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Graduate Trading
Programme
Keith Jones, Director of Training: 2 years Back Office
German Investment Bank, 1 year trade support CSFB. 14
years experience of screen trading futures within the
OSTC company.
Kieth Duffy-Penny, Director of Training: 12 years of open
outcry LIFFE floor trading and 14 years experience of
screen trading futures within the OSTC company.
• OSTC is a global derivatives training
company set up in 1999
• 13 Offices worldwide
• Over 450 traders
OSTC Values
High Performing
We want our people always to be
able to perform to their maximum
and fulfil their potential
Dynamic
We want to be agile – able to see
opportunities and to take advantage
of them in a way that benefits us all.
Committed
We expect a lot of ourselves and we
expect the same commitment from
all of the people at OSTC.
OSTC Values
Disciplined
We value strict discipline. It enables
all of us to operate within clear
boundaries and minimises our risk
Respectful
We respect the views and opinions of
all our people. We listen.
Passionate
We care about every detail that
affects our business and we are
driven to be the best at everything
we do.
Our expectations of YOU
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Highly Driven, Highly Disciplined
First year on the job training
Learning the art of spread training
Ask, ask, ask
Commitment
OSTC model – High volume, low risk
DISCIPLINE
Two basic rules about winning on trading:
1.
If you don’t trade, you can’t make
money
2.
If you lose all your money, you can’t
trade
Training Schedule
• Week 1 & 2
Theory Based classroom training with ongoing assessments. Practical examples and
live screen trading for the group on a
trading simulator
• Week 3 to 7
Trading live market prices in a simulated
environment.
• Week 8 onwards
Individually trade live markets, with the
company’s capital.
What markets do we trade?
• Around 25% of our market trading is in the short term
interest rate markets (STIRs).
• The other 75% traded are commodities (Gas Oil, Brent
Crude, Natural Gas, Light Sweet Crude) and other
financial derivatives (FX and equity futures)
• All markets are electronically traded, i.e. no telephone
trading or brokerage.
• Recently started trading cash markets, e.g. Cash Bonds
What is a future?
• Text book definition of an exchange traded future.
– “Legally binding agreements of a standardised product at an
agreed price for either physical or cash delivery at a predetermined date in the future”
• Cash vs Physical delivery. What does this mean?
• Expiry date. Why is it so important?
– Liquidity changes
– Physical delivery
– Trading behaviour changes as big players roll their positions
• Electronic vs OTC (Over the counter)
– OSTC currently trades predominantly
exchange traded products. Why?
• Central counterparty risk
• Lower margins, due to lower credit risk
• Spreads and outrights
Market Terminology
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Bid
Bullish
Butterfly
Clip
Combo/Double Fly
Flat
Hedge
Mnemonic
Scratch
Spread
Month Codes
January = F
February = G
March = H
April = J
May = K
June = M
July = N
August = Q
September = U
October = V
November = X
December = Z
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