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Training
Agri Commodity
Trade and Price
Academy

Risk Management
23-24 June 2011 | Intercontinental Grand Stanford, Hong Kong
27-28 June 2011 | M Hotel, Singapore

Key Learning Outcomes Who Should Attend

• Build a solid understanding of the economics of key agri- • Agri commodity firms and trading houses (those
commodities working in operations, risk management,
• Appreciate what drives the price of these commodities in finance, and shipping)
international markets • Finance/banking professionals who work with
• Analyse the international trade finance environment and manage the agri commodities industry
risks in trade finance transactions • Traders / brokers, importers and exporters
• Understand chartering risks and the use of FFAs to manage • Analysts, Funds and Investors
risks • Government and regulatory bodies
• Know buyer and seller perspectives in trading and pricing
strategies
• Appreciate the key functions of commodity exchanges where
these commodities are traded
• Gain insight into the use of commodity derivatives
• Explore the various instruments available for hedging and
managing price risk

International Course Director

Professor Michael Tamvakis
Cass Business School, London
Michael has over 20 years experience in commodities,
Save up to Multiple Booking All participants derivatives, shipping, trade, and finance. He has lectured
40% with Inhouse Discount Price + receive a Course on international commodity trade, commodity derivatives
Training 4th Delegate Free Certificate and shipping economics. He is the Director of MSc in
Energy, Trade & Finance, and Professor of Commodity
Economics and Finance at the Cass Business School, City
Book and Pay Early and University London. He is also a Visiting Professor at the
HEC (Département des HautesÉtudesCommerciales) at

SAVE SGD200! the University of Geneva, where he teaches at the MA in

International Trading, Commodity Finance and Shipping.
Or register a team of 3 or more delegates and take
advantage of our Special Group Rate, PLUS – the Customer Service Hotline:
4th delegate attends for free! +65 6508 2401
www.ibc-asia.com/agritrade
What our Delegates Like
About Our Other Commodity
Courses
“The knowledge gained is very useful and
will help me in my daily work.”
~ Guangxi
“The course provided a lot of commodity
trading insights.”
~ Pepsico
“The course was enjoyable as I learned
fundamental trading strategies. The topics
covered were areas I am involved in.”
~ Mitr Phol
“Topics are relevant to our company. The
speaker has a vast experience on the topics
covered.”
~ Philex
About the Course Director
Michael Tamvakis
Professor, Commodity Economics & Finance
Director, MSc in Energy, Trade & Finance
Cass Business School, City University London
Agri Commodity Trade and
Price Risk Management
About the Course
Increasing global free trade, changes in agricultural and trade policies,
weather, and other market forces are increasing the price and production
risks of agricultural commodities. As their variability increases, buyers,
sellers, and those in between are realizing the importance of risk management
as an important component of their business strategies.
Agri Commodity Trade and Price Risk Management is an introductory
course that provides a good understanding of the factors influencing agri
commodity demand, production, trade, and prices. The course will focus
on the economics and commercial aspects including the risks faced by
players in the agri commodity value chain.
The course will also focus on agri-commodity derivatives and how they
can be used to mitigate risks. Reference will also be made to the worldwide
seaborne transportation of agri commodities and how some of the freight
risks can be managed. The focus of the course will be on practical aspects
of derivative trading, simple hedging strategies (long, short, spreads) and
their uses by different market participants.
Through combination of lecture, discussion, group exercises, and case
studies, the course will provide a better appreciation of agri commodity
trading and risk management strategies that can be used to improve your
company’s bottom line.

Visiting Professor
HEC, University of Geneva

Michael trained as an economist at the Athens

University of Economics and Business in Greece.
IBC Training Academy
He then joined the International Centre for Upcoming Training Courses!
Shipping, Trade and Finance at the (then) City
University Business School; first as a student on • Coal Pricing
its MSc programme, and then as a member of 13-15 April 2011, Singapore
its academic staff, when he also received his
PhD. Between April 2003 and March 2009 he • Marine Insurance
was the Associate Dean for undergraduate 16-17 May 2011, Hong Kong
programmes at Cass. He lectures in international 19-20 May 2011, Singapore
commodity trade, commodity risk management
and shipping economics. His research interests • Iron Ore & Steel Trade Fundamentals
29-30 June 2011, Singapore
are in the areas of commodity economics, energy
derivatives and shipping economics. Finally, he
• Coal Market Fundamentals
has also been invited to give his opinion an
28-29 June 2011, Singapore
analysis on commodity and shipping topics on
BBC World, BBC Radio 4 and CNBC.

REGISTER TODAY! +65 6508 2401 +65 6508 2407 www.ibc-asia.com/agritrade

 Two Day Course Outline
Course Registration:
Course Commencement: 9:00am
Course Conclusion:
8:00am Explanation of Timings: These times act as a guide and may modify slightly depending on the
depth of class discussion and whether assessments are being conducted.
Course Programme: This program is a guide and may alter to better address participant
5:00pm requirements on a consensus basis.

Agri-commodity market economics Group exercise: Managing fishhooks in trade finance transactions
• Supply / demand markets
• International trade flows Shipping and freight markets influence on the trading
• Market structure, and role of traders strategy
• Freight rates across the main trade routes
Factors influencing agri commodity prices • Understanding chartering risk
• Traditional Demand / Supply drivers • Use of Freight Forwarding Agreements
• Agricultural and trade policies
• Impact of Government to Government agreements Key elements of a trade risk management strategy
• Energy markets • Price volatility
• Role of speculators / funds • Counter party risk and defaults
• Buyer and seller perspectives in trading and pricing strategies
Understanding the international trade finance environment
• Transactional flow diagram of a typical transaction Group Exercise: Developing a risk management check-list
• Credit and payment flows Recap of day 1 and close
• Non documentary vs documentary settlements
• Letters of credit
• Incoterms

Agri-commodity exchanges Case Study: Transacting through Asian / European exchanges

• Using commodity exchange as a market place
• Key functions of exchanges Alternative scenarios for dealing with options
~ Price discovery, hedging, seller of last resort • Strategies available
~ Hedging, arbitrage and speculation • What works for importers vis a vis exporters
• Relationship with over-the-counter (OTC) markets • Do different strategies apply for different commodities?
• Main agri-commodity exchanges in US, Europe, and Asia Hedging strategies
~ Contracts traded • Long and short hedge
~ Sample specs and their meanings ~ Practical examples for a variety of commodities
Derivative instruments • Spreads (calendar, inter-commodity, crush, corn, dead)
• Definition ~ Definitions, functions, who uses them
• Function ~ Practical examples for a variety of commodities
• Uses • Options and futures combinations
• Risks involved and how to minimize them ~ Covered calls and puts
~ Caps, floors and collars
How the derivatives instruments and markets work
Case study: Sample strategies for Sugar, Coffee and Grains
• Forwards
trade
• Swaps
• Futures Commodity trading software selection
• Options • Understanding the softwareís ability to assist your trading
strategy
Agri-commodity futures
• Applications available
• Futures trade and price movements
• What features to look for?
• Working with a futures contract
• Important reporting tools required
• Strategies for exporters, importers and traders

IBC Training Academy IBC Training Academy In-House Training Solutions

IBC Training Academy is the Asian training division of IBC Asia, part of the Informa
Group and a public listed company in the UK. Informa’s main business is in the
specialist information providing for global markets. We operate in 70 countries, 150
offices worldwide with over 7000 employees. We have over 25 years experience in
providing innovative, focused and high quality business information and training
products designed to help you improve the way your business is managed.
Make use of IBC Training Academy’s expertise in the training industry
and have this course customised for your organisation – at a venue of
your choice – at a time convenient to you – at a cost attractive to you.
Savings can be significant! For more information on IBC Training Academy
in-house training solutions please call Miki Kong at +65-6508 2477 or
email: inhousetraining@ibcasia.com.sg

REGISTER TODAY! +65 6508 2401 +65 6508 2407 www.ibc-asia.com/agritrade

If undelivered, please return to:
SAVE SGD200 with the
1 Grange Road,
#08-02 Orchard Building, Singapore 239693
Early Bird Rate!
Tel: +65 6508 2400 Fax: +65 6508 2407 Book by 13 May 2011

Agri Commodity Trade and Price Risk Management

ENJOY SUBSTANTIAL SAVINGS WITH
OUR MULTIPLE BOOKING DISCOUNT!
When 3 or more book into this course.
See pricing table for full details

5 EASY WAYS TO REGISTER

MAIL the attached registration form with your cheque to
IBC Asia (S) Pte Ltd
1 Grange Road, #08-02, Orchard Building, Singapore 239693

Customer Service Hotline Fax

+65 6508 2401 +65 6508 2407

This label contains your priority booking code. To expedite registration, please do not remove label. If you have Email Web
already received a copy of this brochure, we apologise. For reasons of confidentiality, your full particulars were not register@ibcasia.com.sg www.ibc-asia.com/agritrade
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HOTEL INFORMATION
RESERVE YOUR PLACE TODAY!
InterContinental Grand Standford, Hong Kong
Yes! I/We Will Attend Agri Commodity Trade and Price Risk Management 70 Mody Road, Tsimshatsui East
❑ 23 – 24 June 2011, InterContinental Grand Stanford, Hong Kong ❑ 27 – 28 June 2011, M Hotel, Singapore Kowloon, Hong Kong, P. R. China
❑ I cannot attend this event but ❑ please include me in your mailing list. Tel: +852 2721 5161 | Fax: +852 2732 2233
Contact person: Joelle Chan
FEE PER DELEGATE
EARLY BIRD RATE NORMAL RATE Email: j.chan@grandstanford.com
Register and Pay on or before 13 May 2011 Register and Pay after 13 May 2011
Individuals SGD 2,795 (SAVE SGD 200) SGD 2,995 M Hotel, Singapore
81 Anson Road, Singapore 079908
Book a group of 3 or more delegates and pay per delegate
Multiple Bookings Discount Tel: +65 6224 1133 | Fax: +65 6226 3781
SGD 2,695 – SAVE SGD 300 PER DELEGATE!
Contact Person: Angeline Ng
In addition to the Multiple Bookings Discount Price, when you register 3 delegates you can send a 4th delegate for FREE! Email: angeline.ng@m-hotel.com
• Multiple Bookings Discount pricing is applicable to groups of 3 or more delegates from the same organisation registering for the same workshop, at the same time. Fee stated is
the discounted price PER DELEGATE. Only one discount price applies – either the early bird rate OR multiple bookings discount which includes 4th delegate free.
• All fees stated include luncheons, refreshments and complete set of documentation. It does not include the cost of accommodation and travel. A 7% Goods & Services Tax (GST)
PAYMENT TERMS
is applicable to all Singapore based companies for Singapore venue. Payment must be received 10 business days prior to the event. To
take advantage of discounts with an expiry cut-off date, registration
and payment must be received by the cut off date. All payments
Delegate 1 Details Delegate 2 Details should be made in Singapore dollars
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IBC Asia (S) Pte Ltd
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OU P

Job Title: Job Title:

NT

111 Somerset Road, TripleOne Somerset #10-06

SC OU

Department Department Singapore 238164

E

Attn: The Accounts Receivable Team

DI GR

Tel: Tel:
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Who is Head of your Department? Should you be unable to attend, a substitute delegate is welcome
at no extra charge. Cancellations must be received in writing at
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