Commodity Structured & Multi-Leg Products
Assemble the legs. Price the package. Explain what it really is.
Master structured and multi-leg commodity products: straddles, strangles, vertical and calendar spreads, butterflies and condors, collars and participating forwards, accumulators and decumulators, target redemption, structured swaps and hybrids, and the embedded optionality buyers rarely price correctly.
Multi-leg · Collars · Participating forwards · Accumulators · Target redemption · Hybrids · Embedded optionality
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.
10 modules · 100 chapters
M0 Structured Product Foundations Ch 1-10 · 10 chapters
- What a Structured Commodity Product Actually Is
- Primitive Leg vs Structured Trade
- Why Structured Products Exist
- Payoff Decomposition
- Long and Short Optionality Inside Structures
- Structure-Level State Variables
- Conditional and Contingent Legs
- Commercial Term Sheets
- Structured Product Lifecycle
- NorthStar Structured Products Estate
M1 Vanilla Multi-Leg Strategies Ch 11-20 · 10 chapters
- Long Straddles
- Short Straddles
- Strangles
- Bull and Bear Spreads
- Butterfly Spreads
- Condor Spreads
- Risk Reversals
- Seagull Structures
- Ratio Spreads
- Multi-Leg Vanilla Strategy Lab
M2 Collars, Participating Hedges & Price Corridors Ch 21-30 · 10 chapters
- Zero-Cost Commodity Collars
- Premium-Bearing Collars
- Three-Way Collars
- Four-Way Collars
- Participating Forwards
- Capped Participating Forwards
- Flexible Participation Ratios
- Price Corridors
- Producer vs Consumer Structured Hedges
- Collar & Participation Structuring Lab
M3 Accumulators, Decumulators & Leveraged Fixing Structures Ch 31-40 · 10 chapters
- Accumulator Fundamentals
- Decumulator Fundamentals
- Daily and Periodic Fixing Mechanics
- Leveraged Accumulation
- Knockout Accumulators
- Guaranteed Accumulation Periods
- Accumulated Quantity Management
- Accumulator Valuation
- Accumulator Risk and Hedge Instability
- Accumulator/Decumulator Implementation Lab
M4 TARFs and Target-Based Structures Ch 41-50 · 10 chapters
- Target Redemption Forward Fundamentals
- Commodity TARF Payoff Mechanics
- Target Accumulation State
- Leveraged TARFs
- Knockout at Target
- Target Redemption Notes vs Commodity TARFs
- TARF Monte Carlo Valuation
- TARF Greeks and Scenario Risk
- TARF Credit and Settlement Exposure
- TARF Valuation & State Lab
M5 Callable, Extendible & Contingent Structures Ch 51-60 · 10 chapters
- Callable Commodity Swaps
- Puttable Commodity Swaps
- Extendible Swaps
- Extendible Forwards
- Cancelable Forwards
- Contingent Forwards
- Deferred-Start Structures
- Callable Range and Corridor Structures
- Exercise Policy and Optimal Termination
- Callable & Extendible Structures Lab
M6 Structured Spread & Multi-Commodity Products Ch 61-70 · 10 chapters
- Structured Crack Hedges
- Structured Spark Hedges
- Clean Spark Structured Products
- LNG Netback Structures
- Commodity Basket Hedges
- Cross-Commodity Collars
- Spread Collars
- Multi-Commodity Trigger Structures
- Structured Hedge Portfolio Decomposition
- Multi-Commodity Structured Product Lab
M7 Valuation, Greeks, P\&L & Hedging Ch 71-80 · 10 chapters
- Valuation by Primitive Decomposition
- Structure-Level Monte Carlo
- Structure-Level Greeks
- Effective Delta and Conditional Notional
- Structured Product Vega
- Correlation and Cross-Gamma
- Structured Product P\&L Explain
- Dynamic Hedging of Structured Products
- Stress Testing Structured Books
- Structured Risk & P\&L Lab
M8 Credit, Lifecycle, Accounting & Product Control Ch 81-90 · 10 chapters
- Counterparty Exposure on Structured Products
- Worst-Case Contractual Quantity
- Structured Product Premium and Cashflow Architecture
- Fixing and Observation Control
- Trigger and Termination Control
- Restructuring Existing Structured Trades
- Structured Product Accounting
- Structured Product IPV
- Suitability, Mandate and Product Governance
- Month-End Structured Product Control
M9 CTRM/ETRM Engineering & Capstone Ch 91-100 · 10 chapters
- Canonical Structured Trade Data Model
- Condition and Action Engine
- Structure State Store
- Parent-Leg Dependency Graph
- Structured Pricing Orchestrator
- Structured Risk Engine
- Structured Lifecycle Engine
- Enterprise Structured Product Architecture Case
- Tier-1 Structured Product Implementation Lab
- NorthStar Structured Products Capstone
Three ways to take Commodity Structured & Multi-Leg Products
| 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 |
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