IM10 · Commodity Instrument Engineering

Specialty Commodity Instruments

Trade the attribute. Settle the index. Model what has no barrel.

Master specialty commodity instruments: environmental allowances and offsets, RECs, GOs, RINs, LCFS and SAF attributes, freight and FFAs, weather derivatives, capacity products, transmission rights including FTR and CRR, and index-linked contracts - instruments defined by registries, rules and indices rather than by a deliverable commodity.

Allowances & offsets · RECs & GOs · RINs & LCFS · FFAs · Weather · Capacity · FTR/CRR · Indices

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 Specialty Instrument Foundations Ch 1-10 · 10 chapters
  1. What Makes a Commodity Instrument “Specialty”
  2. Commodity Instrument vs Regulatory Entitlement
  3. Physical, Financial, Registry and Service Settlement
  4. Instrument Identity in Specialty Markets
  5. Eligibility as an Economic Dimension
  6. Vintage, Compliance Period and Delivery Year
  7. Registry-Based Instruments
  8. Market-Design Dependency
  9. Specialty Instrument Lifecycle
  10. NorthStar Specialty Instruments Estate
M1 Emissions Allowances & Carbon Instruments Ch 11-20 · 10 chapters
  1. Emissions Allowances as Tradable Instruments
  2. EUA Instrument Structure
  3. UKA and Other Compliance Allowances
  4. Allowance Spot, Forward and Futures Exposure
  5. Allowance Banking
  6. Compliance Obligation vs Trading Position
  7. Surrender and Retirement
  8. Carbon Basis and Cross-Scheme Exposure
  9. Emissions Portfolio Risk
  10. Emissions Instrument Lab
M2 Renewable Certificates, Fuel Credits & Environmental Attributes Ch 21-30 · 10 chapters
  1. Renewable Energy Certificates
  2. Guarantees of Origin
  3. RECs vs GOs vs Energy
  4. RIN Instrument Mechanics
  5. LCFS-Style Credit Instruments
  6. SAF and Renewable Fuel Attributes
  7. Voluntary Carbon Offsets
  8. Environmental Instrument Eligibility
  9. Environmental Attribute Bundling and Unbundling
  10. Environmental Attribute Control Lab
M3 Freight, Shipping & Route-Based Instruments Ch 31-40 · 10 chapters
  1. Freight as a Commodity Risk Factor
  2. Forward Freight Agreements
  3. Voyage vs Time-Charter Exposure
  4. Dry Bulk Freight Instruments
  5. Tanker Freight Instruments
  6. LNG Shipping and Freight Derivatives
  7. Freight Index Averaging
  8. Freight Basis Risk
  9. Freight Position and P\&L Explain
  10. Freight Instrument Lab
M4 Weather Derivatives & Non-Commodity Underlyings Ch 41-50 · 10 chapters
  1. Why Weather Can Be a Commodity Risk Instrument
  2. Heating Degree Days
  3. Cooling Degree Days
  4. Weather Swaps
  5. Weather Options
  6. Rainfall and Precipitation Contracts
  7. Wind and Renewable Generation Weather Risk
  8. Weather Data and Station Risk
  9. Weather Valuation & Simulation
  10. Weather Derivative Lab
M5 Capacity, Transmission & Power Market Instruments Ch 51-60 · 10 chapters
  1. Capacity as a Tradable Economic Right
  2. Power Capacity Contracts
  3. Capacity Auctions
  4. Resource Adequacy Instruments
  5. Financial Transmission Rights
  6. Congestion Revenue Rights
  7. FTR/CRR Valuation
  8. Transmission Basis and Hedge Effectiveness
  9. Ancillary Service Instruments
  10. Power Specialty Instrument Lab
M6 Specialty Indices, Benchmarks & Contractual Underlyings Ch 61-70 · 10 chapters
  1. Commodity Index Instruments
  2. Composite Energy Indices
  3. Inflation-Linked Commodity Structures
  4. Benchmark Differential Instruments
  5. Formula and Composite Settlement Indices
  6. Index Reconstitution and Rebalancing
  7. Benchmark Discontinuation
  8. Publisher Corrections and Restatements
  9. Specialty Benchmark Governance
  10. Specialty Index Implementation Lab
M7 Valuation, P\&L, Risk & Hedging Ch 71-80 · 10 chapters
  1. Valuation Framework for Specialty Instruments
  2. Observability and Fair-Value Hierarchy
  3. Specialty Position Construction
  4. P\&L Explain Across Specialty Instruments
  5. Regulatory and Eligibility Risk
  6. Liquidity and Concentration Risk
  7. Correlation with Core Commodities
  8. Stress Testing Specialty Instruments
  9. Hedging Specialty Exposure
  10. Specialty Risk & P\&L Lab
M8 Lifecycle, Settlement, Accounting & Control Ch 81-90 · 10 chapters
  1. Registry Transfer Control
  2. Issuance, Generation and Creation Events
  3. Retirement, Surrender and Cancellation
  4. Specialty Settlement Operations
  5. Specialty Instrument Accounting
  6. Independent Price Verification
  7. Exceptions and Eligibility Disputes
  8. Compliance and Audit Evidence
  9. Cross-System Reconciliation
  10. Month-End Specialty Instrument Close
M9 CTRM/ETRM Engineering & Capstone Ch 91-100 · 10 chapters
  1. Canonical Specialty Instrument Model
  2. Registry & External State Architecture
  3. Eligibility Rules Engine
  4. Specialty Benchmark Service
  5. Specialty Valuation Orchestrator
  6. Specialty Position & Obligation Engine
  7. Specialty Lifecycle Event Engine
  8. Multi-Market Specialty Architecture Case
  9. Tier-1 Specialty Instrument Implementation Lab
  10. NorthStar Specialty Instruments Capstone
How it is delivered

Three ways to take Specialty Commodity 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