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Equity derivatives

by Neil Schofield

Languages: English

Price (from): €2,500 / day

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About the trainer:

Neil Schofield is the principal of FMT Ltd., a UK-based company offering training services in the areas of treasury, derivatives, capital markets and risk management to financial institutions, central banks and corporations worldwide.

Neil was global head of Financial Markets training at Barclays Capital from 2001 to 2008. He teaches primarily on the rates business, covering all of the major asset classes and their respective derivative products from foreign exchange through to commodities.

Before joining Barclays Capital, he was a director at Chisholm-Roth Training for 4 years, where he was responsible for the provision of training services for a number of blue chip global investment banks. Clients included Citigroup, Deutsche Bank, Goldman Sachs, and JP Morgan Chase.

He started his training career at Chase Manhattan Bank, where he was originally employed as an internal auditor. Over a period of nine years, he conducted numerous internal and external training seminars including the Bank of England and the Federal Reserve System in the USA.

He has also held positions with Security Pacific Hoare Govett (now trading as Bank of America) and Lloyds TSB.

Neil holds a B.Sc. in Economics from Loughborough University and an MBA from Manchester Business School. He was elected as a Fellow of the IFS School of Finance (formerly the Chartered Institute of Bankers) in 1999.

Neil was appointed as a Visiting Fellow at the University of Reading ICMA center in April 2007.

He is the author of the book Commodity Derivatives: Markets and Applications and Trading the Fixed Income, Inflation and Credit Markets both published by Wiley.

He is currently writing two books a co-authored book entitled “Trading inflation: markets, instruments and strategies” and a sole-authored book “Equity derivatives: corporate and institutional and applications”.


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Equity derivatives by Neil Schofield

About the training

#Index futures   #Equity swaps   #Equity options   #Dividend futures   #Variance swaps   #Dispersion trading   #Structured products   #Autocallable structures

Equity derivatives are often used by market participants as an ‘efficient’ way of taking equity exposure. This might encompass using the derivative as a substitute for trading the asset or perhaps as a mechanism to trade equities in markets that might otherwise may be difficult to access. This course initially outlines the main equity derivative products such as futures, swaps and options and illustrates how they could be used for risk management or trading purposes. Depending on the client’s requirements the course could be expanded to cover other products such as dividend structures, volatility products, and structured notes. Although the course does include some element of optionality, the emphasis is on equity-specific applications rather than more generic components such as valuation and risk management. However, these can be integrated into the option content if required.

Learning outcomes

Single stock and Index futures

Identify the main features of single stock and index futures

Equity swaps

Illustrate the main applications of equity swaps

Equity options

Define the main characteristics of equity options. Outline how equity options could be used to either manage an underlying exposure or express a view on expected market evolution

Dividend futures and swaps

Outline the main features of dividend futures and swaps

Volatility and Variance swaps

Differentiate between volatility and variance swaps

Variance swaps

Outline how variance swaps could be used to trade index correlation

Structured equity products

Describe the different characteristics of structured equity products


  • The basic building block - Index futures

  • Using equity swaps to access equity markets

  • Equity options – equity risk management and applications

  • Dividend futures and swaps

  • Variance swaps and volatility swaps

  • Trading index correlation

  • Structured products (e.g. autocallable structures)

Main benefits

  • #Wide collection of the biggest experts
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  • #Fast and cheap
  • #Highest level of proficiency