Course 04 · Capital Markets Trading & Risk Academy

FX Spot, Forwards & Swaps

Move the currency. Carry the position. Fund it correctly.

Course 04 assumes the market, rate, risk, and as-of discipline from Courses 01-03. It owns deliverable foreign-exchange spot, outright forwards, short-dated rolls, FX swaps, non-deliverable forwards, cross-currency cash-flow decisions, execution, settlement, and FX risk. It follows the fictional Meridian FX Desk, which inherits a USD bond book, EUR and INR exposures, and client cash-flow needs. All numerical examples are fictional and dated.

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

Course 04 assumes the market, rate, risk, and as-of discipline from Courses 01-03. It owns deliverable foreign-exchange spot, outright forwards, short-dated rolls, FX swaps, non-deliverable forwards, cross-currency cash-flow decisions, execution, settlement, and FX risk. It follows the fictional Meridian FX Desk, which inherits a USD bond book, EUR and INR exposures, and client cash-flow needs. All numerical examples are fictional and dated.

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 FX market structure and quotation discipline Ch 1-10
  1. The Currency Exposure the Rates Hedge Left Behind
  2. Currency Pairs, Base and Terms Currency
  3. Bid, Offer, Pip and Executable Price
  4. Dealer, Client and Venue Roles
  5. Spot, Outright Forward, FX Swap and NDF
  6. Currency Calendars and Value Dates
  7. Cross Rates and Triangular Consistency
  8. Spot Supply, Demand and Central-Bank Events
  9. Build the Meridian FX Position Ladder
  10. Foundations Capstone: Fix the Reversed Trade
M2 Spot execution, payments and settlement Ch 11-20
  1. Voice, RFQ and Electronic Execution
  2. Client Order Types and Instruction Quality
  3. Execution Cost and Slippage Analysis
  4. Pre-Hedging, Information and Disclosure
  5. Spot Trade Capture and Confirmation
  6. Payment Chains and Time-Zone Exposure
  7. Payment-versus-Payment and Eligibility
  8. Non-PvP Settlement and Bilateral Controls
  9. Spot Position and Cash Reconciliation
  10. Spot Capstone: The Missing Currency Receipt
M3 Outright forward economics and corporate hedging Ch 21-30
  1. Forward Contract and Dated Cash Exchange
  2. Forward Points and Quotation Conventions
  3. Covered Interest Parity as a Benchmark
  4. Funding Basis and Real Forward Quotes
  5. Broken-Date Forwards and Interpolation
  6. Mark-to-Market of an Existing Forward
  7. Forward Roll and Value-Date Extension
  8. Hedge an Export Receivable
  9. Hedge an Import Payable
  10. Forward Capstone: The Invoice Moves
M4 FX swaps, rolls and cross-currency funding Ch 31-40
  1. FX Swap: Near Leg and Far Leg
  2. Tom-Next and Short-Dated Rolls
  3. Forward-Forward FX Swaps
  4. FX Swap-Implied Funding Rate
  5. Currency Funding Ladder
  6. FX Swap P&L and Rollover Cost
  7. Quarter-End Basis and Balance-Sheet Effects
  8. FX Swap Versus Cross-Currency Rate Swap
  9. Swap Lifecycle, Amendments and Settlement
  10. FX Swap Capstone: The Dollar Funding Squeeze
M5 FX forward curves, basis and independent marks Ch 41-50
  1. Spot and Discount Curves as Separate Inputs
  2. Construct a Market Forward-Points Curve
  3. Cross-Currency Basis in Forward Valuation
  4. Triangular Forward Consistency
  5. Forward Curve Sensitivities by Currency
  6. Independent Forward Price Verification
  7. Valuation of Broken-Date Rolls
  8. Historical FX Market Data and As-Of Replay
  9. Forward and Swap P&L Attribution
  10. Curve Capstone: A False Forward Opportunity
M6 Portfolio, treasury and client FX programs Ch 51-60
  1. Contracted Versus Forecast Currency Exposure
  2. Natural Offsets and Netting by Date
  3. Layered Forward Hedging
  4. Rolling Hedge for a Foreign Bond Portfolio
  5. Hedge Ratio Versus Cash Availability
  6. Multi-Currency Treasury Cash Pool
  7. Cost of Hedge Under Different Scenarios
  8. Hedge Accounting and Finance Handoff
  9. Client Disclosure and Benchmark Choice
  10. Portfolio Capstone: The Hedge Exceeds the Asset
M7 Non-deliverable and emerging-market FX Ch 61-70
  1. Why Some FX Trades Settle Differently
  2. NDF Contract, Fixing and Settlement Currency
  3. NDF Settlement Calculation
  4. Onshore and Offshore Price Differences
  5. NDF Forward Curve and Broken Dates
  6. NDF Fixing Disruption and Correction
  7. INR Exposure and Current Rule Verification
  8. NDF Basis and Hedging Limitations
  9. Emerging-Market Stress and Settlement Liquidity
  10. NDF Capstone: The Hedge Cannot Deliver
M8 FX position, VaR, stress and liquidity risk Ch 71-80
  1. Currency-by-Currency Position and Delta
  2. Spot, Forward-Point and Funding-Basis Risk
  3. Cross-Pair Correlation and Triangulation Risk
  4. Historical VaR on a Multi-Currency Book
  5. Parametric Risk and Factor-Covariance Checks
  6. FX Stress Scenarios and Full Revaluation
  7. Settlement Risk Versus Market Risk
  8. Backtesting FX Risk and P&L Explain
  9. FX Limits, Stop Rules and Risk Ownership
  10. Risk Capstone: Flat Delta, Large Cash Loss
M9 FX conduct, controls and lifecycle assurance Ch 81-90
  1. FX Global Code and Desk Policy
  2. Last Look and Order-Handling Disclosure
  3. Fixing Orders and Benchmark Integrity
  4. Counterparty, Entity and Product Eligibility
  5. Trade Amendments, Cancellations and Rolls
  6. Payment Instructions and Fraud Controls
  7. Independent Prices and Valuation Exceptions
  8. Historical Close and Audit Reproduction
  9. Cross-Jurisdiction Rule and Sanctions Checks
  10. Controls Capstone: The Payment Instruction Trap
M10 Integrated Meridian FX desk defense Ch 91-100
  1. Freeze the Opening Multi-Currency Book
  2. Define Client Needs and Desk Mandate
  3. Quote Executable Spot and Forward Trades
  4. Structure and Fund the FX Swaps
  5. Reconcile Trades, Cash and P&L
  6. Measure FX VaR, Stress and Settlement Exposure
  7. Test a Currency and Funding Shock
  8. Conduct and Independent Risk Challenge
  9. Present Client and FX Risk Committee Packs
  10. Final Defense: The Hedge That Cannot Settle
How it is delivered

Three ways to take FX Spot, Forwards and Swaps

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

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