Foundation Emissions Course: Regulation, Risk Management and Carbon Pricing
Dates 2008: 2-3 April; 12-13 June; 11-12 September and 20-21 November.

Introduction Course organisers Course content How to register Take advantage of our 15% early booking discount and our 10% multiple delegate discount.

The course will: inform principals, advisers, investors, bankers, lawyers, accountants, verifiers and technology providers about the regulatory and business issues involved in the international carbon market; explain to regulators and policy makers the commercial implications of their decisions; provide high quality practical instruction supported by case studies for traders and risk managers concerning the unique characteristics of the emissions market; and, equip emitters with the basic information necessary to start compiling their own emissions trading strategy and tactics.

Course organisers

About ICAP plc

ICAP plc is the world's premier voice and electronic inter-dealer broker, delivering specialist intermediary broking services to trading professionals in the wholesale financial markets. The group covers a very broad range of OTC (over-the-counter) financial products and services in energy, foreign exchange, interest rates, credit and equity markets, as well as data, commentary and indices. It is the lead broker in the emissions market. It has more than 3,500 staff in each of the three major financial markets; London, New York and Tokyo, together with a local presence in 20 other financial centres. ICAP plc's shares are listed on the London Stock Exchange and it is a FTSE 100 company.

About CEAG Ltd

CEAG Ltd is an energy markets consultancy firm covering the oil, gas, power, freight, coal, emissions and weather markets. It was established in 1999 by Liz Bossley, the course director, who has a 30 year hands- on trading career in international energy markets. CEAG includes amongst its client list oil companies, utilities, banks and other financial institutions, legal and accountancy firms, futures exchanges and regulatory authorities. CEAG is a leading authority in the emissions trading sector and has been intimately involved in the development of the UK, EU and Kyoto markets. Liz is the author of "Emissions Trading and the City of London" and "Climate Change and Emissions Trading: What Every Business Needs to Know".

Course content

The course will:

1. inform principals, advisers, investors, bankers, lawyers, accountants, verifiers and technology providers about the regulatory and business issues involved in the international carbon market;
2. explain to regulators and policy makers the commercial implications of their decisions;
3. provide high quality practical instruction supported by case studies for traders and risk managers concerning the unique characteristics of the emissions market; and,
4. equip emitters with the basic information necessary to start compiling their own emissions trading strategy and tactics.

The courses have a one day or two day option. Delegates can attend either or both days. The first day provides an analysis of the markets, in particular Kyoto and the EU ETS, and examines as much of the scientific, regulatory and legal background as is necessary to understand the international carbon pricing environment. The second day provides a practical examination of the trading instruments including case studies for those wishing to start trading or have a hands-on understanding of how they work.`

The courses are delivered by CEAG and ICAP personnel with guest expert speakers on Day One. Previous industry speakers have included Baker and MacKenzie, the Carbon Capture and Storage Association, DLA Piper, E3 CarbonSim, EEA Fund Management , IceCap, Natsource, Norton Rose and PWC. Day Two is delivered by CEAG and involves lectures and in-depth case studies, applying the data provided on Day One to practical examples.

Day One (9:00 ­ 17:00)

• UNFCCC and the Kyoto Protocol
• APP
• Other international schemes
• Climate Change
• Global Warming Potentials
• Measurement and Verification
• Establishing Assigned Amounts
• The EU/Kyoto Linking Agreement
• EU Directive and the ETS
• CDM and JI projects
• The ITL, the CITL and registry accounts
• The value of different allowances
• The OTC market and regulated exchanges
• The voluntary market and carbon offsets

Day Two (9:00 ­ 17:00)

• Why Companies Trade
• Types of Trade
• Physical Commodity Contracts
• Where Emissions Contracts Fit
• Forward Contracts and Forward Curves
• Compiling your abatement curve
• Compliance and Hedging
• ISDA/IETA/EFET- OTC Contract Case
• Study
• The Spark Spread and the Dark Spread
• Power Trading Case Study
• Futures Trading Case Study
• Fundamental/Technical Analysis
• Risk Analysis

Dates

• 2nd and 3rd April 2008
• 12th and 13th June 2008
• 11th and 12th September 2008
• 20th and 21st November 2008

Venue

ICAP at 2 Broadgate, London, EC2M 7UR.

How to register

Cost

• One Day option £550
• Two Day option £1,000
• early booking discount for bookings four weeks in advance of the course date
• and a 10% discount for multiple delegate bookings.

The price includes:

• Detailed course notes and slides
• Buffet lunch and refreshments
• Free copy of CEAG's emissions book for each delegate.

Registration form: (Please fill out as complete as possible.)

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Dates	DAY ONE - 02 April 2008 DAY TWO - 03 April 2008 DAY ONE - 12 June 2008 DAY TWO - 13 June 2008 DAY ONE - 11 September 2008 DAY TWO - 12 September 2008 DAY ONE - 20 November 2008 DAY TWO - 21 November 2008 One Day option ££550, two Day option £1,000
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Cancellation Policy

Payment must be received by 10 days in advance of the course or on booking, if later. In the event that you are unable to attend you may send a substitute delegate or attend a later course. Cancellations received in writing 10 days in advance of the course will receive a full refund.