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Certified OTC Derivatives Professional

CODP™ — 50 Hours · 8 Modules · 13 Products

Book and manage 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 treasury and risk management platform with real RFR indices and dealer counterparties.

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50Hours Total
8Modules
13Products
100%Hands-on

Practical Simulator

Trade booking on a faithful TRM.3 ticket — header, terms, multi-leg, SSIs — across all 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 demonstration.

Cross-Asset Capstone

A graded multi-product portfolio taken front-to-back on TRM.3 with a risk summary — not multiple choice.

Course Outline

Eight modules. Every asset class. Front to back.

Foundations → Rates → FX & Inflation → Credit → Equity & Commodity → Financing → Lifecycle → Risk & Capstone. Each module names the exact products you will book and the workflows you will operate.

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

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); 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 from LIBOR.
OperateOrientation pass — book one vanilla IRS end to end, dissect the trade ticket, and generate its UTI.
CaseFirst trade booked on TRM.3 — the running counterparty universe introduced.
TRM.3ISDA / CSAUTIRFR
MODULE 02
8
Hours
Core Skill

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 construction intuition and DV01.
OperateBook a SOFR IRS, an FRA, and a payer swaption — compare leg mechanics across all three instruments.
CaseMulti-product rates portfolio built across two sessions on TRM.3.
IRS-CIRS-VFRASWAPTIONCAP/FLOOR
MODULE 03
6
Hours

FX & Inflation Derivatives

Currency and inflation-linked structures.

CoversFX forwards and FX swaps (near / far legs), NDFs, FX conventions and settlement; inflation swaps (CPI-linked, the inflation leg mechanics); cross-currency swap basics; real RFR indices (SOFR, SONIA, €STR, TONA, SARON, SORA).
OperateBook a USD/JPY FX swap with near and far legs; then book a zero-coupon inflation swap.
CaseFX and inflation hedging case for a multinational corporate counterparty.
FX SWAPNDFINFLATION SW
MODULE 04
6
Hours

Credit Derivatives

Transferring credit risk.

CoversSingle-name and index CDS; premium vs protection legs; credit events and ISDA credit definitions (failure to pay, bankruptcy, restructuring); recovery rates and auction settlement; CVA intuition and bilateral counterparty credit risk.
OperateBook a single-name CDS, set the credit-event terms, and read the protection / premium leg structure on TRM.3.
CaseA financial institution hedging credit exposure to a corporate reference entity.
CDSINDEX CDSCVA
MODULE 05
7
Hours

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 risk profiles they carry; vega and gamma intuition.
OperateBook a variance swap, a knock-in barrier option, and a gold Asian option — compare payoff mechanics.
CaseA commodity producer hedging gold price exposure using Asian options on TRM.3.
VAR SWAPBARRIER OPTBINARY OPTGOLD ASIAN
MODULE 06
4
Hours

Securities Financing & Repo

Funding, collateral, and short coverage.

CoversRepo (classic and sell / buy-back); securities lending & borrowing (SLB); haircuts and collateral eligibility; GC vs special repo; the role of SFTs in bank funding and inventory management.
OperateBook a classic repo and an SLB trade — trace the collateral leg and settlement on TRM.3.
CaseA bank funding desk managing its overnight repo position and securities inventory.
REPOSLBGC / SPECIAL
MODULE 07
8
Hours
Core Skill

Trade Lifecycle: Confirmation, Clearing, Margin & Settlement

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

CoversTrade capture → validation → confirmation; cleared vs bilateral workflows; initial and variation margin mechanics; CSA / collateral management — eligible collateral, thresholds, MTA, haircuts; MTM and valuation; settlement and SSIs; lifecycle events — amendment, novation, compression, termination; using the blotter and deal summary screens.
OperateTake a booked trade through confirmation → clearing → a margin call → settlement. Manage a working blotter across multiple products.
CaseA cleared IRS pushed through the full post-trade lifecycle on TRM.3.
CLEARING / CCPIM / VMCSASETTLEMENTBLOTTER
MODULE 08
6
Hours

Risk, Valuation, Regulation & Capstone

Tie the book together and prove it.

CoversMarket risk — Greeks (delta, gamma, vega, DV01); counterparty credit risk (SA-CCR, xVA overview); regulatory reporting (EMIR / Dodd-Frank, UTI / UPI reporting obligations); uncleared margin rules (UMR); then a cross-asset capstone building a multi-product portfolio in TRM.3.
OperateCapstone: build a cross-asset portfolio (rates, credit, FX) and take it front-to-back — confirmation, clearing, margin, settlement — with a risk summary. Assessment conducted on TRM.3.
CaseCross-asset capstone. CODP™ awarded on passing the capstone and the knowledge quiz.
SA-CCRxVAEMIR / DFAUTI / UPICapstone

Assessment & Certification

The CODP™ is awarded on successful completion of a cross-asset capstone in TRM.3 and the knowledge quiz. Participants build a multi-product portfolio covering rates, credit, and FX derivatives, take it through the full trade lifecycle — confirmation, clearing, margin, and settlement — and produce a risk summary. Assessment is conducted entirely within the TRM.3 simulator environment.

Apply for the Next CODP™ Cohort

Places are limited. Complete the enquiry form to apply or ask a question about the programme.

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