U p dat ed fo r 20 12 Iron Ore Trading & Risk Management ... Ore... · 13:30 Session 9: Iron ore options • Definition: Call, put, strike, premium and essential concepts • Calculation

Iron Ore Trading & RiskManagement TrainingCourse: Europe

Iron Ore Trading & RiskManagement TrainingCourse: Asia Register ONLINE

before 16 March 2012

& SAVEUS$500

off the fullstandard rate

For more information and to register please visit:www.metalbulletinstore.com

In association with:

Media partner:

5-7 June 2012Hilton Hotel, Singapore

6-8 March 2012Hyatt Regency London – The Churchill

Register ONLINEbefore 16 December 2011

& SAVE£350off the full

standard rate

“Exceeded my expectations; value gained was formidable;looking forward to implementing what I’ve learnt.”Darrell Lim, Citic Pacific Mining

LIMITED COURSE PLACES AVAILABLE!

A 3 day focused programme, with important learning benefits:l Understand the iron ore financial market: How can you control your exposure?lCement and update your knowledge of iron ore derivativesl Develop trading and hedging strategies to make sure your business will thrivelGrasp the methodology behind iron ore indices and how you can use themlManage counterparty risk via clearing and contract provisionsl Leave with a volume of information on how to further develop your knowledge

Updated for 2012

16 hours/credits

Metal Bulletin Training brings you the wellestablished and acclaimed iron ore trading

and risk management training course. Threedays of intense training in a classroomenvironment will bring you up to date with theiron ore financial market. Whether you are atrader, steel producer or miner you can no longerdisregard the increasing volumes of derivativesbeing traded.

Gaining intelligence on structured deals, howclearing houses, brokers and contracts work isessential to plan your business strategies.

Can you really afford to miss out?

Who should attend?lMining companies

l Steel producers

l Iron ore and steel traders

lMarketers

l Shipping and logistics managers

l Banks and financial institutions

lMiddle and back-office managers

l Risk managers

l Industry consultants

l Fund managers

“I have had the pleasure ofparticipating in, and with, Mr Guillaume Perret’s commoditytraining courses over a number ofyears, and am continuallyimpressed by the quality and thespectrum of material delivered,and the response from studentsattending. His courses are a rareconcentration of best marketpractice, and I have no hesitationin recommending them at thehighest level”Brad Ridge, Grid Investment Capital

What lasting value will yougain from the course?l An update on the fast developing financial marketfor iron ore

l Indices’ increasing role as price indicators:Understand how you can use them

l Trading the forward curve and mark to market value

l Structured deals and contract provisions: How canthese secure investments?

l Comprehend how to set up a derivatives desk andin what way you can further your studies

Some of the companies thathave attended previously:l Rio Tintol Salzgitter Flachstahll Kumba Iron OreCompany

l Trafigura Trading Shanghai Co Ltd

l Emirates SteelIndustries

l BHP BillitonInternational MetalsBV

l Posco

l Vale International SAl PCA Peugeot CitroenlMinmetals CMPl Corusl DufercolMitsui BusanCommodites

l VoestalpineRohstoffbeschaffungsGmbH

l Lucchini SPAlMorgan Stanley

16 hours/credits

Iron Ore Trading & Risk ManagementTraining Course: Europe6-8 March 2012 Hyatt Regency London – The Churchill

Iron Ore Trading & Risk ManagementTraining Course: Asia5-7 June 2012 Hilton Hotel, Singapore

Course agenda

Day one08:30 Registration and networking refreshments

09:00 Session 1: Introduction• The importance of risk management in iron ore andcommodities trading

• Course outline and organisation• Faculty’s and delegates introduction

Guillaume Perret, Director, Perret Associates

09:30 Session 2: Overview of thephysical iron ore market • The growing shift from benchmark to spot pricing• Main exporters, importers and trading flows?• Forecast supply-demand Europe:John Kearsey, Executive Director, Simpson Spence and YoungAsia:Georgi Slavov, Head of Basic Resources &Dry Freight Research, Icap Energy

10:15 Networking refreshment break

10:30 Session 3: Pricing of physical iron ore• Main criteria that define the quality of iron ore• Normalisation of the different grades of iron ore to ageneric quality

• The limits of generic quality: What is the range ofacceptability for physical transactions to be insertedinto the index calculation?

• Consequences for pricing of physical iron ore

Christopher Ellis, Analyst, Metal Bulletin Iron Ore Index

11:15 Session 4: Iron ore derivatives:Main indices and methodology • Main indices in the iron ore market: methodology,similitude and differences

• Historical trading volumes• What is a financial swap and how does it work?Example

• Structure of the market: Principals, brokers,exchanges, clearing houses

• New indices in development • Physical futures versus financial swaps: Pros and cons


13:00 Networking lunch

14:30 Session 5: Using iron orederivatives for risk management:Case studies • Using iron ore derivatives to manage physical risk• Group exercise case studies for mining companies,steel mills, traders and financial institutions



16:15 Session 6: Mark to market andforward curve • What is mark to market and how is it used?• Potential issues and implications of mark to market• Price forecast versus forward curve• Contango versus backwardation• Case study: Trading the forward curve


17:15 Close of day one and networking drinks reception

Day two08:30 Registration and networking refreshments

09:00 Session 7: Case study andtrading examples in othercommodities• Interactive case study focusing on pitfalls to avoid incommodity trading and how these can be applied inthe iron ore market



11:00 Session 8: Freight derivatives and their relevance for the ironore market • Main freight derivatives products traded• Historical trading volumes• Structure of the market: Principals, brokers,exchanges, clearing houses

• Outlook Europe:Robin King, Head of Marketing, Baltic ExchangeAsia:Senior representative, Simpson Spence and Young


13:30 Session 9: Iron ore options• Definition: Call, put, strike, premium and essential concepts

• Calculation of premium and the Black Scholes model• Interest of options and practical examples• Risks and pitfalls in options trading



16:00 Session 10: Traders and brokersactivities: Over the countertrading mechanisms • Day to day broker’s activity • Voice versus screen brokerage • Latest developments in the iron ore financial market • Requirements to trade financial iron ore Europe:Georgi Slavov, Head of Basic Resources &Dry Freight Research, Icap EnergyAsia:Guillaume Perret, Director, Perret Associates

17:00 Close of day two

Day three08:30 Registration and networking refreshments

09:00 Session 11: Understanding riskmanagement indicators• Volatility, correlation, delta, value-at-risk and other risk measures

• How to calculate these indicators?• How to avoid the sense of security these can provide? • The different risk management tools



10:30 Session 12: Structured deals withiron ore derivatives • Example of structured deals offered by banks tophysical and financial participants in the iron ore market

• How can derivatives help to secure investments? • Beyond swaps: Options & collars• Project finance• Pre-paid forwardsEurope:Phillip Killicoat, Iron Ore Sales Manager,Credit SuisseAsia:Jared Baker, Director, Head of Metals andBulks Sales, Credit Suisse

11:30 Session 13: Trading on exchangeand clearing: Another way tomitigate credit risk • Trading iron ore on an exchange and clearing mechanism

• Implications for market participants: Mark-to-market,initial margins, daily margins, cash flows

• Interactive examplesEurope:Michael Zeitler, Head of CommoditiesBrokerage, BNP ParibasAsia:Christopher Fix, Head of Marketing AsiaPacific, BNP Paribas Commodity FuturesAsia Ltd


13:30 Session 14: Set up of an iron orederivatives desk and wrap up • Trading floor organisation and business models• Departments’ responsibilities and inter-connections:Front office, risk management, back-office, credit, legal

• Risk analysis and strategy implementation• Requirements to set up and develop a trading activity • Critical issues to consider and mistakes to avoid• Conclusion of the course and next steps


15:00 Conclusion and close of training course

Course Director:Guillaume Perret, Director, Perret AssociatesGuillaume Perret has sixteen years of extensive experience incommodities trading. Before establishing his own consultingbusiness, Perret Associates Ltd in 2006, Mr Perret spent fiveyears with the German utility RWE in London, setting up anddeveloping the coal and freight trading desk, and five years withLouis Dreyfus Négoce in Paris, in international grains trading and chartering.

Drawing on his extensive hands-on experience in commoditiesfront offices, Perret’s consulting company provides businessdevelopment, risk management, market analysis and forecast aswell as strategy support for companies eager to develop theirtrading and risk management activities. He is also the coursedirector of the very successful “Coal Trading and RiskManagement Training Course” and “Base Metals TradingCourse”, which have been used as a model to develop this ironore trading course.

Perret Associates is on retainer at several major internationalgroups involved in commodity trading and is authorised andregulated by the Financial Services Authority. Perret is also theauthor of “Trading Iron Ore: A full feasibility study for a new ironderivatives contract” (2008), “The International Coal TradingMarket 2010-11”, “Steel futures: a turning point for the industry”(2008). He has earned an MBA from the London Business Schooland has a degree in biology and geology engineering.

Phillip Killicoat, Iron Ore Sales Manager,Credit SuissePhillip Killicoat leads corporate iron ore sales coverage for CreditSuisse's Commodities Group. From 2004 he worked withMcKinsey & Company advising metals and mining clients onstrategy, marketing and operations. Phillip graduated from OxfordUniversity with a Masters in Economics as a Rhodes Scholar.

John Kearsey, Executive Director,Simpson Spence and YoungJohn Kearsey is the Head of Research at Simpson, Spence &Young (SSY), one of the world’s largest ship broking organisations.Mr Kearsey co-ordinates SSY’s analysis and forecasting of theshipping markets, which specialises in cargo trade flows. Johnbegan his career in the shipping industry in 1983 with Lloyd’sShipping Economist. He has spoken at a number of steel industryevents in Europe and Asia.

Robin King, Head of Marketing, Baltic ExchangeRobin King, currently head of marketing at the Baltic Exchange andformerly a director of one of the top London based shipbrokersspecializing in Forward Freight Agreements. With experience in allareas of shipping derivatives, Robin has been involved in thesemarkets since the concept was first devised in the early 1990’s.

Michael T. Zeitler, Head of MetalsBrokerage, BNP Paribas CommodityFuturesPrior to joining BNP Paribas, Michael Zeitler worked in various rolesin the Metals Markets in Germany and the UK. He has experienceas a trader with Barclays Capital and Fortis Bank, as well as FXMetals Brokerage at Triland Metals. Now with BNP Paribas, Michaelspecialises in commodity futures and options marketing with afocus on all Metals.

Georgi Slavov, Head of Basic Resources& Dry Freight Research, Icap EnergyGeorgi joined ICAP in June 2008 as a Head of Basic Resources &Dry Freight Research. He is in charge of developing the proprietaryfundamental forecasting models, live support to the freight, coal, ironore and steel trading desks as well as generating and publishingtrading recommendations based on fundamental, outright technicaland relative value trading methodologies.

On a daily basis he is actively involved in direct dialogue with globalbrand companies including trading houses, shipowners, operators,investment banks and hedge funds. At the very beginning of hiscareer Georgi spent 2 years in the Marine Coast Guard (1993-1995),and subsequently completed a BSc/MSc in Naval Engineering. Atthe same time he graduated with a BSc in Economics. Georgi is aFellow of the Institute of Chartered Shipbrokers, London.

Christopher Ellis, Analyst, Metal Bulletin IndexChristopher Ellis is an analyst with in the Metal Bulletin Index, a leading market information and pricing company. Christopher has been with Metal Bulletin for two years and looksafter the day to day running of the iron ore index. He previouslyworked for Hermes Fund Managers in their Emerging MarketEquities department.

Christopher Fix, Head of Marketing Asia Pacific, BNP Paribas CommodityFutures Asia LtdChristopher heads a Commodity Futures marketing team based inAsia focusing on strategic markets and products to build BNPP’spresence in the region. With over 18 years at BNPP, 10 of which wasspent in the Credit Department, Christopher and his Team areworking to strengthen the Commodity Futures platform whilepromoting the cleared markets for credit risk mitigation. Starting outworking with NYMEX products in NY Chris also has experience withOTC products and has spent the last 5 years in Asia working with therapidly developing derivatives environment in the worlds’ fastestgrowing economies.

Jared Baker, Director, Head of Metalsand Bulk Sales, Credit SuisseJared Baker runs the Corporate Metals and Bulks Sales team globallyfor Credit Suisse Commodities Group, based in Singapore. Jared hasbeen with CS Commodities for over 4 years. Prior to that he workedat Barclays Capital for 5 years, and previously he worked atMacquarie Bank Sydney for 6 years. Jared has a Masters of AppliedFinance from Macquarie University and a Bachelor of Business fromUniversity of Technology Sydney.

Faculty

REGISTER ONLINE & SAVE £100

METHODS OF PAYMENTPLEASE SIGN THE FORM IN ORDER FOR REGISTRATION TO BE PROCESSED

Signature:

Date:

q To make a payment by credit card, please call +44 (0) 20 7779 8905or visit www.metalbulletinstore.com to book and pay online

q I would like to pay by bank transfer.Option only available before 6 February 2012 (London)Option only available before 7 May 2012 (Singapore)

Note: Full bank details will be emailed to you with your booking confirmation. When paying bybank transfer, please ensure that you transfer enough funds to cover the full price of yourpurchase, plus any bank charges you may incur.

IMPORTANT: Please make sure you quote your full invoice number, details can be found on your invoice.

Metal Bulletin standard terms and conditions apply. Visas are the responsibility of delegates

Fees: The conference fee includes attendance at all sessions, refreshments, welcome reception and lunches. Indian based delegates: Price quoted is net, exclusive of any TDS/Without holdingtax. Any deductions are only liable on the submission of an original Withholding Tax Certificateforwarded to Metal Bulletin. Accommodation: The fee does not include accommodation. A limitedallocation of rooms has been reserved at the conference hotel. Delegates will be sent anaccommodation booking form along with confirmation of registration. If you are not a delegate therate may be higher or your room may be cancelled. This form should be completed and returnedto the hotel.

VAT: If your organisation is tax registered within the European Union please provide your company

VAT number:

Our VAT Number is GB 243 31 57 84

Please tick if you are not registered for sales tax.

EASY WAYS TO REGISTERContact: Roger Cooke

Online: www.metalbulletinstore.com

Tel: +44 (0) 20 7779 8905

Fax: +44 (0) 20 7779 5200

Email: [email protected]

Address: Metal Bulletin Events, Nestor House, Playhouse Yard, London, EC4V 5EX, UK

ACCOMMODATIONHyatt Regency London – The Churchill, London30 Portman Square, London, England (United Kingdom) W1H 7BH Phone:+44 (0) 20 7486 5800 Fax:+44 (0) 20 7486 1255 Email: [email protected]

Hilton Singapore Hotel, Singapore581 Orchard Road Singapore, 238883, SingaporePhone:+65 (0) 6737 2233Website: www.hilton.co.uk/singapore

Booking your accommodation:Upon registration, delegates will be emailed an accommodation booking form along with theirconfirmation to be completed and returned direct to the hotel.

DATA PROTECTION NOTICEThe information you provide on this form will be used by Euromoney Trading Ltd and its group companies (“we” or “us”) to processyour order and deliver the relevant products/services. We may also monitor your use of the website(s) relating to your order, includinginformation you post and actions you take, to improve our services and track compliance with our terms of use. Except to the extentyou indicate your objection below, we may also use your data (including data obtained from monitoring) (a) to keep you informed ofour products and services; (b) occasionally to allow companies outside our group to contact you with details of theirproducts/services; or (c) for our journalists to contact you for research purposes. As an international group, we may transfer your dataon a global basis for the purposes indicated above, including to countries which may not provide the same level of protection topersonal data as within the European Union. By submitting this order, you will be indicating your consent to the use of your data asidentified above. Further detail on our use of your personal data is set out in our privacy policy, which is available atwww.euromoneyplc.com or can be provided to you separately upon request.If you object to contact by telephone , fax , or email , or post , please tick the relevant box. If you do not want us to share yourinformation with our journalists , or other companies please tick the relevant box.

BOOKING CONDITIONSRegistrations can only be confirmed upon receipt of payment or proof of payment and discounted fees will only apply when paymentis received within the offer period. If you are not able to attend, a substitute delegate will be accepted. Cancellations must be receivedin writing prior to 6 February 2012 (Europe) 7 May 2012 (Asia) to qualify for a full refund less £200 (Europe) US$200 (Asia)administration fee. It may be necessary for reasons beyond the control of the organisers to alter the content, timing and venue. In theunlikely event of the conference being cancelled or curtailed due to any reason beyond the control of Metal Bulletin Ltd., or it beingnecessary or advisable to relocate or change the date and/or location of the event, neither Metal Bulletin Ltd., nor its employees willbe held liable for refunds, damages and/or additional expenses which may be incurred by delegates. We therefore recommendprospective delegates arrange appropriate insurance cover.

If your details above are incorrect please amend them herePLEASE COMPLETE IN BLOCK CAPITALS

(Mr/Miss/Mrs/Ms/Dr)

Family Name:

First/Given Name:

*Delegate Email:

*Administrator Email:

Position in Company:

Company Name:

Address:

Postal/Zip Code:

Country:

Tel: +

Fax: +

Please indicate your metals interest in order of preference:

1 2 3

What is your company’s main business activity:

*Delegates must provide their email address in order to receive booking confirmation and access to thedelegate messenger system.

Iron Ore Trading & Risk Management Training Course: Europe6-8 March 2012 Hyatt Regency London – The Churchill

Iron Ore Trading & Risk Management Training Course: Asia5-7 June 2012 Hilton Hotel, Singapore

REGISTRATION RATES Online rate Via Tel/Fax

EuropeBefore 16 December 2011 £2,150 + VAT £2,250 + VAT

Full Standard Rate £2,400 + VAT £2,500 + VAT

AsiaBefore 16 March 2012 US$3,499 US$3,599Full Standard Rate US$3,899 US$3,999

MB STORE

Documents

U p dat ed fo r 20 12 Iron Ore Trading & Risk Management ... Ore... · 13:30 Session 9: Iron ore options • Definition: Call, put, strike, premium and essential concepts • Calculation