IM3 · Commodity Instrument Engineering

Commodity Futures & Exchange-Traded Instruments

Trade the venue. Meet the margin. Manage the expiry.

Master exchange-traded commodity instruments: futures and calendar spreads, strips, packs and bundles, clearing and margin mechanics, expiry, delivery and cash settlement, EFP, EFS and EFRP, block trades, TAS and TAM, position limits, and the exchange lifecycle as an ETRM problem.

Futures · Spreads · Clearing & margin · Expiry & delivery · EFP/EFS/EFRP · Position limits

Enrol or enquire See the 100 chapters

100 chapters · 10 modules · multi-commodity · one continuous instrument estate

How it is built

Design it, book it, value it, risk it, operate it, implement it

100 chapters does not mean 100 definitions. This programme follows the academy's standard ten-module architecture, so the instrument is taken from first principles through to a working CTRM representation, using the same structure as every other programme in the academy.

Worked cases run on NorthStar Global Commodities, a fictional instrument book created for teaching. It does not describe any real firm, person or transaction.

Curriculum

10 modules · 100 chapters

M0 Futures Instrument Foundations Ch 1-10 · 10 chapters
  1. What a Commodity Futures Contract Actually Is
  2. Futures vs Forwards
  3. Exchange, Clearing House and Clearing Member
  4. Futures Contract Specifications
  5. Futures Symbol, Contract Month and Instrument Identity
  6. Long and Short Futures Positions
  7. Contract Multipliers, Lots and Commodity Units
  8. Trading Day, Settlement Day and Contract Lifecycle Dates
  9. Futures Lifecycle from Order to Final Settlement
  10. NorthStar Multi-Commodity Futures Estate
M1 Exchange Market Structure & Execution Ch 11-20 · 10 chapters
  1. Central Limit Order Book Mechanics
  2. Bid, Offer, Mid and Executable Price
  3. Tick Size and Tick Value
  4. Market, Limit, Stop and Related Order Types
  5. Block Trades
  6. Exchange for Physical - EFP
  7. Exchange for Swap - EFS
  8. EFRP and Related Exchange-for-Related-Position Structures
  9. TAS, TAM and Settlement-Linked Execution
  10. Execution Venue, Broker and Clearing Account Mapping
M2 Futures Structures & Listed Strategies Ch 21-30 · 10 chapters
  1. Outright Futures Contracts
  2. Calendar Spreads
  3. Inter-Commodity Futures Spreads
  4. Location and Basis Futures Spreads
  5. Crack Spread Futures Structures
  6. Spark and Dark Spread Futures Structures
  7. Futures Strips
  8. Packs, Bundles and Standardized Multi-Period Structures
  9. Intra-Commodity Quality and Grade Spreads
  10. Futures Strategy Decomposition
M3 Commodity Futures Markets Ch 31-40 · 10 chapters
  1. Crude Oil Futures
  2. Refined Product Futures
  3. Natural Gas Futures
  4. Power Futures
  5. LNG Futures and Listed LNG Derivatives
  6. Emissions and Environmental Futures
  7. Metals Futures
  8. Agricultural Futures
  9. Soft Commodity Futures
  10. Freight and Specialty Listed Futures
M4 Daily Settlement, Margin & Clearing Ch 41-50 · 10 chapters
  1. Daily Settlement Price
  2. Mark-to-Market Through Daily Settlement
  3. Variation Margin
  4. Initial Margin
  5. Maintenance Margin and Margin Calls
  6. Spread Margin and Portfolio Offsets
  7. Clearing Member Margin vs Client Margin
  8. Margin Collateral and Eligible Assets
  9. Margin Liquidity Risk
  10. Clearing and Margin Reconciliation Lab
M5 Futures Pricing, Position & P\&L Ch 51-60 · 10 chapters
  1. Futures Price vs Forward Price
  2. Futures Curve Construction
  3. Futures Position Construction
  4. Gross vs Net Futures Position
  5. Daily Futures P\&L
  6. Intraday Trading P\&L
  7. Calendar-Spread P\&L Explain
  8. Roll P\&L
  9. Fees, Brokerage and Exchange Charges
  10. Complete Futures P\&L Explain
M6 Market Risk, Hedging & Liquidity Ch 61-70 · 10 chapters
  1. Futures Delta and Contract Equivalents
  2. Curve Bucket Risk
  3. Futures Basis Risk
  4. Futures Hedge Ratios
  5. Futures VaR
  6. Futures Stress Testing
  7. Liquidity and Market Depth Risk
  8. Limit-Up, Limit-Down and Trading Halts
  9. Expiry Concentration Risk
  10. Futures Risk Dashboard
M7 Delivery, Expiry & Physical Convergence Ch 71-80 · 10 chapters
  1. Why Futures Converge Toward Spot
  2. Cash-Settled vs Physically Delivered Futures
  3. First Notice Day and Last Trading Day
  4. Delivery Notice Process
  5. Deliverable Grades and Quality Options
  6. Delivery Locations and Location Optionality
  7. Warehouse and Warrant Delivery
  8. Pipeline and Energy Futures Delivery
  9. Final Settlement and Contract Expiry
  10. Futures Delivery Case Study
M8 Controls, Accounting, Regulation & Market Integrity Ch 81-90 · 10 chapters
  1. Futures Confirmation and Clearing Evidence
  2. Futures Trade Reconciliation
  3. Futures Position Reconciliation
  4. Margin and Cash Reconciliation
  5. Futures Accounting Fundamentals
  6. Position Limits and Accountability Levels
  7. Large-Trader and Position Reporting
  8. Market Conduct in Futures Trading
  9. Exchange Rule Change Governance
  10. Month-End Futures Control Process
M9 CTRM/ETRM Engineering & Capstone Ch 91-100 · 10 chapters
  1. Canonical Exchange Contract Master
  2. Futures Trade Data Model
  3. Market Data Architecture for Futures
  4. Clearing and Margin Data Model
  5. Futures Position Engine
  6. Futures P\&L and Margin Engine
  7. Futures Risk and Hedge Integration
  8. Multi-Exchange Futures Architecture
  9. Tier-1 Futures Implementation Lab
  10. NorthStar Commodity Futures Capstone
How it is delivered

Three ways to take Commodity Futures & Exchange-Traded Instruments

Self-paced is a document-and-media programme with lifetime access - no live sessions. Cohort and enterprise add live instructor-led training. Mentorship is not offered in any tier.
Feature Self-paced Cohort Enterprise
Format Written chapters, video explainers and podcasts Everything in self-paced, plus scheduled live sessions Everything in cohort, delivered privately to your team
Live sessions None Scheduled, instructor-led Scheduled, instructor-led, private
Mentorship Not offered Not offered Not offered
Access Lifetime Lifetime Lifetime for every enrolled seat
Pace Entirely your own Guided schedule with a peer group Agreed with your desk
Tailoring Fixed curriculum Fixed curriculum Sequenced to your markets, systems and governance
Best for Individuals learning around a job Individuals who want structure and deadlines Desks building the same capability together
For individuals

Get the programme guide

The full chapter list, what each module covers, and how the tiers compare - sent to your inbox as a PDF.

For teams

Run this for my desk

Private delivery for your desk, sequenced to your markets and systems. Tell us the team and we will scope it.

Run this for my desk

Bring this to your desk

Download the full curriculum, or talk to us about running it for a team.

Enrol or enquire See the whole academy