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.

The first “Introduction to Loco London” course offered by  London Bullion Market Association (“LBMA”) ran last week and feedback has been tremendous.

The attendees were an almost perfect cross-section of the bullion market.  Producers, refiners, central banks, bullion banks, vault operators, LPMCL members, physical traders, mints, investors and researchers were all represented.  Several contributed their own professional experience which added an extra dimension to the discussions.

“The trainer spoke clearly and it was easy for a non-native English speaker to understand” Paloma Precious

Detailed comments from this first group have been acted upon already and the next course should be even closer to that elusive perfect 10.

Check out Upcoming Courses for links to find out more and to reserve your place.  Note that September has almost sold out already, and dates for New York and London timezones are both offered in November.

This week’s London Metal Exchange / Euromoney Learning introductory courses were nominally “in” London, but attendees were in Dubai, New Jersey, Johannesburg, Zug, Dublin and a dining room in Essex, as well as in London.  The occasional cute unregistered attendee Zoom-bombed their parents with a shy look at the screen and a timid wave before running away.  Who knew that home schooling could include LME derivatives?

The next virtual courses are “in” Dubai (15-17 September) and “in” London (20-22 October, LME Week).  The next in-classroom course is scheduled for London, 23-25 November, subject to government and health and safety guidelines.  Check out Upcoming Courses for a full schedule and links to secure your place.

A series of training courses scheduled for Amsterdam were an early casualty of COVID-19. With less than 24 hours to go before the flight, measures to limit the virus spread meant the courses could not proceed.  The courses were reconfigured for virtual delivery and went ahead over the last fortnight. 

Since the beginning of the year, the ominous cloud that is COVID-19 has expanded to cover the entire globe.  They say every cloud has a silver lining, and COVID-19 has proved to have a silver and golden lining.

The London Bullion Market Association (“LBMA”) engaged us to design and deliver an in-classroom training course on the basics of the loco London precious metals market for launch towards the end of 2020.  Due to the outbreak of COVID-19, the course has been reconfigured for virtual delivery with course dates brought forward to July and September.  The LBMA volunteered its own staff for a test run last week, and feedback was tremendous.

Check out Upcoming Courses for links to find out more and to reserve your place.

Today’s seventh webinar in the  LME–Euromoney series took a first look at options. It explained basic option vocabulary and clarified what it means for an option to be in-, at- or out-of-the-money.  There was an overview of the option declaration procedures for both LME traded options and LME TAPOs.

Last week’s London Metal Exchange / Euromoney Learning introductory courses were nominally “in” New York, but in reality, the trainer was in Ireland, and participants were in India, Bulgaria, the UK, Peru, Chile and Mexico.  While the experience is different to being in-classroom, it appears to be suiting some attendees very well.

Last week’s London Metal Exchange / Euromoney course proved the concept: training can be delivered effectively over virtual platforms.  COVID-19 forced a new normal on us. We have risen to the challenge and adapted.  The courses featured interactive learning and exercises in small group sessions to foster the group dynamic.  The overall feel was close to an in-person in-classroom experience, and most importantly, it was a significant improvement on a passive webinar.

This week’s sixth webinar in the series of LME–Euromoney seminars delved into more detailed uses of LME carry trades, looking at hedging less liquid prompt dates and locking in the shape of the forward curve.  At this difficult time, it was heartening to see so many participating in the live webinar, and engaging with the audience polls and Q&A.  It is proof that the world adapts and carries on.