FX Options and Derivatives
Hedging and managing FX risk with vanilla and exotic contracts.
Coming soon
Starts in:
  • – – Days
  • – – Hours
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Course category:
2 days
8 hours/day
Class size:
20 students
A short course helping you understand how FX derivatives can help mitigate FX risk.

Our two-day course covers a wide range of products and instruments within the FX Derivatives markets. Since a great majority of FX derivatives are traded OTC, many important differences exist between FX and derivatives in other asset classes. We’ll discuss these specifics, explore in great detail FX forwards and options and look into some exotic contracts and structured products.

This advanced course is aimed at those who have some understanding of FX markets and its key concepts. A basic level of derivatives knowledge is also recommended, although not required.

What will you learn?
By the end of the course, you will:
  1. Gain a solid understanding of FX options and futures and how they can be used to manage FX exposure.
  2. Explore how global corporations use FX derivatives to manage their FX transactions.
  3. Understand the unique risks that arise with FX options and how they can be measured.
  4. Learn why FX volatility is quoted in terms of butterflies and risk-reversals.
  5. Appreciate some important specifics that arise when trading OTC derivatives.
  6. Find out about different strategies to hedge FX risk and how these can be obtained at zero cost.
  7. Recognize the impact of foreign and domestic interest rates on the performance of FX derivatives.
  8. Understand the sticky strike and sticky delta volatility smile models and their limitations.
  9. Learn about FX structured products and how a typical deal is constructed.
  10. Become confident when dealing with FX derivatives.
And much more!
Who is the course for?
  • Private traders and investors, looking to learn about FX derivatives markets.
  • Professionals within the financial industry or those providing services to the financial sector.
  • Professionals performing financial functions in non-financial industries, such as corporate treasury, accounting, and investor relations.
  • Students, preparing for an upcoming internship or starting their careers in finance.
  • Anyone working in or looking to understand how FX derivatives work.
Who is teaching the course?

Sergei Perfiliev

  • Active trader specializing in Equity Derivatives and Volatility trading.
  • Former Goldman Sachs Quantitative Analyst.
  • Working in finance since 2008.
  • Professional career includes Nomura, Bloomberg and Goldman Sachs.
  • Cross asset-class experience covering Equities, Fixed Income, FX and Commodities.
  • Teaching financial courses since 2013.
  • Holds Masters of Engineering from Imperial College London.
  • Holds Masters of Science in Mathematical Finance from University of Oxford.
Course Content:
Day 1
  1. Overview of Financial Derivatives:
    • Users of financial derivatives.
    • Types of derivative products.
    • Open interest and volume.
    • Listed and OTC trading.
    • Derivatives settlement procedures.
  2. FX Forwards:
    • Mechanics of a forward contract.
    • Cost of carry and fair value.
    • Foreign and domestic interest rates.
    • Forward rates.
    • Hedging and speculating using FX forward contracts.
    • Non-deliverable forward (NDF).
  3. FX Options:
    • Calls and puts.
    • Selling and buying of options.
    • In-the-money (ITM), At-the-money (ATM) and Out-of-the-money (OTM) options.
    • Motivation behind using options.
    • Put-call parity and option arbitrage.
    • FX option premium conventions.
  4. Option Pricing:
    • Intrinsic and time value.
    • Black-Scholes framework.
    • Delta hedging.
    • Pricing European and American options.
    • Realized volatility and implied volatility.
    • Risk-reversals, butterflys and at-the-money vols.
    • Sticky strike and sticky delta.
  5. FX Option Risks and Greeks:
    • Delta.
    • Gamma.
    • Vega.
    • Domestic and foreign Rho.
    • Theta.
    • Volga and Vanna.
    • Aega, Rega and Sega.
    • Hedging of the risks.
Day 2
  1. FX Option Structures:
    • Straddles and strangles.
    • Butterfly.
    • Collar and risk reversal.
    • Call and put spreads.
    • Condors and seagulls.
  2. Light Exotic Options:
    • Barrier options.
    • Knock-in/out options.
    • Digital and binary options.
    • Quanto options.
    • Asian contracts.
  3. FX Strategies:
    • Participating forward.
    • Bonus forward.
    • Enhanced collar.
    • Forward extra.
    • Delayed premium options.
  4. FX Structures Notes:
    • Options as a note contract.
    • Dual Currency Deposit (DCD).
    • Target Redemption Forward (TARF).
    • Capital Protected Basket (CPB).
    • Basket FX options.
    • Structuring a client deal.
What’s the format?
Dynamic in-class lectures.
Practical assignments and exercises.
Interactive demos and examples.
Challenging quizzes and tests.
Next available dates and pricing:
FX Options and Derivatives
  • Course category:
  • Location:
  • Duration:
    2 days
  • Class size:
    20 students
Date to be confirmed
Coming soon
What will you get upon completion?
  • Formal completion certificate.
  • Course notes and materials.
  • Follow-up support – ability to ask questions and seek further clarification, if needed.
  • 20% OFF any future courses you wish to attend.
What our training participants say?
Accounts Manager
“Sergei led various financial trainings and I really enjoyed his teaching style and dedication to his students. He always made sure students were engaged and understood the topic before moving on. I would recommend Sergei for his professionalism and deep knowledge.”
Machine Learning Engineer
“Sergei’s lucid explanations helped me get a deeper grasp of the concepts I was grappling with, whilst giving me a new perspective on the material. I credit him with getting me up to speed when I needed it most.”
Financial Software Engineer
“Sergei taught me statistics in the context of equity asset prices and he managed to help me finally connect the maths to the real life applications of it. He's very practical and effective in helping you understand hard concepts.”
Software Engineer
“I attended Sergei's derivatives training a few years ago. Sergei clearly explained what they are, the motivation behind them and how they're traded in concrete terms. After the training I had a solid understandings on the topic and I would recommend Sergei's training.”
Data Analyst
“Amazing training! Sergei does a great job at explaining the concepts using simple analogies which makes the complex world of finance very clear.”
Quantitative Developer
“Sergei's sessions were great! He always made them engaging and fun.”
Head of Pricing
“Sergei has a dynamic approach to teaching and his ability to breakdown complex commercial concepts makes learning easy and memorable. I still remember his enthusiasm after 7 years and always happy to learn from him.”
Investment Professional
“Sergei is one of the best instructors I have ever met. He understands people learn in different ways and can adjust his teaching style. I would highly recommend him, especially when you are trying to learn something complicated or you want to learn something quickly.”
Financial Software Developer
"An excellent presenter and an enjoyable course, complex material presented in an approachable fashion."
Financial Sales
“As part of a financial training program, Sergei equipped me with the knowledge that I am still benefiting from seven years later. He has an ability to deliver complex subject material in a digestible way.”
Financial Sales
“Sergei is a very good teacher, and is able to explain clearly complex concepts. I felt his course was time well spent.”
Account Executive
“Sergei held one of the best training sessions on equity derivatives at the onset of my career in finance. He was able to put together a fully comprehensive and detailed yet digestible programme. His strength is delivering complex concepts in a simplified and engaging manner.”
Frequently Asked Questions:
Are there any arrangements regarding COVID-19? Will the training go ahead as planned?

At the moment, we are planning for all of our training courses starting with September 2020 to go ahead in a physical location in Central London.

In case if circumstances change and we won’t be able to deliver the course in a classroom setting, we will deliver it virtually online via Zoom.

If this happens, we will get in touch and ask if you would like to go-ahead and attend the course virtually or if you prefer to cancel for a full refund.

What payment methods do you accept?

We accept all major credit and debit cards, and PayPal.

How can I get a 20% discount for my next training course?

You will receive this by email after completion of any of our classes.

What if I need to cancel my booking?

You can cancel your booking and receive a full refund up to one month in advance of the course start date.

If you made a booking for a seminar that starts in less than one month, you can cancel for a full refund within the 14 days of making the booking.

In case if we are unable to deliver a course in a physical classroom and had to move it online due to COVID-19, you can also cancel and request a full refund if you don’t want to attend the course virtually.

Are there any pre-requisites in order to attend this course?

This advanced course is aimed at those who have some understanding of FX markets and its key concepts. A basic level of derivatives knowledge is also recommended, although not required.

Want to run this training in-house?

Get in touch!

All our training courses can be tailored to your company needs and requirements.

Feel free to call us on +44 207 459 4445 or email info@perfiliev.co.uk and we’d be happy to help.

Learn more