Foreign Exchange, Money Markets and Derivatives Training Course

Duration 10 days 20 modules · 65 contact hours
Level Intermediate Certificate on completion
Who attends Treasury Analysts, Treasury Managers and others
Fee from USD 2,200 KSh 190,000 for Kenyan organisations
Where 52 cities + online See dates by city
Next start 16 Nov 2026 Course code SD-TI-021

Before you join: Participants should understand basic financial statements, time value of money, interest calculations and common corporate funding needs.

Dates & prices

Two start dates a month in every city, and live online on weekdays or weekends. Fees are per participant; classroom fees include tuition, materials, lunch and refreshments, and the certificate.

Suggest a date or city

Showing the next six months. Later dates, other cities and private deliveries for your team are available on request.

Course overview

Treasury teams must fund operations, invest surplus cash, manage currency exposures and control market risk while dealing with volatile rates, counterparty limits and settlement deadlines. Weak pricing discipline, incomplete exposure data or poorly documented hedges can create avoidable foreign exchange losses, liquidity shortfalls, accounting volatility and control failures. Finance professionals need to understand how market instruments work, how dealers quote them and how treasury decisions affect cash flow, profit and financial reporting.

This course develops practical capability in foreign exchange, money markets and interest rate derivatives. Participants analyse spot, forward and swap quotations; construct cash and liquidity forecasts; calculate money-market yields; compare borrowing and investment alternatives; and assess FX, interest rate and counterparty exposures. The programme covers FX forwards, swaps, non-deliverable forwards, deposits, Treasury bills, commercial paper, FRAs, futures, interest rate swaps, cross-currency swaps and options. Participants also examine IFRS 9 hedge accounting, IAS 21 foreign currency translation, valuation principles, collateral, confirmations, settlement controls and treasury risk limits.

Teaching combines concise technical briefings with market-data interpretation, pricing calculations, treasury cases, group analysis and dealing simulations. Participants work with realistic cases involving import payments, export receipts, floating-rate debt, surplus cash investment and multi-currency funding. They progressively build a treasury exposure and hedging pack, then complete a capstone treasury recommendation covering forecasts, instrument selection, pricing, risk limits, accounting considerations and implementation controls.

The course is suited to treasury, finance, accounting, risk and investment professionals who already work with financial data and want stronger judgement in short-term funding, currency management and derivatives use.

What you will be able to do

  • Analyse foreign exchange exposures using transaction, translation and economic risk classifications
  • Calculate spot, forward and swap rates using market quotation conventions
  • Construct rolling liquidity forecasts and short-term funding plans
  • Price money-market instruments using discount, yield and day-count conventions
  • Select FX and interest rate derivatives against defined treasury exposures
  • Evaluate derivative valuations, counterparty risk and collateral requirements
  • Apply IFRS 9 hedge accounting and IAS 21 translation principles
  • Present a documented treasury hedging recommendation with controls and implementation actions

Benefits of attending

For you

  • Interpret dealer quotations and identify pricing, convention and settlement implications
  • Build defensible FX hedging recommendations for forecast and contracted exposures
  • Assess short-term borrowing and investment choices using comparable yield measures
  • Discuss swaps, forwards and options confidently with banks and senior management
  • Apply hedge accounting documentation requirements before entering designated hedges

For your organisation

  • Improved visibility of currency, liquidity and interest-rate exposures
  • More consistent pricing comparisons across relationship banks and market instruments
  • Stronger controls over confirmations, settlement instructions and counterparty limits
  • Better alignment between hedge execution, treasury policy and financial reporting
  • Clearer funding and investment decisions supported by forecast cash requirements

Course modules

20 modules over 10 days

Participants can define a treasury mandate and map the principal financial risks it governs.

  • Treasury objectives: liquidity, funding, financial risk management and policy compliance
  • Front, middle and back office responsibilities under segregation-of-duties controls
  • Transaction, translation and economic exposures distinguished through corporate examples
  • Market participants: corporates, banks, central banks, funds and brokers
  • Treasury policy limits for liquidity, counterparty, market and operational risk
  • Risk appetite statements linked to approved instruments and delegated authorities

Participants can interpret FX quotations, market conventions and trade settlement terms.

  • Currency pairs, base currency and terms currency quotation conventions
  • Bid-offer spreads interpreted from dealer and electronic trading quotations
  • Calculate cross rates from quoted USD, EUR and local currency pairs
  • Value dates, spot dates and holiday calendars affecting FX settlement
  • Direct and indirect quotations compared from corporate functional currency perspectives
  • Reuters-style market screens interpreted for rates, tenors and price timestamps

Participants can calculate spot FX trade cash flows and assess settlement requirements.

  • Spot trade economics for imports, exports and intercompany funding payments
  • Calculate domestic-currency cost using bid, ask and mid-market rates
  • Trade date, value date and settlement date reconciled correctly
  • Payment instructions, nostro accounts and correspondent banking settlement flows
  • Herstatt risk explained through principal payment timing mismatches
  • Confirmations matched against authorised dealing tickets and bank advice

Participants can price FX forwards and use them to hedge defined currency exposures.

  • Covered interest parity links spot rates, interest rates and forwards
  • Forward points quoted, converted and added to spot correctly
  • Calculate outright forward rates using premium and discount conventions
  • Hedge forecast purchases against adverse foreign-currency appreciation
  • Assess forward contract cash flows at inception and maturity
  • Compare forward hedging with leaving transaction exposure unhedged

Participants can distinguish FX swaps and NDFs from forward contracts for funding and hedging.

  • FX swap near-leg and far-leg cash flows mapped
  • Tom-next, spot-next and forward-starting swap tenors compared
  • Use FX swaps to obtain temporary foreign-currency liquidity funding
  • Non-deliverable forwards settled against published fixing rates
  • Convertibility restrictions and capital controls assessed before NDF hedging
  • Liquidity, credit lines and bank pricing influence instrument selection

Participants can quantify and prioritise currency exposures from operational and financial data.

  • Exposure registers built from receivables, payables, debt and forecasts
  • Net natural offsets by currency, entity and maturity bucket
  • Layered hedging schedules aligned with forecast certainty classifications
  • Sensitivity analysis measures profit impact from defined currency movements
  • Value-at-risk limitations compared with cash-flow-at-risk reporting
  • Translation exposure separated from transaction exposure for decision purposes

Participants can build short-term cash forecasts and identify funding gaps or investment balances.

  • Daily cash positioning combines bank balances, receipts and payment runs
  • Thirteen-week rolling forecasts built from operational cash-flow drivers
  • Forecast accuracy measured through variance analysis and root-cause review
  • Liquidity buffers sized against stressed outflows and funding availability
  • Cash concentration structures compared with physical pooling and notional pooling
  • Intercompany funding requirements identified from entity-level liquidity forecasts

Participants can identify money-market instruments and apply their principal market conventions.

  • Unsecured deposits, term loans and call accounts compared
  • Treasury bills, commercial paper and certificates of deposit explained
  • Repo and reverse repo transactions mapped through collateral cash flows
  • Day-count conventions: ACT/360, ACT/365F and 30/360 applied
  • Business-day conventions determine adjusted maturity and payment dates
  • Money-market quotation bases distinguished between discount rates and yields

Participants can calculate borrowing costs and investment returns using market conventions.

  • Simple interest calculated using principal, rate, days and basis
  • Discount instruments priced from face value, discount rate and maturity
  • Bond-equivalent yield converted from money-market discount quotations
  • Compare borrowing alternatives using annualised all-in funding costs
  • Calculate investment proceeds after fees, withholding taxes and settlement timing
  • Compounding conventions assessed when comparing quoted investment returns

Participants can select short-term funding and investment instruments within policy constraints.

  • Funding ladder aligns maturities with forecast cash requirements
  • Investment maturity limits linked to liquidity needs and risk appetite
  • Counterparty limits assessed using ratings, exposure and tenor limits
  • Concentration risk measured across banks, funds and sovereign issuers
  • Committed facilities compared with uncommitted lines and overdrafts
  • Document investment decisions using policy, yield and liquidity evidence

Participants can measure interest rate exposure and select suitable benchmark rate structures.

  • Fixed-rate and floating-rate debt exposures mapped by repricing date
  • Interest-rate gaps measured across assets, liabilities and commitments
  • SONIA, SOFR and EURIBOR conventions compared for corporate funding
  • Credit adjustment spreads considered during benchmark rate transitions
  • Rate shock sensitivity estimates cash-flow and earnings-at-risk effects
  • Basis risk arises when hedge and underlying reference rates differ

Participants can use FRAs and futures to manage short-term interest rate uncertainty.

  • Forward rate agreements lock future borrowing or investment rates
  • FRA settlement values calculated using discounting and contract conventions
  • Interest rate futures margining explained through variation margin flows
  • Hedge ratios estimated from contract size, exposure and duration
  • Basis risk assessed between futures contracts and underlying debt
  • Compare FRA certainty with exchange-traded futures liquidity and margining

Participants can evaluate swap structures for interest rate and currency risk management.

  • Plain-vanilla swaps exchange fixed and floating interest payment streams
  • Swap cash flows calculated from notional, rate, accrual and reset
  • Receive-fixed and pay-fixed positions matched to underlying debt exposures
  • Cross-currency swaps exchange principals and periodic interest obligations
  • Compare synthetic borrowing costs across currencies using swap quotations
  • ISDA documentation establishes contractual terms, events and close-out provisions

Participants can assess FX options against forwards for uncertain or contingent exposures.

  • Call and put option payoffs mapped at expiry
  • Strike price, premium, notional and expiry determine option economics
  • Zero-cost collars combine purchased protection with sold option exposure
  • Participating forwards assessed for upside participation and contingent obligations
  • Volatility, time value and interest rates influence option premiums
  • Document suitability tests before approving structured derivative transactions

Participants can interpret derivative valuations and evaluate hedge performance against exposures.

  • Mark-to-market values reflect current market replacement cost estimates
  • Discounted cash-flow valuation applied to forwards and interest rate swaps
  • Credit valuation adjustment reflects counterparty default risk in pricing
  • Hedge effectiveness assessed using critical terms and quantitative methods
  • Compare realised outcomes with budget rates and approved hedge benchmarks
  • Independent price verification challenges dealer valuations and model assumptions

Participants can monitor counterparty exposure and explain collateral management requirements.

  • Potential future exposure supplements current replacement-cost credit measurement
  • Netting agreements reduce gross counterparty exposure across eligible transactions
  • Credit support annex terms govern collateral calls and eligible assets
  • Thresholds, minimum transfer amounts and haircuts affect collateral requirements
  • Wrong-way risk identified where exposure rises with counterparty distress
  • Counterparty reports reconcile limits, utilisation, collateral and ageing exceptions

Participants can design key operational controls for treasury trade processing and settlement.

  • Deal capture records instrument, notional, rate, counterparty and maturity
  • Independent confirmations identify discrepancies before value-date settlement
  • Standing settlement instructions controlled through authorised maintenance procedures
  • Payment release follows dual authorisation and callback verification controls
  • Reconciliations match bank statements, trade records and general ledger balances
  • Exception reporting escalates failed settlements, limit breaches and aged confirmations

Participants can identify accounting treatment for foreign currency items and designated hedges.

  • IAS 21 translates foreign-currency monetary items at closing rates
  • Exchange differences recognised in profit or loss for monetary items
  • IFRS 9 classification distinguishes amortised cost and fair-value measurement
  • Cash-flow hedge reserves account for effective hedge valuation changes
  • Fair-value hedges adjust both hedged item and hedging instrument
  • Hedge documentation specifies risk, objective, instrument and effectiveness method

Participants can prepare treasury reporting that supports informed management decisions and governance.

  • Treasury dashboards report liquidity, exposures, hedges, limits and counterparties
  • Maturity profiles highlight refinancing concentrations and liquidity pinch points
  • Report hedge coverage against exposure forecasts and approved policy bands
  • Board papers explain risk decisions, alternatives, assumptions and residual exposures
  • Policy exceptions documented with rationale, authority and remediation actions
  • Management information distinguishes market movements from operational performance drivers

Participants can build, review and present a complete treasury exposure, funding and hedging recommendation.

  • Consolidate multi-currency cash forecasts, debt schedules and investment balances
  • Quantify transaction, interest-rate, liquidity and counterparty risk exposures
  • Select funding, investment and hedging instruments against policy constraints
  • Calculate proposed trade economics using market quotations and cash-flow schedules
  • Prepare hedge accounting rationale, designation evidence and reporting impacts
  • Review operational controls, approval authorities and settlement requirements
  • Present treasury recommendation with assumptions, alternatives and residual risks

Exercises and examples are adapted to each cohort's sectors and roles.

What you take back to work

  1. Thirteen-week rolling cash forecast template
  2. Foreign exchange exposure register
  3. Money-market pricing calculator
  4. FX and interest-rate hedge selection matrix
  5. Treasury counterparty and limit monitoring checklist
  6. Treasury exposure, funding and hedging recommendation pack

Who should attend

  • Treasury Analysts — need stronger capability in cash, FX and derivative analysis
  • Treasury Managers — require disciplined funding, hedging and control decisions
  • Finance Managers — assess how treasury activity affects cash flow and earnings
  • Financial Accountants — apply foreign currency and hedge accounting requirements
  • Risk Managers — monitor market, liquidity and counterparty exposures
  • Investment and Funding Officers — compare short-term investment and borrowing alternatives

Skills and tools covered

FX exposure managementLiquidity forecastingMoney-market pricingDerivative valuationInterest-rate hedgingTreasury control design

Tools and standards

IFRS 9, IAS 21, ISDA Master Agreement, Credit Support Annex

How the course runs

Training methodology

The course uses short technical briefings followed by calculation-based case work, market-data interpretation, group exercises and treasury dealing simulations. Participants analyse bank quotations, construct forecasts, compare instruments and test hedging choices against defined exposures. Cases include import payments, export sales, floating-rate loans, surplus cash and multi-currency funding. Facilitators provide worked calculations and structured feedback on assumptions, pricing logic, risk limits and documentation. Application planning links each method to participants’ own treasury processes, reporting cycles and banking arrangements.

Requirements and prerequisites

Participants should understand basic financial statements, time value of money, interest calculations and common corporate funding needs. Experience in treasury, accounting, finance, banking, audit or risk is helpful, particularly where participants review cash forecasts, borrowings, foreign currency invoices or bank reports. Participants should be comfortable working with percentages, spreadsheet calculations and financial data. Prior derivatives trading experience is not required. The course does not assume advanced quantitative finance, programming, prior dealing-room employment or previous use of Bloomberg, Reuters or specialist treasury management systems.

A typical training day

08:30 – 10:30First session
10:30 – 10:45Refreshment break
10:45 – 12:30Second session
12:30 – 13:30Lunch and networking
13:30 – 15:00Third session
15:00 – 15:15Refreshment break
15:15 – 16:30Workshop and daily review

Live online deliveries follow the same structure in East Africa Time, with shorter screen blocks and longer breaks.

What the fee includes

  • Instruction by a practitioner facilitator
  • Full course workbook and materials
  • Exercise files, templates and case studies
  • Refreshments and lunch on classroom deliveries
  • Certificate of completion
  • Post-course application plan

Frequently asked questions

Participants need basic finance knowledge, including financial statements, interest calculations and time value of money. Previous treasury or derivatives experience is helpful but not required; core pricing and market conventions are taught from first principles before more advanced applications.

Participants should bring a calculator or laptop suitable for spreadsheet work. If permitted by their employer, they may also bring anonymised cash forecasts, borrowing summaries, hedge reports or treasury policies for use during application planning.

The programme is designed for treasury analysts, treasury managers, finance managers, accountants, risk professionals and funding officers. It is particularly useful for professionals who interact with banks, manage foreign currency payments or review short-term funding decisions.

This course concentrates on short-term treasury decisions, market conventions, bank instruments, derivatives and operational controls. General corporate finance courses usually focus more on capital budgeting, valuation, capital structure and long-term strategic finance.

Participants can improve cash forecasts, review bank quotations, maintain exposure registers, compare funding alternatives and document hedge recommendations. The course also provides methods for strengthening settlement controls, counterparty monitoring and management reporting.

Each training day runs from 08:30 to 16:30 and provides about 6.5 contact hours. The first part establishes FX, cash and money-market methods; the second part develops derivatives, valuation, accounting, controls and a final treasury recommendation.

Questions about this course?

Ask about dates, fees, group bookings or running it for your team. Our training team replies by email.

Ask on WhatsApp info@skillsetdevelopment.com

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