Treasury Management Academy

10 days 21 Nov - 2 Dec 2016, London UK £7,995.00 + VAT* Download brochure Add to basket

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This interactive course is designed to provide Bank Treasury, Accounting and Finance professionals with current, practical knowledge of the essential elements of Treasury management in a best practices environment. Using case study methodology, computer simulations and worked examples, the attendees will learn how to apply Best Practice tools and techniques in all areas of Treasury management in order to improve control, optimize asset utilization, reduce cost and better leverage staff.

By attending this interactive and highly practical training course you will be able to:

  • Understand in depth how the financial system and its products work
  • Know which treasury strategies to implement 
  • Gain a concise understanding of the timeframe to maximise returns
  • Understand the most complex structured derivative products and how and when to use them
  • Acquire a thorough understanding of how the financial system and individual products work
  • Understand the rationale and treasury management strategies that financial players employ
  • Analyse the products and strategies used to manage risk 
  • Gain a practical understanding of how derivatives work and their implications for balance sheets and regulatory adherence


Who should attend


  • Treasury Managers
  • Asset-Liability Managers
  • Traders and Dealers
  • Operations Managers
  • Internal Auditors
  • Finance Regulators
  • Back Office Managers


We work with a series of expert instructors, please select the course location of interest to review the credentials of who will be delivering the programme.

Morris Grossfeld

The Course Director brings 25 years of corporate banking and treasury experience. He began his career at Chemical Bank (now JP Morgan Chase) in New York, and rose within six years to become the Head of Chemical Bank’s Eastern European Region. He then moved to Mobil Oil Corporation, working in corporate treasury and tax, and became head of Mobil’s overseas banking relationships and inter-company lending. He was sent to London as Corporate Treasurer of Mobil Oil Company Ltd., responsible for treasury, insurance and customer credit and 22 executives. He then became Treasurer for Northern Europe.

He was Group Treasurer of Forte PLC for 8 years and Group Treasurer of The Thomas Cook Group (treasury & turnover $20 billion and treasury profit $24 million annually) for 3 years, managing a team of 55 treasury and trading professionals. He was also responsible for the treasury staff training and development. For the last 14 years he has worked as a Course Director, coach and consultant across a breadth of business sectors and covering most management topics.

He got his BA Degree from Yale University and an MA in International Economic from Fletcher School of Law and Diplomacy.

David Hayes
The course director has over twenty six years trading and treasury experience covering the full range of risk management with OTC and exchange traded derivative instruments. He spent three years as a futures trader on the Chicago Mercantile Exchange setting up the Eurodollar futures trading operation and six years as Group Treasurer of Pechiney World Trade. 

The course directorwas most recently a Director of Prebon Marshall Yamane the premier institutional broker with 30 offices world-wide and also Managing Director of PTS. Whilst at Prebon he played an active role in their new product development particularly repo, credit derivative, NDF and energy operations.
Waseem Khan
The course instructor is Managing Principal at a London based investment advisory firm, and adviser to a London-based venture capital boutique and an Islamic hedge fund. He has an MBA from the Peter F. Drucker & Mitoshi Ito School of Management, PhD in International Finance from Claremont University (California), and is a CFA charter holder. He has also attended Executive Management programmes at the Harvard Business School and the Stanford Business School.

Over the past 20 years, he has worked in international finance, global asset management, Islamic banking and finance and international private banking at major financial institutions in Los Angeles, London, Kuwait and Abu Dhabi. After serving as Vice President and Chief Economist for EMEA at First Interstate Bank (now Wells Fargo Bank) in Los Angeles, he moved to the Middle East as Chief Economist and head of Capital Markets at Kuwait Investment Authority (KIA), one of the largest Sovereign Wealth Funds with a global investment footprint. Following that, he joined Abu Dhabi Investment Authority (ADIA), the largest Sovereign Wealth Fund with global investment interests, as Chief Economist and senior member of the investment strategy and asset allocation teams. He also served in an advisory capacity to the Treasury, Private Equity, Alternative Investments and Asian Equity departments. 

He was also involved at an early stage in the establishment of the Abu Dhabi Islamic Bank. After thirteen years at ADIA, he moved to London and joined Citigroup as director in the investment management function for high net-worth individuals. He also headed up the Islamic products and investments platform at Citigroup. Following Citigroup, he joined Coutts & Co., one of the oldest and most prestigious private banks with responsibility for managing ultra high net-worth individuals in the South Asian market. 

He has over 20 years of practical and teaching experience in the areas of asset management, investment analysis, fixed income management, equity valuation, financial risk management, private banking and portfolio management, corporate finance, and Islamic Banking and Finance. Previously, he taught corporate finance and investment analysis at the Graduate Schools of Business at the University of California and the University of Colorado.
Daniel Moylan

The course instructor has new issues and derivatives experience, having worked for two global banks in corporate and sovereign debt origination. He has been a training consultant for over fifteen years. Before becoming a banker, he was a member of the British Diplomatic Service. In his spare time, he is Deputy Chairman of Transport for London and Deputy Leader of Kensington and Chelsea Council. He is also an Honorary Fellow of the Royal Institute of British Architects.

Roger Roberts

The Course Director has spent more than thirty years in the financial markets, in treasury and in treasury training. Working in the U.K. and U.S.A., he traded various financial instruments including foreign exchange, precious metals, debt securities and derivatives. Then, as Treasury Manager, he was responsible for overseeing the daily conduct and risk involved in all financial instruments. As a training consultant, the course director has been on assignment all over the world holding seminars on various aspects of Treasury, including structuring, trading, and risk management.



Central London Hotel Venue

All courses are held at four or five star venues in Central London, Zone 1. We strive to provide you with a training environment of the highest quality, to ensure that the whole learning experience exceeds your expectations.

Your training venue will be confirmed by one of our course administrators approximately 3-4 weeks before the course start date.

Related Courses


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We’ll be here to support you every step of the way. From the initial consultancy through to evaluating the success of the full learning experience. We'll ensure you get the maximum return on your training investment.

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Day 1

The banking background and the fundamentals of money markets - Course Chairman: Daniel Moylan

The business of wholesale banking

  • The role of a bank’s treasury in managing the bank’s exposures
  • Economic and business cycles
  • The basics of bank balance sheets
  • Quotation of interest rates
  • Interbank and over-the-counter markets
  • Benchmark interest rates: the london interbank offered rate (libor);other similar benchmarks; use in pricing
  • Matching and mismatching flows: gap analysis
  • Use of financial calculator
  • Calculation of deposit interest: u.s. And international conventions; alternative methods
  • Time value of money
  • Forward pricing

Evening Networking Event: Drinks reception

Day 2

Analysing Money Markets

  • Market risk and the role of central banks:
    - Inflation expectations
    - Benchmarking
  • Credit spread and the pricing of debt
  • Liquidity issues
  • Interpreting yield curves

Short term traded paper, repo and forwards

  • U.S. Commercial paper: history and development; nature of the product; issuance mechanisms; ratings; investor bases; scale and uses of market; role in treasury function
  • Commercial paper outside the u.s.a: eurodollar commercial paper; sterling commercial paper; commercial paper in other markets
  • Certificates of deposit: issuance by banks; nature of the product; investor bases; role in treasury function
  • Commercial bills: nature of the product; acceptances and guarantees; investor bases; role in treasury function
  •  Repurchase agreements: repo as a means of borrowing money; repo as a means of funding short bond positions; repo risk

Day 3

  • Forward rate agreements (fras)
    - Product structure
    - Pricing
    - Settlement calculations
    - Applications
  • Introduction to exchange-based markets
  • The nature and structure of futures markets
  • Short term Interest rate futures
    - Nature of product
    - Pricing
    - Margining
    - Settlement
    - Example: three-month interest rate future on chicago mercantile exchange
    - Applications
    - Comparison with FRAs
  • Bond Futures
    - Atructure, including Cheapest to Deliver (CTD)
    - Uses
  • Futures markets video

Day 4

  • Foreign Exchange
  • Background to, and functioning of, the market
  • Economic drivers of foreign exchange markets
  • Quotation of spot rates
  • Calculation and quotation of forward rates
  • Market players
  • Applications of spot and forward products
  • “Predicting” price movement: economic and technically-based theories
  • Risks and the role of Continuous Linked Settlement (CLS)
  • The role of brokers
  • Foreign exchange swaps
    - Product structure
    - Applications
  • Non-deliverable forwards
  • Foreign exchange options
    - Structure
    - Applications
    - The pre-eminent importance of volatility
  • Application of option risk measurement factors
    - General
    - Simple option pricing
    - Delta
    - Gamma
    - Theta
    - Vega
    - Rho
  • Path dependent pricing and Monte Carlo simulation
  • Risk/reward analysis of options strategies
  • Peculiar risks of options
  • Construction of options hedges
    - Techniques
    - Limitations
  • Counterparty credit risk of OTC options
  • Options variants
    - Principles of options variants
    - Average rate options
    - Knock out options
    - Lookback options
    - Participating forward contracts

Day 5

Islamic Finance - Course Co-presenter: Waseem Khan

Conceptual issues

  • Background
  • Shari’ah Law and Riba
  • Islamic Economic system
  • Islamic Financial system

Case study: comparison with conventional systems

Financial Institutions

  • Product Structure
  • Applications

Non-deliverable forwards

Foreign Exchange Options

  • Comercial banking
  • Types of accounts
  • Concept of Amanah
  • Demnad for credit accounts (current account/savings)
  • Time credit accounts (time deposits/ social benefits)
  • Personal accounts (individual/joint)
  • Business accounts (sole proprietorship, partnership, LLC)
  • Credit/debit cards 

Financial instruments & contracts

  • Transactional contracts
  • Salam & Istinsna's (forward sales)
  • Fiduciary sales
     - Examples
  • Serf
  • Ijarah

Financing contracts

  • Murabaha (mua’jjal, commodity, shares)
    - Examples
  • Khiyar
    - Examples
  • Tawarruq
    - Examples
  • Ijarah (asset backed financing)
    - Examples
  • Musharakah (P & L sharing)
    - Examples
  • Diminishing musharakah (fixed asset and trade financing)
    - Examples

Intermediation contracts

  • P & L sharing
  • Fee-based services

Islamic capital markets

  • Equity mutual funds
  • Sukuks
  • Tradable and non-tradable assets

Global Financial Economy - Course Co-presenter: Warwick Lightfoot

Role of central banks 

  • Monetary policy
  • Liquidity management
  • Banking supervision
  • Systemic risk
  • Lender of last resort

Monetary policy

  • Monetary targets
  • Foreign exchange targets
  • Inflation targets

Federal reserve, European Central Bank, Bank of England

  •  Policy frameworks
  •  Open market operations
  •  Repurchase agreements (“repo”)

Regulatory arbitrage, corporate governance and securitisation

  • Disintermediation
  • Mark to market valuation
  • Fair value accounting
  • Credit rating agencies (and utilities with casinos attached)

The crises of 2007/8

  • The liquidity crisis: where had the credit risk gone?
  • The credit crunch a nation of homeowners no more
  •  The banking crisis: the loss of banking capital
  •  Market and consumer panic: a flight to safety in a world where nowhere seems safe
  •  The men with a plan: government efforts to address the crises
  •  Update on recent events.


Day 6

Commodities, Interest Rate Derivatives, Risk Identification

  • Commodities markets
    - Diversity of commodities traded
    - Commodity indices and derivatives contracts
    - Energy, weather and other markets
  • Interest rate and cross-currency swaps
    - Pricing
    - Valuation
  • Applications of swaps in trading and risk management
  • Marking to market and unwinding swaps
  • Asset swaps
  • Forward start swaps
  • Risk in swaps
  • Interest rate options
    - Interest rate guarantees
    - Caps
    - Floors
    - Swap options
  • Risk Identification and Control
  • What are the risks within Treasury?
  • Deconstructing risk into its components
  • Risk prioritisation and ownership
  • The risk management process
  • The organisation of risk management
  • Risk controls and risk treatment
  • Risk reduction strategies

Day 7

Capital Requirement, Operational Risk and Risk Modelling

  • The EU Capital Adequacy Directive and the current Basel Accord
  • Some consequences of the second and third Basel Accord on
    - Market risk
    - Operational risk
    - Credit risk
    - Trading book issues
  • How to assess risks
  • Risk modelling
  • Identifying operational risk
  • Scenario modelling
  • Sensitivity analysis
  • Model risk
  • Looking forward: what we might expect from the regulators?
  • Managing credit risk
  • Modelling credit risk from first  principles
  • Default and downgrading risk

Day 8

Practical Risk Management

Accounting for treasury products under international accounting standards

Understanding credit derivatives

  • Credit derivatives: the role of the protection buyer and the protection seller
  • The basic instruments and their uses
    - Credit default swaps
    - Total return swaps
    - Other variants
  • Specific risks of credit derivatives

Principles of asset and liability management

  • Gap analysis
  • Currency exposure
  • Credit risk
  • Liquidity risk

Dynamic management of derivatives portfolios

  • Risk management and reduction
  • Futures
  • Options
  • Multi product portfolios

Interest rate risk measures and evaluation

  • General principles
  • Duration
  • Convexity
  • Discounted value of a basis point

Interest rate driven risks

  • Yield curve risk
  • Volatility risk

Value-at-Risk (VaR) modelling

  • The modern concept of VaRcalculating VaR
  • The role of volatility in VaR
  • Confidence levels and VaR
  • Choosing the unwind period
  • Simple examples of VaR calculations
  • Using VaR measures for risk management and control

Day 9

Trading Simulation - Course Co-presenter: David Hayes

This day is devoted to a series of increasingly complex trading sessions using Chisholm Roth’s RiskManager Trading Simulation TM. Most of the day will be spent working in small groups as market makers in an active and stimulating trading environment. Delegates will be rotated through a series of specialist trading desks in the major product areas covered by the first six days of the programme. We will build on the technical knowledge gained whilst also allowing for the development of new skills and trading strategies. The sessions are designed to highlight market making and position management capabilities that reinforce the learning in both a practical and competitive environment. Participant’s knowledge and experience will be enhanced improving both confidence and competence.

By the end of this session the participants will be able to:

  • Interpret price quotations on money market and foreign exchange instruments
  • Manage the risks in trading forward FX and capitalise on arbitrage opportunities by using spot FX and the underlying money market instruments
  • Identify the main risks associated with trading option positions and manage those risks effectively in a dynamic market

Day 10

Corporate Treasury in Practice - Course Co-presenter: Morris Grossfield

Case Study on Corporate Borrowing:

Delegates work in teams to construct a corporate borrowing plan, choosing among possibilities in the capital, bank, and private placement markets. They will thoroughly examine conflicts between cost and security of borrowings, as well as consider balance sheet management and foreign exchange exposure. Delegates will get an intensive insight into the choices and the dilemmas facing corporate treasurers as they balance up the pro's and con's of different strategies available to corporate borrowers in formulating optimum borrowing strategies

Case Study on the Use of Derivatives:

Delegates work in teams to recommend a corporate strategy for managing a company's interest rate and foreign exchange exposures. Delegates will need to consider a myriad of hedging possibilities and conflicting priorities in order to test and develop their own understanding of the differences between speculation and hedging for a typical corporation, and the challenges of agreeing an optimal hedging strategy

Self Testing and Putting into Practice

  • Review of seminar and reinforcement of chief learning points
  • Seminar test: an opportunity for participants to test the knowledge and skills they have acquired during the course
  • Putting it into practice: a series of brief workshops with the trainers using examples provided by delegates drawn from their real life experience: a chance to get some pointers and advice
  • Seminar evaluation

Course summary and close

Why us

We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.

We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:

  • Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
  • Track record – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
  • Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
  • Reliability – if we promise it, we deliver it. We have delivered over 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
  • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product