Professional Training
4.9 (13 Reviews)

Managing FX Risk in a Volatile World

ACF Academy, In London (+2 locations)
2 days
1,575 - 1,825 GBP, 2,300 USD excl. VAT
Next course start
14 December, 2023 (+3 start dates)
Course delivery
Classroom, Virtual Classroom
2 days
1,575 - 1,825 GBP, 2,300 USD excl. VAT
Next course start
14 December, 2023 (+3 start dates)
Course delivery
Classroom, Virtual Classroom
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Course description

Managing FX Risk in a Volatile World

Currency risk affects any organisation operating across international borders – and volatility in FX markets has never been greater, with shock moves in a single day of up to 20% in major currency pairs.

No firm can afford to ignore these risks. ACF’s essential seminar on Managing FX Risk in a Volatile World explains how treasurers and bankers can effectively manage currency exposure using the latest hedging techniques.

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Upcoming start dates

Choose between 3 start dates

14 December, 2023

  • Classroom
  • London

24 January, 2024

  • Classroom
  • New York

5 February, 2024

  • Virtual Classroom
  • Online

Suitability - Who should attend?

Who Should Attend

Anyone working in FX risk management, including corporate treasurers, companies with multi-currency operations, currency sales and trading professionals, or those advising clients on managing their FX risk.



Outcome / Qualification etc.

CPD: 14 hours

Learning Outcomes

By attending this course, you will:

  • Review the workings of the FX spot and forward markets and the fundamentals of options
  • Gain an intuitive understanding of option pricing, and the significance of volatility
  • Understand option Greeks, and why they are important
  • Explore the key differences between FX options, and options on other underliers
  • See how FX options can be combined in different ways to create a wide variety of valuable structures
  • Examine how vanilla FX options can be combined to build targeted hedges, or to exploit specific views of the market
  • Develop an innovative and proactive approach to the handling of FX risk management needs

Training Course Content

Review of Foreign Exchange Spot and Forward Markets

  • Market mechanics
  • Quotation conventions
  • Outright forwards and swaps
  • Relation between spot and forward markets
  • Quoting forward rates and swap points
  • Forward discounts and premiums
  • FX swap points and interest rate parity
  • 💻 Handling Transaction Risk from Overseas Revenues

Review of Options

  • Options definitions and terminology
  • Calls and puts; buying and selling
  • American vs. European style
  • In-, at-, and out-of-the-money
  • Intrinsic and time value
  • Components of time value
  • What the buyer pays for – the true cost of an option
  • Value and profit profiles
  • Profit profiles at maturity
  • Profit profiles prior to maturity

Option Pricing – An Intuitive Approach

  • Types of option pricing model
  • Binomial option pricing
  • Monte-Carlo option pricing
  • 💻 Currency option pricing workshop
  • Put-call parity
  • Significance of volatility
  • Historic, implied, and experienced volatility
  • The term structure of volatility
  • Volatility smiles and skews
  • The Greeks – measuring the dimensions of option risk
  • 💻 Greeks workshop

Understanding FX Options

  • Calls are Puts!
  • FX option trading conventions
  • Dates: premium payment, expiry, and settlement
  • Tokyo vs. New York cuts
  • Quoting volatility
  • Quoting deltas
  • Live options vs. delta exchange
  • The 25 Δ strangle
  • Risk reversals

Building Option Portfolios

  • Horizontal, vertical, and diagonal spreads
  • Straddles and strangles
  • Ratio spreads and backspreads
  • 💻 Designing your own structure – a fluent transition between payoff diagrams and component parts

Hedging and Financial Engineering with FX Options

  • Comparison of using in-, at- and out-of-the-money options
  • True cost of options hedging – time value
  • Hedging techniques using short option positions
  • Creating and using collars or risk reversals
  • Creating and using spreads
  • Zero-premium hedges
  • Creating and using zero-cost collars
  • Creating and using participating forwards
  • Deferred and embedded premiums
  • Creating and using break-forwards
  • The "continuum" from in-the-money to out-of-the-money options
  • 💻 Hedging FX risk
  • 💻 Financial Engineering with Currency Options

Option Trading Strategies

  • Directional vs. volatility trading
  • Directional trading strategies
  • Near vs. far dates
  • Out-of-the-money vs. in-the-money
  • Options vs. cash
  • Volatility trading strategies
  • 💻 Directional and volatility trading with currency options

Why choose ACF Academy

Over 100,000 professionals trained globally

Award-winning practical financial simulations

Consistently high ratings

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Average rating 4.9

Based on 13 reviews.
Write a review!
22 Apr 2016
Managing FX Risk in a Volatile World

The Speaker Lawrence was amazing, great teacher and explains everything in a great manner. Makes a very dense topic fun and relatively easy to understand.

22 Apr 2016
Managing FX Risk in a Volatile World
22 Apr 2016
Managing FX Risk in a Volatile World

It was an intense and challenging course, but I definitely feel that it has helped me to learn a lotm


  • London: £1,825 (plus VAT)
  • New York: $2,300
  • Virtual: £1,575 (plus VAT)

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