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Foreign exchange derivatives – an introduction

by Neil Schofield

Languages: English

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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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Foreign exchange derivatives – an introduction by Neil Schofield

About the training

#Puts   #Calls   #American option   #European option   #Black Scholes Merton   #Zero premium collars   #Straddles   #Strangles

A popular training mantra is ‘Foreign Exchange is not difficult – it's just confusing!’ Although the asset class is one of the oldest traded markets there is still great interest in how the different instruments work. Indeed, the FX market has arguably been one of the most innovative areas of finance with ideas often copied and applied in other asset classes. This course provides an overview of the fundamental concepts of this asset class, with the primary focus being options. The basic features of FX options are first introduced, before considering the issue of valuation. The final part of the course focuses on applications considering firstly some hedging examples and then some ‘view driven’ trading strategies.

Learning outcomes

Foreign exchange options

Define the key terms associated with foreign exchange options

FX option valuation

Describe the main principles of FX option valuation

The use of FX options

Illustrate how FX options could be used to hedge a foreign currency payable or receivable


  • What are the features of an FX option?

  • An intuitive introduction to valuation

  • Risk management applications

  • ‘View driven’ strategies

Main benefits

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