Course 05 · Capital Markets Trading & Risk Academy

FX Options & Structured FX

Price the volatility. Hedge the smile. Own the risk you sold.

Every chapter description is 30-50 words. Finished chapters must add a precise quote convention, two-currency cash-flow diagram, worked numerical calculation, market or contract source, decision or failure case, independently checked solution, and graded artifact. Premium, payoff, option notional, settlement, and risk must retain their currency units. Model outputs are conditional estimates, not guarantees.

100 chapters · 10 modules · beginner to advanced · spreadsheet first, Python and SQL optional

Enrol or enquire See the 100 chapters
The continuous case

One book, carried through all ten modules

Meridian FX Options Desk inherits the dated EUR/USD, USD/INR, and funding exposures from Course 04. It prices a client's currency protection, a dealer hedge, a barrier, and a proposed structured product; every module changes the same book. All market numbers are illustrative. The final assessment requires both client-facing explanation and independent risk challenge.

The firm, positions, prices and counterparties are fictional teaching inputs. They do not describe any real institution or transaction.

Curriculum

10 modules · 100 chapters

Each module closes with an artefact, and the ten artefacts accumulate into the final pack the learner defends. Chapters build in order rather than standing alone.

M1 Option contracts and two-currency payoffs Ch 1-10
  1. The Forward Hedge the Client Rejects
  2. Which Currency Is the Underlying?
  3. Calls, Puts, Buyers and Writers
  4. Strike, Expiry, Delivery and Premium Dates
  5. Premium Amount and Premium Currency
  6. Physical Delivery Versus Cash Settlement
  7. European and Other Exercise Rights
  8. Vanilla Option Trade Ticket
  9. Option Value Versus Hedge Effectiveness
  10. Contract Capstone: The Wrong Call Currency
M2 Vanilla FX option valuation Ch 11-20
  1. Intrinsic Value and Time Value
  2. Forward Rate as the Option's Reference
  3. Black-Style FX Pricing from Inputs
  4. Put-Call Parity in Two Currencies
  5. Implied Volatility from a Market Premium
  6. Time to Expiry and Calendar Precision
  7. OTC Versus Listed FX Options
  8. Bid-Offer, Premium and Dealer Economics
  9. Vanilla Pricing Reconciliation
  10. Pricing Capstone: A Cheap-Looking Put
M3 FX volatility quotes and smile construction Ch 21-30
  1. At-the-Money Definitions in FX
  2. Spot, Forward and Premium-Adjusted Delta
  3. Risk Reversals as Smile Quotes
  4. Butterflies and Wing Curvature
  5. Tenor and Strike Surface Grid
  6. Interpolation and Static Arbitrage Checks
  7. Pair Inversion and Volatility Consistency
  8. Event Volatility and Term Structure
  9. Independent Smile Verification
  10. Volatility Capstone: Reversed Skew
M4 FX option Greeks and dynamic hedging Ch 31-40
  1. Delta in the Premium and Reporting Currency
  2. Gamma and Nonlinear Spot Risk
  3. Vega by Expiry and Smile Node
  4. Theta, Carry and Expiry Decay
  5. Vanna, Volga and Smile Dynamics
  6. Dynamic Spot Hedge and Transaction Costs
  7. Forward and Currency Cash Hedges
  8. Portfolio Greeks and Pair Aggregation
  9. Hedging Around an Event Gap
  10. Greeks Capstone: Delta Neutral but Losing
M5 Vanilla client strategies and payoff discipline Ch 41-50
  1. Exporter Protective Put
  2. Importer Protective Call
  3. Collar and Premium Trade-Off
  4. Risk Reversal as a Client Structure
  5. Call Spread and Put Spread
  6. Seagull and Three-Leg Hedging
  7. Participating Forward Economics
  8. Straddle and Strangle for Volatility Views
  9. Strategy Suitability and Exposure Match
  10. Vanilla Strategy Capstone: The Free Hedge Claim
M6 Barriers, digitals and path-dependent FX options Ch 51-60
  1. Barrier Event and Observation Method
  2. Knock-In and Knock-Out Calls
  3. Barrier Puts and Rebate Terms
  4. Touch and No-Touch Digitals
  5. Double Barriers and Window Features
  6. Asian Average-Rate Options
  7. Lookback and Best-of Timing Rights
  8. Barrier Hedge Discontinuity
  9. Exotic Price Verification and Event Evidence
  10. Exotic Capstone: Protection Knocked Out
M7 Structured FX and contingent notional Ch 61-70
  1. Target-Redemption Forward Mechanism
  2. Asymmetric Notional and Leverage
  3. Accumulators and Decumulators
  4. Target Hit, Early End, and Residual Exposure
  5. Callable and Extendible FX Features
  6. Scenario-Weighted Pricing of Structured FX
  7. Hidden Option Premium in Zero-Upfront Quotes
  8. Exposure-Based Suitability and Stress
  9. Termination and Close-Out of Structured Trades
  10. Structured Product Capstone: The No-Premium Trap
M8 Models, portfolio risk and validation Ch 71-80
  1. Monte Carlo for Path-Dependent FX
  2. Local and Stochastic Volatility Choices
  3. Vanna-Volga as a Market Approximation
  4. Barrier Monitoring and Gap Model Risk
  5. FX Volatility Stress and Smile Twist
  6. Historical VaR for a Nonlinear FX Book
  7. Liquidity, Hedge Slippage and Margin Cash
  8. Counterparty and Wrong-Way Exposure Interface
  9. Independent Model Validation and Reserves
  10. Model-Risk Capstone: Two Defensible Prices
M9 Contracts, lifecycle, conduct and client protection Ch 81-90
  1. Confirmations and FX Definitions Timeline
  2. Exercise, Expiry and Notice Controls
  3. Deliverable Option and NDF-Linked Settlement
  4. Barrier Event Evidence and Dispute
  5. Client Disclosures and Scenario Fairness
  6. Sales, Trading and Hedging Conduct
  7. Trade Limits and Product Approval
  8. Daily P&L Explain and Independent Marks
  9. Reproducible Close and Versioned Inputs
  10. Lifecycle Capstone: The Expired Hedge
M10 Integrated Meridian FX options desk defense Ch 91-100
  1. Freeze the Opening Options Book
  2. Set Client Objectives and Dealer Mandate
  3. Calibrate a Defensible FX Smile
  4. Quote Vanilla and Structured Alternatives
  5. Execute, Hedge and Reconcile the Book
  6. Produce P&L, VaR and Full Stress
  7. Test a Client Volume and Barrier Shock
  8. Independent Model and Suitability Challenge
  9. Prepare Client and Risk Committee Packs
  10. Final Defense: The Zero-Premium Product Fails
How it is delivered

Three ways to take FX Options and Structured FX

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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Take it on its own, or as part of the academy

Each course stands alone. Taken in order, the ten build one cross-asset trading and risk capability.

Enrol or enquire See the whole academy