Course Description

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The experience gained from this course will be of great value to market participants wishing to increase their knowledge of physical dealing techniques. This course is also recommended to participants wishing to establish a career in OTC financial markets.

• New market entrants and anyone hoping to establish a career in securities trading

• Operations staff

• Middle-office employees

• Brokers

• Junior traders and those with up to five years experience in a dealing room

• Funds management employees

• Corporate treasury personnel

• Legal and compliance officers

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On day one, we are split into banks and the course instructors introduce themselves. They will manage the course and act as both customers and the central bank under the name Zoo.

Next we are introduced to the trading game in which we will be able to trade in real markets, on their electronic trading platform. Before our first dealing session begins, the organisers outline the dealing simulation rules and we are shown specifically how the market operates, how participants need to operate, what our limits are, quoting procedures and behaviour. This information proves invaluable to us.

Each team has a link to voice brokers and other banks, via telephone or direct dealing machines and during each session one team member will act as a voice broker, one as a position keeper another as the electronic trader and the other as chief dealer. We switch throughout the course to ensure we all play every role.

Although I found this course extremely demanding, tiring and frustrating, I also really enjoyed it and I also got to meet a variety of people I would otherwise never have met. I learnt a lot about spot trading and I now have a better idea of how the market works and how difficult it actually is to be a trader. I was also able to do this in a safe environment.

It also gave us a realistic representation of how trading is done in the real world and the amount of stress that one has to cope with. We were also given very informative presentations from current and past market participants each with years of industry experience. I also was able to meet people in the market and to establish relationships with other course delegates. Everyone I spoke to after the course said that they had had a brilliant time and that they now felt more confident about taking the leap into trading.”

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• Opening remarks

• Spot FX Market and Dealing Simulation Rules

• Practise Dealing Simulation

• Method & Psychology of Trading

• Practise Dealing Session

• Economists and the FX Markets

• Dealing Session 1

• Balance Dealing Session 1

• Questions

• Technical Analysis – using the past to predict the future

• Dealing Session 2

• Balance Dealing Session 2

• Currency Options, including a practical session

• Dealing Session 3

• Balance Dealing Session 3

• Forward FX – Practical Session

• Dealing Session 4

• Balance Dealing Session 4

• Practical – Options & Forwards recap

• Dealing the Old Way – Session 5

• Short Term Interest Rate Market

• Dealing Session 6

• Understanding the Buy Side & How a Hedge Fund Operates

• Balance Dealing Session 6

• Dealing Session 7

• Balance Dealing Session 7

• The Impact of E-Commerce

• Q&A Session

• Dealing Session 8

• Balance Dealing Session 8

• Review Sessions 6,7 & 8

• Dealing Session 9

• Enter overnight trades

• Risk Management

• Dealing Session 10Balance Dealing Session 10

• Dealing Session 11

• Balance Dealing Session 11

• Understanding the role of the Central Bank

• Review Dealing Sessions 10 & 11

• Dealing Session 12

• Balance Dealing Session 12

• Review Course Notes – Study Time

• Examination

• Last Dealing Session

• Balance Last Dealing Session

• Regulations & Compliance – The Model Code

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Chris Howlett - Chris Howlett has over 28 years experience in the OTC markets, trading out of the main financial centres (London, Singapore & Sydney). His extensive experience ranges across the trading, broking, sales & education of all OTC products. In his current role as Director & COO of ACI Australia, Chris’ prime responsibility is organising and presenting ACI Australia’s Dealing Simulation (developed by Chris in 1985) to other associations globally as well as helping these associations and their local Central Banks with the Licensing and Accreditation of their OTC market. Chris has also been Chairman of the Education Committee for ACI Australia, Director and Secretary of ACI Australia, Vice President of ACI Singapore and Member of the Strategic Planning Group for ACI International.

Jack A. J. Richards - Jack has over 25 years experience, both onshore and offshore in Financial Markets. His current role is Director, Credit Risk Management for the National Australia Bank based in Sydney. His prime responsibility is managing the Global Credit Risk for the bank’s head office and Asian dealing rooms, comprising approximately 150 dealers. He also monitors the Credit Risk for the Bank of New Zealand dealing rooms in Wellington, Auckland and Christchurch. Jack is currently President of ACI Australia and has been an Executive Committee Member of ACI since 1988. He was also a Foundation Member of the Junior Dealers Conference (now ACI Dealing Simulation Course). Jack is a graduate of the University of New South Wales, Sydney Australia.

Colin Lambert - Colin Lambert is Editor of Profit & Loss, Digital FX and ACI Briefing. Profit & Loss is a monthly publication that studies the impact of new trends and practices on the FX and OTC derivative markets – with a particular emphasis on e-FX. Formed in 1999, P&L has led the debate over the impact of the electronic channel on trading activities at banks, corporations and money managers.
Colin joined P&L in August 2001 as Deputy Editor, after a 21 year trading career in the foreign exchange industry. During this time he spent the majority of time trading spot FX before he moved into a proprietary trading role. He finished his dealing career at British Petroleum. During his trading years, he spent time working in London, New York, Singapore, Tokyo and Toronto and held several senior posts including that of Chief Dealer, FX and Deputy Treasurer.

Gary Latner - Gary has been on the broking side of foreign exchange for over 20 years, beginning his career at Astley and Pearce in 1987. He spent 4 years in Tokyo in the early ‘90s working on a large spot broking desk. Gary returned to Sydney at the end of 1994 and continued spot broking until the end of 1996. After 3 years out of the market he returned with Reuters (now Thomson Reuters) on the electronic broking side. Gary has been assisting with the dealing simulations since 2003 and is now an executive committee member of ACI Australia.

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