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TRM.3 · Treasury & Risk Management

Certified OTC Derivatives Professional

CODP™ — 50 hours · 8 modules · 13 products

Book and run a cross-asset derivatives book end to end — rates, FX, credit, equity, commodity and inflation — then take trades through confirmation, clearing, margin, collateral and settlement on a live trade-and-risk platform with real RFR indices and dealer counterparties.

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50hrsTotal duration
8Modules
13Products
100%Hands-on assessment
Practical simulator

Trade booking on a faithful TRM.3 ticket — header, terms, multi-leg, SSIs — across 13 product templates.

Real desk data

Live RFR indices (SOFR, SONIA, €STR, TONA, SARON, SORA), real dealer counterparties and UTI generation.

Participant interaction

Book, confirm, clear, margin and settle — then manage a working blotter as a group, not a slide.

Assessment that mirrors reality

A cross-asset capstone book taken front-to-back with a risk summary, plus the shareable quiz.

Course outline

Eight modules, every asset class, front to back.

Foundations → rates → FX & inflation → credit → equity, commodity & exotics → financing → the full trade lifecycle → risk, regulation and a cross-asset capstone. Each module names the exact products you'll book.

01 · Foundations02 · Rates03 · FX & Inflation04 · Credit05 · Equity & Commodity06 · Financing07 · Lifecycle08 · Risk & Capstone
MODULE 01
5HOURS

OTC Derivatives & Market Structure Foundations

What OTC is, who trades it, and how a trade lives in the system.

CoversOTC vs exchange-traded; participants (dealers, buy-side, CCPs); the ISDA Master / CSA framework; trade economics; orientation to TRM.3 as a front-to-back platform; anatomy of the trade ticket (header, terms, legs, SSIs); UTI and trade identification; the RFR transition.
OperateOrientation pass — book one vanilla IRS end to end, dissect the ticket, and generate its UTI.
TRM.3ISDA / CSAUTIRFR
MODULE 02
8HOURS
Largest asset class

Interest Rate Derivatives

The rates toolkit, from linear swaps to optionality.

CoversIRS cleared vs uncleared; fixed vs floating legs, RFR vs term rates, day counts, payment frequencies; FRAs; swaptions (payer/receiver, physical/cash); caps and floors; curve and DV01 intuition.
OperateBook a SOFR IRS, an FRA and a payer swaption; compare leg mechanics across all three.
IRS-CIRS-VFRASWAPTIONCAP/FLOOR
MODULE 03
6HOURS

FX & Inflation Derivatives

Currency and inflation-linked structures.

CoversFX forwards and FX swaps (near/far legs), NDFs, FX conventions; inflation swaps (CPI-linked, the inflation leg); cross-currency basics.
OperateBook a USD/JPY FX swap with near and far legs; book a zero-coupon inflation swap.
FX SWAPNDFINFLATION SW
MODULE 04
6HOURS

Credit Derivatives

Transferring credit risk.

CoversSingle-name and index CDS; premium vs protection legs; credit events and ISDA credit definitions; recovery and auction settlement; CVA intuition.
OperateBook a single-name CDS, set the credit-event terms, and read the protection / premium legs.
CDSINDEXCVA
MODULE 05
7HOURS

Equity, Commodity & Exotic Derivatives

Volatility, commodities, and path-dependent payoffs.

CoversEquity — variance swaps and equity options; commodity (gold) — forwards and Asian options; exotics — single/double barrier and binary/digital options; payoff construction and the risks they carry.
OperateBook a variance swap, a knock-in barrier and a gold Asian option.
VAR SWAPBARRIERBINARYGOLD
MODULE 06
4HOURS

Securities Financing & Repo

Funding, collateral, and short coverage.

CoversRepo (classic and sell/buy-back); securities lending & borrowing; haircuts and collateral; GC vs special; the role of SFTs in funding and inventory.
OperateBook a repo and an SLB trade, and trace the collateral leg.
REPOSLBGC / SPECIAL
MODULE 07
8HOURS
Operational core

Trade Lifecycle: Confirmation, Clearing, Margin & Settlement

Front-to-back — the part most courses skip.

CoversTrade capture → validation → confirmation; cleared vs bilateral; initial and variation margin; CSA / collateral management; MTM and valuation; settlement and SSIs; lifecycle events (amendment, novation, compression, termination); using the blotter and deal summary.
OperateTake a booked trade through confirmation → clearing → a margin call → settlement, and manage a working blotter.
CLEARING / CCPIM / VMCSASETTLEMENT
MODULE 08
6HOURS

Risk, Valuation, Regulation & Capstone

Tie the book together and prove it.

CoversMarket risk (Greeks, DV01, vega); counterparty credit risk (SA-CCR, xVA overview); regulatory reporting (EMIR / Dodd-Frank, UTI/UPI); uncleared margin rules; then a cross-asset capstone building a multi-product portfolio in TRM.3.
OperateCapstone: a cross-asset book (rates, credit, FX) taken front-to-back with a risk summary — plus the shareable quiz.
SA-CCRxVAEMIR / DFACapstone
Certification

Run the book, then earn the badge.

The CODP™ is awarded on a graded cross-asset capstone in TRM.3 plus the knowledge quiz — proof you can book, clear and settle, not just price on paper.

Apply for the next cohortSee CCLP™ →