Advanced Futures & Forwards

Advanced Futures & Forwards
Corporate Finance Institute (CFI) on-demand courses are designed for finance professionals and industry practitioners who want to master the art of corporate finance. The courses move through three levels of mastery for anyone looking to be an expert in financial modeling, valuation, and financial analysis. Participants typically include professionals in entry to mid-level positions in financial planning and analysis (FP&A), corporate development, treasury, investor relations, and capital markets. All participants are automatically issued certificates of completion after successfully finishing each course.

NOTE: Course login details are normally sent to registrants within one week from date of registration.


This Advanced Futures & Forwards course teaches the importance of basis, hedging, and trading with futures and forwards. You will learn about the factors influencing basis, as well as various components of bond futures including cheapest-to-deliver (CTD) bonds, repos vs. reverse repos, and how to calculate implied repo rates. You will also learn how to hedge CTD and non-CTD bonds, and how to adjust duration using futures. After completing this course, you will have a better understanding of LIBOR alternatives (ESTR, SOFR, SONIA, etc.), exchange delivery settlement price (EDSP), and spread (basis) trading with futures.

Upon completing this course, you will be able to:

  • Explain basis and factors which influence it
  • Identify basis risk within futures and bonds
  • Calculate implied repo rates
  • Determine how to hedge CTD and non-CTD bonds
  • Interpret LIBOR alternatives (ESTR, SOFR, SONIA, etc.)
CPD- 3 Hours
4/1/2022 - 3/31/2023 11:59 PM