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Equity Derivatives Debt

Advanced Programme on Derivatives

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OBJECTIVES

This programme has been designed primarily from the trading perspective. It is meant for practitioners
and participants who have prior knowledge of the basic functioning of the derivatives instruments.
Participants who have gone through the BSE Basic Program on Derivatives are also eligible for this
Programme.

This program broadly covers Futures and Options. It starts with a quick orientation of the basics and
moves to simulated strategies and actual derivatives technicals on volatility and greeks.

The endeavor is to give the participants an insight into the market dynamics and equipping him with the
knowledge to price his derivative securities. This skill enables identification of arbitrage opportunities and
obtain an expression to the trading view. The Program equips the participants with a series of
combination strategies keeping a tab on the implementation costs.

Derivatives fulfill the market need for risk management. The Program also illustrates hedging strategies
in lucid detail taking actual cues from experts who consult fund managers regarding hedging
effectiveness of their portfolios.

PROGRAMME CONTENTS

Day - 1

Basics: Futures Product Specifications, Open Interest, Mark-to-Market, Margining

Other Derivatives: Interest Rate Futures, Swaps, and FRAs
Options: Option Basics: Concept, Time Decay; Strike prices Basic Put-Call strategies

Strategy: Futures: Stock and Index Futures, Basket - Pair Trading, Basis Trading

Synthetics: Synthetic Call and Put strategies, Synthetic Futures Strategies

Strategy: Spread Strategies; Exotic Strategies; Covered Call Strategies

Day - 2

Pricing: Futures Pricing: Cost of Carry, Expectation Hypothesis, Fair Value Pricing,
Option Pricing: How to leverage it for derivatives trading, Put-Call Parity, American and European
Options Pricing, Dividend and non-Dividend Paying Stocks

Arbitrage and Hedging: Futures - Futures and Cash - Futures; Options Arbitrage

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Hedging: Types of Risk: Basis Risk, Systematic and Unsystematic Risk Utilities of a Hedge for Mutual
Funds Cross Hedging; Protective Put, Fencing Strategies, Portfolio Hedging Strategies, Tailing the
Hedge - Case - Live Portfolio

Strategy - Greeks: Delta Neutral strategies, Delta - Gamma neutrality, Delta v/s Time; Delta v/s
Volatility; Gamma v/s Time and Volatility, Vega, Theta and Rho; Volatility Trading Strategies.

Forecasting using Options and Futures: Put - Call Ratio; Volatility Forecasting
Futures: Forecasting Strategies: Open Interest - Volume and Price Patterns, Volatility Index

Participants attending the entire course shall be eligible to receive Participation Certificate
from the BSE Training Institute.

TARGET AUDIENCE

Brokers, Sub- Brokers, Dealers, Traders, Derivatives Research and Sales Teams, Foreign Institutional
Investors, Financial Institutions, Fund Managers, Corporates, Equity Analysts, Practising Professionals,
High Net worth Investors, Bankers.

DURATION & TIMINGS

2 days
9.30 am to 5.30 pm

FEES

Rs. 6,300.00 + 10.30% (Service Tax + Education Cess) per participant inclusive of course material,
tuition fees, snacks and lunch.

PROGRAMME COORDINATOR

Nadeem Alam

For further details regarding contents, Contact:

Phone: 022 - 2272 8813/ 8246/ 8464/ 8303/ 8062/ 8862/ 8121/ 8859
E-mail: training@bseindia.com

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