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Coal Market and Trading Programme

Tue, 14 Sep - Wed, 15 Sep 2010

City, London, England

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General information

This intensive and interactive course focuses on how the international coal markets are developing. The course identifies the price risks involved and the use of OTC and exchange traded instruments in managing these risks. You will explore both the physical and paper markets and review the different trading procedures available and the profiles of different participants in the market.

COURSE INFORMATION
Price: £1,200 + VAT
Duration: 2 days
Available Dates: Mar 17 2010
Sep 14 2010

WHO SHOULD ATTEND
Anyone who is affected by the changes in the international price of coal
¿ Energy industry personnel working in supply, trading, risk management, refining, finance, transport, exploration and production
¿ Coal trading and distribution companies
¿ Energy-related government departments and regulators
¿ Purchasing, planning, and finance departments in major energy consumers
¿ Energy publications
¿ Bankers, accountants, auditors and others associated with energy companies and energy financing


COURSE CONTENT
DAY 1

SESSION I
Introduction and the physical coal market
- Coal varieties and qualities
- Main steam coal producers, importers and exporters
- Steam coal physical flows and evolution

SESSION II
Trading the physical coal market
- The commoditisation of physical thermal coal
- SCoTA: Overview and role
- Current physical coal trading instruments and trends
- Prospects for product development

SESSION III
The steam coal derivatives market
- Main products traded: history, trading volumes
- Definition and methodology of main indices and futures
- Market structure: principals, brokers, exchanges
- New products recently launched

SESSION IV
Coal derivatives trading examples
- Practical usage of derivatives for suppliers, end users, traders
- Hedging and arbitrage
- Trading strategies

DAY 2

SESSION I
Clearing and the coal market
- The credit crisis and the benefits of clearing for the coal market
- Cleared coal volume trends
- The clearing process and its participants: exchange, clearing house, clearing members
- How does an ICE cleared transaction differ from an OTC trade?
- Cash flow illustration
- Potential pitfalls to avoid

SESSION II
How are Futures and Clearing changing physical coal trading?
- The Exchange of Futures for Physical (EFP) mechanism
- Development of physically-settled Futures
- More possibilities for the physical coal market

SESSION III
Introduction to other commodities directly relevant to coal trading
- The physical dry freight market: vessel size, and pricing
- Main dry commodity flows: iron ore, coking coal, grains
- The financial freight market: indices and market structure (principals, brokers, exchanges).
- Emissions certificates, dark-spreads and spark-spread

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