INSTRUMENTE FINANCIARE DERIVATE Obiective - cursul isi propune sa: - furnizeze participantilor informatiile necesare pentru o buna cunoastere a tuturor instrumentelor derivate inclusiv a optiunilor exotice; - ofere informatii despre stabilirea preturilor pentru derivative de tip vanilla; - asigure intelegerea strategiilor de optiuni prin exemple concrete de folosire a instrumentelor derivate actuale; - prezinte instrumentele financiare derivate ca un vehicul care a generat criza pietei financiare. In plus, in cadrul acestui seminar se va face si o abordare a produselor structurate si a strategiilor moderne de asigurare a portofoliului. Grup tinta - dealeri, personal operational, auditori, ofiteri de conformitate, manageri de risc, manageri de fonduri si analisti financiari. Cerinte - buna cunoastere a limbii engleze. Pentru a pastra acuratetea continutului cursului si a termenilor specifici utilizati, prezentarea acestora se va face in limba engleza. Continut 1. Introduction to derivatives 2. Plain Vanilla options § Listed/OTC (Clearinghouse, Newspaper quotations) § Payoff § Strategies (Straddle, Covered calls, PTF Insurance, etc.) § Put call parity § Sensitivities (Greeks - Delta, Theta, Rho, Vega, Phi, Gamma, others) § Options pricing - Binomial model, Black and Scholes model, Merton model

3. Exotic options § Barrier options § Forward start options § Asian options § Binary options § Lookback options § Chooser options, § Others

4. Structured products § Capital Guarantee § Capital protection § Yield enhancement § The issuer importance : The Lehman case

5. SWAPS § Definition § IRS § CIRCUS § Credit Default Swaps (CDS) § Total Return Swaps § Other forms of Swaps (Amortizing, accreting, Off-market, Forward, extension, basis, CMS,

commodities, equity)

§ Swaptions 6. Forwards § Definition and history of forwards § Forwards Interest rates § Spot rates/Forwards rate – The Yield curve § Forwards on currencies

7. Futures § Definition and differences with forwards contracts § Futures on Interest rates § Futures on commodities § Futures on equity

8. Portfolio insurance strategies § Downside protection with put options § Downside protection with futures § CPPI § DPI

9. Derivatives and the financial world crisis Trainer - Gaetano MANNO, coordonator Departamentul Piata financiara internationala, Société Générale Private Banking, trainer Financial Technology Transfer Agency (ATTF) Luxemburg si trainer Institut de Formation Bancaire Luxembourg (IFBL). Gaetano Manno are experienta in domeniul pietei de capital, experienta acumulata ca angajat al unor grupuri financiare de renume: Société Générale Luxemburg, unde a ocupat functia de director al departamentului de investitii timp de cinci ani si KBC Group, unde a lucrat ca dealer timp de patru ani. Perioada - 25-27 octombrie 2010, orele 9-17. Taxa - contravaloarea a 600 euro/participant la cursul din ziua platii. Termen inscriere - 15 septembrie 2010. Termen achitare - 17 septembrie 2010. Plata se va face in lei in contul Institutului Bancar Roman, numarul RO07 BRMA 0700 0708 9470 0000 deschis la Banca Romaneasca-SMB (pe ordinul de plata va rugam sa specificati numele cursantilor). Informatii - Maria Plaisanu maria.plaisanu@ibr-rbi.ro 0748-886.846 021-327.48.93 - Andreea Paunoiu andreea.paunoiu@ibr-rbi.ro 0748-886.807 021-327.48.93