following discount scale being offered:
2-4 candidates – 5% discount each*
5+ candidates – 10% discount each*
*Please note that discounts are applied by way of a refund to the organisation when registration has closed and the final number of candidates from the firm has been determined

Payment can be made by secure online credit card or by invoice.  Please note that the BACS invoice method has an additional £50 admin fee.
 
 

For more information


This course is also available on a group booking basis. 
Should you have any queries about this seminar please contact:

 

Mike Kirkman for general marketing queries

mike.kirkman@icmagroup.org
Phone: +44 207 213 0329


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