Trading Inflation

Neil C. Schofield is the Managing Director of Financial Markets Training Ltd and delivers training courses in the areas of treasury, derivatives, capital markets and risk management to financial institutions, central banks and corporations worldwide. Neil was global head of Financial Markets training at Barclays Capital from 2001 to 2008. He teaches primarily on the rates business, covering all of the major asset classes and their respective derivative products from foreign exchange through to commodities. Before joining Barclays Capital, he was a director at Chisholm-Roth Training for 4 years, where he was responsible for provision of training services for a number of blue chip global investment banks. He started his training career at Chase Manhattan Bank, where he was originally employed as an internal auditor. Neil holds a B.Sc. in Economics from Loughborough University and an MBA from Manchester Business School. He was elected as a Fellow of the IFS School of Finance (formerly the Chartered Institute of Bankers) in 1999. Neil was appointed as a Visiting Fellow at the University of Reading ICMA centre in April, 2007.

PART I: MARKETS AND PRODUCTS 1. Fundamental Concepts of Inflation 2. The Major Inflation Markets and the Most Liquidly Traded Inflation-Indexed Instruments 3. Notation, Definitions and Framework for Analysing Inflation-Indexed Securities 4. Inflation Indexed Bonds in More Detail 5. Inflation Indexed Swaps in More Detail 6. The Par Floor in ILBs The Unavoidable Non-Linear Chapter PART II: TRADING, HEDGING, AND RISK MEASURES 7. ILB Analytics 8. Inflation Swap Models and Risk 9. Seasonality and Carry 10. Inflation-Indexed Bonds & Swap RV 11. Expressing Views on Breakevens 12. Expressing Views on Real Yields 13. Hedging Flows as a Market-Maker PART III: PRODUCTS AND SOLUTIONS FOR END USERS 14. How, Why, and When to Issue Linkers for Sovereigns and Other Tax-Collecting Entities 15. Linker Issuance for Corporate Issuers 16. Why Invest in Linkers and Use Inflation Wwaps? 17. Inflation Indexed Products Within a Portfolio 18. Liability Driven Investments (LDI) and Inflation-Indexed Products