Economie industrielle et politique des phosphates

Pricing Commodity Derivatives

PIERRE-NOËL GIRAUD

Mines ParisTech

HÉLYETTE GEMAN

University Johns Hopkins & OCP Policy Center

COMMODITY MARKETS

Trading Commodities and Hedging Strategies for Producers/end-Users

YVES JÉGOUREL

University of Bordeaux& Toulouse Business School

FACULTY

Description

The program trains executives in all the economic and financial issues related to commodity markets, and give them the appropriate tools to handle them. Soft commodities have not been overlooked and a specific module has been dedicated to the understanding of this market. As public interventions are common in this market, whether in advanced or developing economies, this module addresses the issues of public intervention, motivations and possible implications on the general functioning of the market.

According to latest developments in research area, financial agents have become a major stakeholder in the commodity market. Thus, our training has dedicated a module to derivatives market. This certificate also offers a broad coverage of public policies assessment applied to the commodity market by raising the financial dimension and hedging strategies for all the stakeholders.

• Certificate3: Commodity Markets

COMMODITY MARKETS

Starting: December 2018

EXECUTIVE CERTIFICATE - COMMODITY MARKETS

COURSE 1PRICING COMMODITY DERIVATIVES

Number of hours: 24 | Period: December 10-13 2018 | FR & EN

DESCRIPTIONThis program focuses on understanding commodities spot prices formation, the fundamen-tal features of Exchanges and Futures markets, the crucial role of liquid indexes, the theory of financial and real options as well as the valuation of physical assets and investing in com-modities. A particular attention will be given to Agricultural commodities, land and fertilizers, including from an investment perspective.

LEARNING OUTCOMES- Understanding the articulation of Commodities with the financial markets- Learning what can be transmitted from the lessons learnt in the stock market while keeping at all times a focus on Supply/demand and other fundamental economic indicators.

COURSE 2 ECONOMIE INDUSTRIELLE ET POLITIQUE DES PHOSPHATES

Number of hours: 24 | Period: 25-28 february 2019 | FRENCH

DESCRIPTIONThe participants will be provided with a book: “Economie des phosphates” by Pierre-Noël Giraud and two papers: on the effects of mineral rents on urban and rural development in Africa and on the spill overs of OCP’sales on the Morocan economy, by Jamal Azzizi. This will be completed by a serie of shorts (7mn) videos summarizing the main “messages” of each chapters of the book and of the papers.

LEARNING OUTCOMESUnderstanding economics of the industrial phosphates and political

COURSE 3TRADING COMMODITIES AND HEDGING STRATEGIES FOR PRODUCERS/END-USERS

Number of hours: 24 | Period: March 25-28 2019 | ENGLISH

DESCRIPTIONThis course aims to describe how a typical commodity industry works, and to elucidate how risks could be diluted between producers, end-users, smelters and traders. In addition to that,it is an introduction of futures contracts, highlighting their peculiarities and showing how they can be used to set up both fix-price and offset hedging strategies.

LEARNING OUTCOMESUnderstanding of- Commodity industries (agriculture, mineral and metals and energy) exposure to price risk- The uses and market functions of commodity financial derivatives, especially futures contract.- Concepts of hedging (fix-price hedging vs offset hedging) and speculation

EX

EC

UTI

VE

CE

RTI

FIC

ATE

- C

OM

MO

DIT

Y M

AR

KE

TS -

CO

UR

SE

S