A practitioner-led course on contingent claims: how derivatives are priced, what they transfer between counterparties, and how risk is measured and hedged in practice.
Derivatives are frequently taught as formulas to be memorised. Credit Foncier International teaches them as contracts: each one transfers a defined risk from one party to another at a price, and the mathematics exists only to make that price defensible.
The course is delivered by members of our structuring and risk teams. Participants rebuild every pricing model from first principles, examine where its assumptions fail, and learn to describe a position's behaviour before its expected return.
The course is educational in nature. It does not constitute investment advice, does not recommend any instrument, and is not an offer of any financial product or service.
Enquire about a placeEight modules across three levels, from linear instruments through to documentation and market conduct.
The linear building blocks of the derivative market: how a forward price is formed, how exchange-traded futures differ from bilateral agreements, and how swaps convert one cash-flow profile into another.
Calls, puts, moneyness and payoff diagrams, with an emphasis on what an option actually transfers between two parties and what the buyer is genuinely paying for.
Binomial trees, Black-Scholes-Merton and Monte Carlo valuation — where each model comes from, what it assumes, and precisely where those assumptions break in a real market.
Delta, gamma, vega, theta and rho as a working language for risk. Participants learn to read a risk report and explain why a position behaves the way it does.
Realised versus implied volatility, the surface, skew and smile, and why volatility is treated as an asset class in its own right rather than a single input.
How spreads, collars, barriers and notes are assembled from simple components, and how to decompose an unfamiliar structure into instruments you already understand.
The instruments closest to our own lending practice: credit default protection, commodity hedges and the way collateralised transactions interact with derivative overlays.
Master agreements, collateral annexes, central clearing and the reporting obligations that attach to derivative activity, together with the conduct standards expected of participants.
Read and interpret a derivative term sheet without assistance
Explain the risk of a position in the language of the Greeks
Build a binomial and a Black-Scholes valuation from first principles
Design a hedge appropriate to an underlying exposure and cost budget
Identify where a model's assumptions understate real-world risk
Sessions are discussion-led. Participants are expected to arrive prepared and to defend a valuation when challenged.
Every pricing model is rebuilt by hand in a spreadsheet before any packaged tool is used, so the mechanics are understood rather than trusted.
Published option chains and volatility surfaces are used in place of invented examples.
Each module carries a short written task, read and annotated individually rather than scored anonymously.
Groups are kept deliberately small so that every participant speaks in every session.
Participants completing the course and its written work receive a statement of completion. It is not a regulated qualification.
If your question is not addressed here, write to us directly and we will answer it in full.
Write to us with a short note about your background and what you intend to do with the material. Places are allocated on a rolling basis throughout the year.