Learn and practise Energy Trading and Risk Management. This is a market-driven course lead by practitioners. Students will work in teams of four to build a strategy, execute, evaulate and rebalance within a Risk άdjusted Framework (RάF ™ by riskGRID) while their corporate world and its needs change with a dynamic market

1. The riskGRID™ ETRM Game –
Sapienza & LUISS (ISS 2015) July tba
• We are proud to announce that we will be offering a new and exciting
opportunity to learn and practise Energy Trading and Risk Management at the
International Summer School this year.
• The course teaches the groundwork on Day 1 and then runs a competitive
team game on Day 2. Day 1 will be different for Rome and Milan, Day 2 is July
5th, 2014.
1
The riskGRID™ ETRM Game

2. Content & Learning Outcome
• ETRM first principles.
• Fundamental analysis, Technical trading, Futures, Swaps, Options and Deal
structuring (financial engineering).
• How trading companies, banks and hedge funds work. How index trades and
deal structuring work.
• Deal booking, trading the price curve, trading the volatility surface, recognising
and either leveraging or neutralising market moves by type.
• Defining a Risk adjusted Framework and managing an ETRM strategy.
• You will be graded as a team and individually.
• This is a market-driven course lead by practitioners. We don’t teach from
books, this is a pro-am event where our aim is to get you buckled in, down the
runway and airborn as quickly as possible – with someone helping you.
Whether front, middle, or back office; or any of the STCB or CPG ETRM roles
….
2
You will be ideally prepared for an interview… or
simply superbly introduced to ETRM.

3. Who learns ETRM/CTRM¹ ?
3
Commercially
“for traders, trader new-hires
and the teams who work with
them”
1 live price and vols
2 futures, physical and freight
capability, index (Platts etc)
3 real market curves and
surfaces (price, vol and correl)
4 trading, structuring, role
playing, financial engineering
5 look at our recommendations
on linkedin
Academically
” for students and their teachers”
1 practitioner dominated faculty yet
academically sound
2 trading, structuring, role-playing,
financial engineering
3 a gradable case study in
ETRM/CTRM
4 constant assessment by pop-quiz
and a variety of games and tests
5 ideal preparation for trading and
risk management front/middle/back
office positions
Professionally
“corporate risk managers,
accountants, lawyers”
1 Explains curve construction
and management
2 Teaches accounting and
regulatory best practice
3 Teaches risk management
best practice
4 Captures structured deals
allowing reverse engineering
5 teaches “as its taught” by your
risk management service
providers
¹ ETRM – Energy Trading & Risk Mgmt, CTRM – Commodity Trading & Risk Mgmt

4. How do we know its good?
• Its like flying a fighter jet. When properly designed and built any experienced
(pilot)trader can pick up the game and fly it after only minutes of familiarisation.
• We were constrained in academia by poor IT when compared to the
commercial world. Our game runs across the internet on the students laptop.
Every problem you solve is an opportunity and becomes a critical success
factor while slowing the competition.
• We developed software with “live prices and live vols”.
• The game content is based on real events as they happened – it is not a
simulation but like the techniques used in the commercial world it is based on
actual market action and information and heavily dependent on role playing
within a real commercial environment.
• The game itself runs for 8 hours – its a dense and intense day, just like the
trading (ETRM) world.
• Students work in teams of four to build a strategy, execute, evaulate and
rebalance within a Risk άdjusted Framework (RάF ™ by riskGRID) while
their corporate world and its needs change with a dynamic market
4
We were challenged to build something special

5. How do we know its unique?
• Its like flying a fighter jet.
• With an experienced design, engineering and delivery team we stripped down
actual commercial software to first principles and built a student version with
as few compromises as possible and many which were practical.
• We then rigorously trained and taught with it, honing and developing our
ETRM game.
• At all times you will have experienced commercial market people training you
hands on and taking the controls with you for the more complicated
manouvers.
• We hired others to teach with their software as a benchmark. We out-
performed at every level.
5
We built something special –
riskGRID™ for Academia

6. riskGRID™ the GUI feed…
Curve
GEN
Price
GEN
Vol
GEN
6 Stack Agrimax
Exchange,
Physical, OTC
Futures, Swaps,
Options
Basis, Index, EFP
Data
Price
Fundam
entals
Oil Gas Electricity
Regional & Global
Carbon, LNG, Weather, Structured
Finance etc can be added
CRM
• Customer positions, limits, reports...
CRO
• Credit Limits , Risk Limits, reports…
Risk
• By commodity, strike, expiry…
Commodities
Generators Transaction types
Biz Mgmt, Compliance & Controls
riskGRID™ Architecture
Database

7. riskGRID™ - the front end of
the Trader System
“Give me a lever long enough
and a fulcrum strong enough,
and I will move the world.”
Archimedes
Greece ca. 300 BC
7 Stack Agrimax
Account: All 1 +/- day 0 30-Mar-12Prices riskGRID AS OF: March 30, 2012
Commodity last ∆ +/- IVol% +/- TDelta TGamma $Theta $Vega $Rho $P&L YTD $P&L TDY Futs Swaps TDelta 1d ∆ IV%
1w ∆
IV%
0 0 0
WTI (CL)
Apr-12 103.02 (4.50) 0.00 20.00% 0.00 0 0 0 0 0 0 $ - 0 0 0 0.01% 0.01%
May-12 103.54 (4.41) 0.00 20.00% 0.00 0 0 0 0 0 0 $ - 0 0 0 0.01% 0.01%
Jun-12 104.03 (4.22) 0.00 20.00% 0.00 (0) (2) 139 (92) 25 (1,503) $ 200 100 300 400 0.01% 0.01%
Jul-12 104.40 (3.90) 0.00 20.00% 0.00 0 0 0 0 0 0 $ - 0 0 0 0.01% 0.01%
Aug-12 104.66 (3.55) 0.00 20.00% 0.00 0 0 0 0 0 0 $ - 0 0 0 0.01% 0.01%
Sep-12 104.86 (3.23) 0.00 20.00% 0.00 0 0 0 0 0 0 $ - 0 0 0 0.01% 0.01%
Oct-12 105.05 (2.92) 0.00 20.00% 0.00 0 0 0 0 0 0 $ - 0 0 0 0.01% 0.01%
Nov-12 105.23 (2.63) 0.00 20.00% 0.00 0 0 0 0 0 0 $ - 0 0 0 0.01% 0.01%
Dec-12 105.33 (2.35) 0.00 20.00% 0.00 0 0 0 0 0 0 $ - 0 0 0 0.01% 0.01%
(0) (1.6) $ 139 $ (92) $ (1,503) $ 200 100 300 400
HEAT (HO)
Apr-12 316.84 (3.75) 0.00 20.00% 0.00 0 0.0 $ - $ - 0 $ - $ - 0 0 0 0.01% 0.01%
May-12 317.01 (3.49) 0.00 20.00% 0.00 0 0.0 $ - $ - 0 $ - $ - 0 0 0 0.01% 0.01%
Jun-12 317.94 (2.50) 0.00 20.00% 0.00 0 0.0 $ - $ - 0 $ - $ - 0 0 0 0.01% 0.01%
Jul-12 318.91 (2.11) 0.00 20.00% 0.00 0 0.0 $ - $ - 0 $ - $ - 0 0 0 0.01% 0.01%
Aug-12 319.81 (1.78) 0.00 20.00% 0.00 0 0.0 $ - $ - 0 $ - $ - 0 0 0 0.01% 0.01%
Sep-12 320.53 (1.55) 0.00 20.00% 0.00 0 0.0 $ - $ - 0 $ - $ - 0 0 0 0.01% 0.01%
Oct-12 321.07 (1.51) 0.00 20.00% 0.00 0 0.0 $ - $ - 0 $ - $ - 0 0 0 0.01% 0.01%
Nov-12 321.48 (1.65) 0.00 20.00% 0.00 0 0.0 $ - $ - 0 $ - $ - 0 0 0 0.01% 0.01%
Dec-12 321.76 (1.74) 0.00 20.00% 0.00 0 0.0 $ - $ - 0 $ - $ - 0 0 0 0.01% 0.01%
0 0.0 $ - $ - $ - $ - 0 0 0
RBOB (RB)
Apr-12 338.99 13.27 0.00 20.00% 0.00 0 0.0 $ - $ - 0 $ - $ - 0 0 0 0.01% 0.01%
May-12 330.81 5.74 0.00 20.00% 0.00 0 0.0 $ - $ - 0 $ - $ - 0 0 0 0.01% 0.01%
Jun-12 324.93 2.69 0.00 20.00% 0.00 0 0.0 $ - $ - 0 $ - $ - 0 0 0 0.01% 0.01%
Jul-12 319.47 1.00 0.00 20.00% 0.00 0 0.0 $ - $ - 0 $ - $ - 0 0 0 0.01% 0.01%
Aug-12 313.91 (0.15) 0.00 20.00% 0.00 0 0.0 $ - $ - 0 $ - $ - 0 0 0 0.01% 0.01%
Sep-12 308.24 (0.84) 0.00 20.00% 0.00 0 0.0 $ - $ - 0 $ - $ - 0 0 0 0.01% 0.01%
Oct-12 292.10 (1.41) 0.00 20.00% 0.00 0 0.0 $ - $ - 0 $ - $ - 0 0 0 0.01% 0.01%
Nov-12 287.40 (1.38) 0.00 20.00% 0.00 0 0.0 $ - $ - 0 $ - $ - 0 0 0 0.01% 0.01%
Dec-12 284.94 (0.85) 0.00 20.00% 0.00 0 0.0 $ - $ - 0 $ - $ - 0 0 0 0.01% 0.01%
0 0.0 $ - $ - $ - $ - 0 0 0

8. STCB – Short Term Commercial Bank
8

9. CGP – Consumer Packaged Goods
9
e.g. A Tesco

10. • 3 hrs Fundamentals
• 1 hrs Technicals
• 2 hrs Futures
• 1 hrs Swaps
• 1 hrs Options
• 1 hrs Swaptions
• 1 hrs Deal Structuring
Modules elements and
duration
The full Academic Course
Dynamic Commodity Trading
ABC Modules Overview
Appreciation
30 Hours
ABC Modules
Basic
60 Hours
cumulative
Competent
90 Hours
cumulative
• 1 hrs Fundamentals
• 1 hrs Technicals
• 1 hrs Options
• 1 hrs Swaptions
• 1 hrs Deal Structuring
• 1 hrs How Trading Companies Work
• 1 hrs How Banks Work
• 1 hrs How Hedge Funds Work
• 1 hrs How Index Trades Work
• 1 hrs How Structured Trades Work
• 2 hrs Indices
• 2 hrs Platts
• 1 hrs Swaptions & Financing
• 1 hrs Deal Structuring - for Finance
• 1 hrs How Trading Companies Trade
• 1 hrs How Banks Trade
• 1 hrs How Hedge Funds Trade
• 1 hrs How Index & Structured Trades Leverage
• A Module allows
total of 30
teaching hours
• B Module allows
total of 30
teaching hours
• C Module
allows total of
30 teaching
hours
A, B, C Common
elements
• Booking deals
• Curve Structure – Price
• Curve Structure - Vol
• Market Moves
• Trading Game
• 3 hrs
• 3 hrs
• 3 hrs
• 3 hrs
• 9 hrs
Duration
• 3 hrs
• 3 hrs
• 3 hrs
• 3 hrs
• 9 hrs
• 2 hrs
• 3 hrs
• 3 hrs
• 3 hrs
• 9 hrs
A
B
C
• Booking deals
• Curve Structure – Price
• Curve Structure - Vol
• Market Moves
• Trading Game
• Booking deals
• Curve Structure – Price
• Curve Structure - Vol
• Market Moves
• Trading Game
ABC module
total duration