Master program · Risk, Controls & Surveillance

Source the price. Build the curve. Defend the valuation.

Master energy market data and forward curve construction: exchange, broker and assessment sources, validation, bootstrapping, illiquid tenors, shaping, basis, interpolation, arbitrage checks, approval and publication into the ETRM.

Market data · Bootstrapping · Shaping · Basis · Illiquid tenors · Arbitrage checks · ETRM publication

Enquire about this programme See the 130 chapters

130 chapters · 11 modules · Python + SQL labs · one continuous case · end-to-end capstone

How it is built

Cumulative, not modular

Chapter 130 should be impossible to complete properly without the artefacts built in the chapters before it. The programme follows one continuous fictional firm, NorthStar Energy Trading, so relationships between trades, positions, agreements, exposures and decisions accumulate rather than reset.

The learning chain

Source → Validation → Benchmark → Bootstrapping → Shaping → Basis → Interpolation → Arbitrage checks → Approval → Publication → Valuation

The technical build

Raw ticks → Cleaned observations → Benchmark set → Curve builder → Shaping engine → Basis model → Validation suite → Approved curve → Curve service

NorthStar Energy Trading is a fictional firm created for teaching. It does not describe any real company, person or investigation.

Curriculum

11 modules · 130 chapters

M0 Market Data & Curve Desk Primer Ch 1–8 · 8 chapters

Establish the end-to-end curve operating model

  1. What an Energy Market Data & Curve Function Actually Does
  2. Why ETRM Systems Need Forward Curves
  3. Spot Prices, Forward Prices and Forecasts
  4. Observable Prices vs Derived Prices
  5. Anatomy of a Production Forward Curve
  6. Front Office, Risk and Accounting Curves
  7. The Curve Construction Lifecycle
  8. NorthStar End-to-End Curve Operating Model
M1 Energy Market Data Foundations Ch 9–20 · 12 chapters

Build the raw market-data layer

  1. Energy Market Data Taxonomy
  2. Exchange Trades and Settlement Prices
  3. Broker and OTC Quotes
  4. Price Reporting Agency Assessments
  5. Bid, Ask, Mid and Executable Price
  6. Market Data Timestamps
  7. Units, Currencies and Conversions
  8. Commodity Calendars and Delivery Periods
  9. Instrument Master for Curve Construction
  10. Market Data Source Hierarchies
  11. Stale, Missing and Conflicting Prices
  12. Building the NorthStar Market Data Golden Record
M2 Forward Curve Mathematics & Bootstrapping Ch 21–32 · 12 chapters

Turn observations into term structures

  1. Forward Price Term Structure
  2. Carry Economics
  3. Delivery-Period Weighting
  4. Overlapping Forward Instruments
  5. Bootstrapping Fundamentals
  6. Quarter-to-Month Decomposition
  7. Calendar-to-Quarter Decomposition
  8. Season Contracts
  9. Curve Knot Selection
  10. Piecewise Forward Curves
  11. Curve Reconciliation
  12. Building NorthStar's Generic Bootstrap Engine
M3 European Gas Forward Curve Construction Ch 33–46 · 14 chapters

Build the first production commodity curve

  1. European Gas Curve Anatomy
  2. TTF Curve Inputs
  3. Prompt Gas Curve
  4. Monthly TTF Curve
  5. Quarterly Gas Bootstrapping
  6. Summer/Winter Gas Shaping
  7. Calendar-Year Gas Curve
  8. Long-Dated Gas Tenors
  9. TTF Forward Curve Reconciliation
  10. NBP Forward Curve
  11. TTF–NBP Basis Curve
  12. Gas Location Curves
  13. Gas Curve Stress and Sensitivity
  14. NorthStar Gas Curve Production Run
M4 Power Forward Curve Construction & Hourly Shaping Ch 47–62 · 16 chapters

Move from monthly forwards to hourly valuation curves

  1. Why Power Curves Are Fundamentally Different
  2. European Power Product Structure
  3. Baseload Forward Curve
  4. Peakload Forward Curve
  5. Base–Peak Relationship
  6. Quarterly and Annual Power Bootstrapping
  7. Monthly Power Shape
  8. Day-of-Week Shaping
  9. Hour-of-Day Shaping
  10. Holiday and Special-Day Effects
  11. Renewable Generation Effects
  12. Negative Price Regimes
  13. Spark and Clean Spark Relationships
  14. German–French Power Basis
  15. Hourly Forward Curve Validation
  16. NorthStar Power Curve Production Run
M5 Oil, Products, LNG & Emissions Curves Ch 63–76 · 14 chapters

Extend the engine across different commodity structures

  1. Crude Oil Forward Curve Anatomy
  2. Brent Futures Curve
  3. Contango, Backwardation and Calendar Spreads
  4. Physical Crude Differentials
  5. Refined Product Curves
  6. Oil Curve Control Framework
  7. LNG Pricing Architecture
  8. JKM Forward Curve
  9. LNG Shipping-Adjusted Netback Curves
  10. TTF–JKM Relationship
  11. EUA Forward Curve
  12. Cross-Commodity Forward Relationships
  13. FX in Commodity Curves
  14. NorthStar Multi-Commodity Curve Pack
M6 Basis, Spreads & Curve Shaping Ch 77–88 · 12 chapters

Model relationships without hiding them

  1. Understanding Basis Risk
  2. Location Basis Curves
  3. Quality Basis Curves
  4. Temporal Basis
  5. Product Basis
  6. Additive vs Multiplicative Shaping
  7. Shape Factor Estimation
  8. Shape Normalization
  9. Dynamic Shape Models
  10. Basis and Shape Stress Testing
  11. Shape Versioning and Governance
  12. NorthStar Basis & Shape Library
M7 Illiquid Tenors, Interpolation & Extrapolation Ch 89–100 · 12 chapters

Build what the market does not directly quote

  1. The Illiquid Curve Problem
  2. Linear Interpolation
  3. Log-Linear Interpolation
  4. Cubic Spline Interpolation
  5. Monotone and Shape-Preserving Methods
  6. Interpolation in Spread Space
  7. Fundamental Anchors for Illiquid Tenors
  8. Historical Shape Anchors
  9. Long-End Extrapolation
  10. Liquidity Classification
  11. Method Comparison and Sensitivity
  12. NorthStar Illiquid Curve Framework
M8 Curve Quality, Arbitrage & Settlement Controls Ch 101–112 · 12 chapters

Make the curve defensible

  1. Market Data Quality Dimensions
  2. Price Outlier Detection
  3. Stale Price Detection
  4. Source Conflict Resolution
  5. Calendar Arbitrage Checks
  6. Cross-Curve Arbitrage Checks
  7. Monotonicity: When Not to Enforce It
  8. Settlement Price Controls
  9. Manual Price Overrides
  10. Curve Approval Workflow
  11. Historical Curve Reproduction
  12. NorthStar Curve Quality & Arbitrage Engine
M9 Curve Governance, ETRM & Production Architecture Ch 113–122 · 10 chapters

Move from algorithms to enterprise production

  1. Curve Master Data
  2. Curve Versioning
  3. Market Data Lineage
  4. Curve Configuration Management
  5. ETRM Curve Integration
  6. Valuation and P&L Impact
  7. Curve Change Management
  8. Batch Curve Architecture
  9. Intraday & Event-Driven Curve Architecture
  10. Building the NorthStar Production Curve Platform
M10 NorthStar Curve Construction Capstone Ch 123–130 · 8 chapters

Build and defend the production curve set

  1. Capstone Market Close
  2. Build the Market Data Golden Record
  3. Construct Gas & Basis Curves
  4. Construct Power & Hourly Curves
  5. Construct Oil, LNG & Emissions Curves
  6. Detect the Hidden Curve Problems
  7. Publish and Revalue the ETRM Portfolio
  8. Senior Curve Committee Defence
How it is delivered

Three ways to take Energy Market Data & Forward Curve Construction

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.

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Bring this to your team

Download the full curriculum, or talk to us about running it for a desk or a control function.

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