Last week the London Bullion Market Association (“LBMA”) ran the popular “Introduction to loco London” course and the new follow-on course, “How to use Loco London”.  No prior market knowledge is assumed for attendees of the “Introduction to” course.  The second course is suitable for those with some prior experience of the precious metals markets who are looking for a deeper treatment of the derivatives discussed during the first course.

The “How to use” course includes several worked examples and has time set aside to allow the examples to be extended to the specific circumstances of the attendees. Last week, following questions raised, we looked at how same day pricing of physical links up with existing forward contracts, and how to determine if a forward swap position is making or losing money as the forward curve changes shape.

The smiling faces at the end of the courses made us think we had done a good job, and the formal feedback has confirmed it.

Future course dates are being firmed up and will be confirmed shortly. Keep an eye on Upcoming Courses for dates and links to register.

Last week, a willing group of London Bullion Market Association (“LBMA”) staff participated in the first run through of the How to use Loco London training course.  This second course offers a practical insight into the most frequently traded instruments and develops the concepts presented in the Introduction to loco London course.

Both courses have been designed as stand-alone modules which can be taken independently of one another and are suitable for both newcomers to the market and established professionals seeking to deepen knowledge.  Guided workshops give opportunities to try out trading strategies, and plenty of time is set aside for individual questions and group discussions.

Participant feedback has taken us to more general topics for the next few webinars.  The next session on 11th May will describe the warehousing network and delivery mechanics that underpin the physically settled base metals contracts.

Register to listen live or to a recording at a more convenient time.  The entire webinar collection can be accessed here and suggestions for topics for futures webinars can be sent to education@lme.com.

When you attend a London Metal Exchange / Euromoney Learning introductory course, not only do you enhance your knowledge base, but you may also grow your bottom line. 

“The course was very well presented, and the examples were spot on.”  InHedge

“The course helps me to understand what the Front Office is going to do with our counterparties.” Mitsui Bussan

“I liked the examples, quizzes, team interactions, and hourly breaks.” Fastmarkets

“A great teacher, patient, understanding and created a good learning environment. “ Transamine

Courses are scheduled to coincide with the business day in Europe, the US, Asia and the Middle East.  Check out Upcoming Courses to find a date and time zone that works for you.

How can you travel between New York and London faster than the speed of sound without a Concorde? Virtually, of course.  This weeks’ London Metal Exchange / Euromoney Learning introductory courses were scheduled for the New York time zone, but were relocated to the London time zone in the blink of an eye to fit better with attendees’ diaries. That simply would not have been possible with an in-person in-classroom course. It is yet another compelling reason why virtual training will continue even when we can resume classroom training.

The London Bullion Market Association (“LBMA”) training course “Introduction to loco London” is delivered in a fully interactive virtual mode.  From the first moments right through to the end, participants are contributing, voting, working on exercises in smaller groups, and networking in the virtual coffee room.  This is not a session to have on in the background while multi-tasking.

Last weeks’ course was sold out, and attendees represented all sectors of the market.  Producers, refiners, central banks, investment banks, brokers, insurers, liquidity providers, investors and researchers all shared their unique perspectives and experiences.  Particular thanks go to those who gave up part of their lunch break to give behind-the-scenes colour and insights into the LBMA price auctions during an extended Q&A session.

Last week’s “Introduction to Loco London” course offered by  London Bullion Market Association (“LBMA”) was the first one offered in the US timezone, a well-timed choice given that the eyes of the world were on the US.  A slightly smaller group meant there was time for extra discussions and additional depth on topics that were of particular interest.

Online delivery definitely has it’s moments.  On the plus side, there were giggles when Stella, the New York cat, wandered across the screen.  And there was the heart-stopping moment when local internet congestion caused the presenter to drop out.  Zoom proved to be remarkably robust, reconnecting almost seamlessly.

#preciousmetals

Feedback from today’s LME–Euromoney webinar was terrific – it was five stars from all the participants.  Today’s session looked at the impact of choosing options with different strike levels.  The questions posed during the webinar combined with the audience votes gave a genuine reflection of the different (and equally valid) risk management choices of the online participants.  It is evident that a core are regularly participating live, in addition to the many more who listen back to the recordings later.

During a virtual LME Week, it was inevitable that last weeks’ London Metal Exchange / Euromoney Learning introductory courses were also delivered virtually.  The courses have benefitted from several previous outings in the virtual format and are constantly evolving based on feedback.  The sessions are definitely finding a niche among market participants who value the ability to learn and network with others without leaving their desks.

“The virtual course worked much better than I expected.
I feel I got everything out of the course I wanted.”
Sucden

“Well designed and very interesting course about LME hedging.  Special kudos to the trainer who was always open to answer any hedging related question. Highly recommend!”
Sberbank

Sadly the in-person in-classroom date in London in November had to be cancelled due to government restrictions, but the intention remains to deliver an in-classroom date when it is safe to do so.

The last 2020 courses are “in” New York (8-10 December).  Check out Upcoming Courses for a full schedule and links to secure your place.

As UK children start to go back to school, it was a timely reminder that all of us should take time to improve our knowledge.  Today’s eighth webinar in the  LME–Euromoney series worked through a specific example of managing price risk with a LME traded option.  Particular attention was paid to what happens when an option is declared (i.e. exercised) or abandoned.  The range of potential outcomes was compared to using futures to manage the same risk to illustrate the differences between the two classes of instruments.