ACI Dealing Certificate Prep Course

ACI Dealing Certificate

Price category: E
Date: TBD
Location: 
Duration: 4 days
Time: 09:00 - 17:00
Language: NL / EN
Lecturer(s): 
PE points:  28

 

Introduction:

The ACI Dealing Certificate is a foundation program me that allows candidates to acquire a working knowledge of the structure and operation of the major foreign exchange and money markets as well as their core products (cash, forwards and derivatives), and the basic skills required for competent participation, including the ability to apply the fundamental mathematics used in these markets. Candidates should also be able to apply The Model Code to their situation.

 

Learning Objectives:

The ACI Dealing Certificate is a precursor to the ACI Diploma. In addition to the topics outlined below, candidates will be expected to be up-to-date with the latest events and changes in the markets.

 

Basic Interest Rate Calculations

Overall Objective:

To understand the principles of the time value of money. 

To be able to calculate short-term interest rates and yields, including forward-forward rates, and to use these interest rates and yields to calculate payments and evaluate alternative short-term funding and investment opportunities. Candidates should know what information is plotted in a yield curve, the terminology describing the overall shape of and basic movements in a curve, and the classic theories which seek to explain changes in the shape of a curve. They should also know how to plot a forward curve and understand the relationship between a yield curve and forward curves. At the end of this section, candidates will be able to:

calculate present value and future value using the arithmetic techniques of discounting and compounding for both a money market instrument terminated at maturity and one that is rolled over at maturity

calculate simple interest rates using different day count and annual basis conventions

identify the day count and annual basis conventions for the euro, sterling, Swiss franc, US dollar and Japanese yen

fix same-day, next-day, spot and forward value date s, and maturities under the modified following business day convention and end/ end rule

fix the conventional frequency and timing of payments by cash money market instruments, including those with an original term to maturity of more than one year

calculate broken dates and rates through linear (straight line) interpolation

define EURIBOR, LIBOR and EONIA

convert interest rates and yields between the money market basis and bond basis in currencies for which there is a difference

convert interest rates and yields between annual and semi-annual compounding frequencies

calculate a forward-forward rate from two mismatched cash rates

calculate a cash rate from a series of forward-forward rates for consecutive periods

calculate the value of a discount-paying money mark et instrument from its discount rate (straight discount) and convert a discount rate directly into a true yield

plot a yield curve, describe its shape and the basic changes in its shape using market terminology, and outline how the Pure Expectations Theory, Liquidity Preference Theory and Market Segmentation Hypothesis explain the shape of the curve

 

Cash Money Markets

Overall Objective:

To understand the function of the money market, the differences and similarities between the major types of cash money market instrument and how they satisfy the requirements of different types of borrower and lender. 

To know how each type of instrument is quoted, the quotation, value date, maturity and payment conventions that apply and how to perform standard calculations using quoted prices. Given the greater inherent complexity of repo, a good working knowledge is required of its nature and mechanics. At the end of this section, candidates will be able to:

 

define the money market

describe the main features of the basic types of cash money market instrument - i.e. interbank deposits, bank bills or bankers’ acceptances, treasury or central bank bills, commercial paper, certificates of deposit and repos - in terms of whether or not they are securitised, transferable or secured; in which form they pay return (i.e. discount, interest or yield); how they are quoted; their method of issuance; minimum and maximum terms; and the typical borrower/issuers and lenders/investors that use each type

use generally-accepted terminology to describe the cashflows of each type of instrument

understand basic dealing terminology as explained in The Model Code

distinguish between and define what is meant by domestic, foreign and euro- (offshore) money markets, and describe the principal advantages of euromarket money instruments

describe the differences and similarities of classic repos and sell/buy-backs in terms of their legal, economic and operational characteristics

define initial margin and margin maintenance

list and outline the main types of custody arrangements in repo

calculate the value of each type of instrument using quoted prices, including the secondary market value of transferable instruments

calculate the present and future cashflows of a repo given the value of the collateral and an agreed initial margin

define general collateral (GC) and specials

describe what happens in a repo when income is paid on collateral during the term of the repo, in an event of default and in the event of a failure by one party to deliver collateral

 

Foreign Exchange

Overall Objective:

 

To understand and be able to apply spot exchange rate quotations.

To understand basic spot FX dealing terminology and the role of specialist types of intermediary.

To recognise the principal risks in s pot and forward FX transactions.

To calculate and apply forward FX rates, and understand how forward rates are quoted. 

To understand the relationship between forward rates and interest rates.

To understand time options.

To be able to describe the mechanics of outright forwards, FX swaps and forward-forward FX swaps, explain the use of outright forwards in taking currency risk and explain the use of FX swaps in rolling spot positions, hedging outright forwards, creating synthetic foreign currency assets and liabilities, and in covered interest arbitrage.

To display a good working knowledge and understanding of the rationale for NDFs.

To be able to recognise and use quotes for precious metals, and demonstrate a basic understanding of the structure and operation of the international market in precious metals.

 

At the end of this section, candidates will be able to:

 

identify the base currency and the quoted currency in standard exchange rate notation

select which currency should be the base currency i n any currency pair

recognise the ISO codes for the currencies of the countries affiliated to ACI - The Financial Markets Association

distinguish between the “big figures” and the “points/pips”

apply a bid/offer spot exchange rate as price-maker and price-taker to convert either a base or quoted currency amount

select the best of several spot rates for the buyer or seller of an amount of base or quoted currency

understand basic spot FX dealing terminology as explained in The Model Code

calculate cross-rates from pairs of exchange rates where the common currency is the base currency in both rates, where the common currency is the base currency in only one rate and where the common currency is the base currency in neither rate

calculate and explain the reciprocal rate of an exchange rate

define the function of market-making and explain the incentives to make markets and the particular risks of market-making

outline what a voice-broker does and distinguish voice-brokers from principals

outline what an automatic trading system (ATS) or electronic broker does in spot FX

calculate a forward FX rate from a spot FX rate and interest rates

calculate an outright forward FX rate from a spot rate and the forward points, and vice versa

explain the relationship between the outright forward rate, the forward points, the spot rate and interest rates, including the concept of interest rate parity, and the possibility and concept of covered interest arbitrage

fix forward value dates for standard periods and list those periods

describe the structure and mechanics of an FX outright, and outline how an outright forward can be hedged with a spot transaction and deposits

describe the structure and mechanics of an FX swap, and outline how it can be used in place of deposits to hedge an FX outright and the advantages

use generally-accepted terminology to specify an FX swap

outline the applications of FX swaps in creating synthetic foreign currency asset and liabilities, and in covered interest arbitrage

describe forward-forward FX swaps,

outline the application of tom/next and overnight F X swaps in rolling over spot positions and hedging value-tomorrow and value- tod ay outright rates, and calculate a value-tomorrow rate from a spot rate and tom/next points, and a value-today rate from a spot rate, tom/next points and overnight points

calculate broken-dated forward FX rates through linear interpolation

calculate forward cross-rates

define an NDF and explain its rationale

describe the structure and the features of NDFs as well as their pricing and valuation

define a time option and explain its reasoning

list the commodities called precious metals (gold, silver, platinum and palladium) and give their ISO codes

describe the conventional method of quoting gold in the international market in US dollars per ounce

apply a bid/offer spot price as price-maker and price-taker to calculate the value of a given weight of precious metals

distinguish between precious metals trading for physical delivery and book entry

distinguish between the spot, forward and derivative markets in precious metals

outline the mechanics and role of the London gold price fixing

explain the role of gold lending/borrowing and define the gold offered forward rate or lease rate

 

Forward-forwards, FRAs and Money Market Futures & Swaps

Overall Objective:

To understand the mechanics of and how to use money market interest rate derivatives to hedge interest rate risk. 

At the end of this section, candidates will be able to:

 

describe the mechanics and explain the terminology of a forward-forward loan or Syllabus – ACI Dealing Certificate deposit, and the interest rate risk created by such instruments

explain how FRAs, money market futures and money market swaps are derivatives of forward-forward positions, and outline the advantages of derivatives

describe the mechanics and terminology of FRAs, use quoted prices, select the correct contract, decide whether to buy and sell, identify the settlement rate and calculate the settlement amount

explain how FRAs can be used to hedge interest rate risk

describe the mechanics and terminology of money market futures, use quoted prices, select the correct contract, decide whether to buy and sell, identify the settlement rate and calculate variation margin payments

explain how money market futures can be used to hedge interest rate risk

give the contract specifications of the Eurodollar, 3-month Euribor, short sterling, euro-Swiss franc and Japanese EuroYen futures

outline the principal differences between OTC instruments like FRAs and exchange- traded instruments like futures, and describe how a futures exchange and clearing house works

describe the mechanics and terminology of money market interest rate swaps, including overnight indexed swaps (OIS), use quoted prices, select the correct contract, decide whether to buy and sell, identify the settlement rate and calculate settlement amounts

explain how swaps can be used to hedge interest rate risk

explain how money market futures can be used to hedge and price FRAs and money market swaps

identify the overnight indexes (OI) for euro, sterling, Swiss francs and US dollars

 

Options

Overall Objective:

To understand the fundamentals of options. 

To recognise the principal classes and types, and understand the terminology, how they are quoted in the market, how their value changes with the price of the underlying asset and the other principal factors determining the premium, how the risk on an option is measured and how they are delta hedged. 

To recognise basic option strategies and understand their purpose. 

At the end of this section, candidates will be able to:

 

define an option, and compare and contrast options with other instruments

define strike price, market price, the underlying, premium and expiry

calculate the cash value of a premium quote

describe how OTC and exchange-traded options are quoted, and when a premium is conventionally paid

define call and put options

explain the terminology for specifying a currency option

describe the pay-out profiles of long and short positions in call and put options

describe the exercise rights attached to European, American, Bermudan and Asian (average rate) styles of option

define the intrinsic and time values of an option, and identify the main determinants of an option premium

explain what is meant by in the money, out of the money or at the money

define the delta, gamma, theta, rho and vega

interpret a delta number

outline what is meant by delta hedging

outline how to construct long and short straddles and strangles, and explain their purpose

Principles of Asset & Liability Management

Overall Objective:

To understand the fundamentals of Asset & Liability Management as a practice of managing and hedging risks that arise due to mismatches between the asset side and the liability side of the balance sheets of a bank. To explain how main risk factors like funding and liquidity risk, market risk (FX, Interest Rate, Equity, Commodity, etc.), credit risk, leverage risk, business risk and operational risk are interrelated and how they affect the balance sheet of a financial institution. To describe common risk management and hedging techniques which help control these effects and to understand how these techniques are used to set up a state-of-the-art ALM approach. 

 

At the end of this section, candidates will be able to: 

• define the meaning and the general concepts of ALM 

• describe the impact of main risk factors on the asset and the liability side of the balance sheet: Impact of Interest Rate Risk, Currency Risk , Liquidity Risk and Credit Risk

• understand the importance of an efficient and reliable organizational infrastructure delivering the necessary data with accuracy and frequency in order to manage ALM Risks 

• describe the organizational and infrastructure set up of ALM in a bank: - ALM information systems (Management Information System, Information availability and accuracy) - ALM organisation (Structure and responsibilities, ALM Committee, Role of Controlling, Level of top management involvement) - ALM process (Risk parameters, Risk identification, Risk measurement, Risk management, Risk tolerance levels) 

• understand the use of Gap management: interest and duration mismatches 

• explain Asset and liability management techniques: Cash Flow Management, Duration Management, Gap Limits 

• describe the use of different types of interest rate and FX derivatives for implementing hedging techniques against ALM risks 

• describe the use of Credit Risk Transfer Instruments for Balance Sheet Management: Credit Derivatives and Asset Securitizations 

• explain the impact of Basel III (Liquidity Coverage Ratio, Net Stable Funding Ratio, Leverage Ratio) on the structure of a bank’s balance sheet 

• explain the concept of funds transfer pricing as a means to ensure that funding and liquidity costs & benefits are transparently allocated to respective businesses and products 

• describe the interaction between bank capital and leverage and the role of economic and regulatory capital 

• describe the formulation of Liquidity Stress Test Scenarios and the use in ALM

 

 

Principles of Risk 

Overall Objective: 

To understand why risk is inherent in banks business models and why effective risk management is a key driver for banks success. Candidates will be able to describe major risk groups: credit, market, liquidity, operational, legal, regulatory, and reputation risk. They will understand the significance of risk groups for different banking businesses and units. Candidates will also get an overview about methods and procedures needed to manage these risk types and extend their understanding to different risk/return profiles of shareholders, regulators and debt providers.At the end of this section, candidates will be able to: 

 

At the end of this section, candidates will be able to: 

• Understand the following aspects of Market Risk: 

 o Types of market risk (Interest Rate, Equity, Currency, Commodity) 

 o Market Risk in the Trading Book : How it arises and accounting impact 

 o The use of Risk Measures: key concepts of Value at Risk (holding periods, confidence levels, VaR calculation, Limitations of VaR, Expected Shortfall) 

 o the use of quantitative techniques (Risk Factors and Loss Distributions, Variance-Covariance Method, Historical Simulation , Monte Carlo) 

 o Limit structures in the dealing room o Capital treatment of market risk under Basel III 

• Understand the following aspects of Credit Risk: 

 o Categories of credit risk: lending, issuer, settlement, counterparty credit risk 

 o Managing credit risk: Limits and safeguards, Credit approval authorities and transaction approval process, Aggregating exposure limits by customers, sectors and correlations 

 o Credit mitigation techniques: collateral; termination clauses, re-set clauses, cash settlement, netting agreements 

 o Documentation: covenants, ISDA / CSA and other collateral 

 o Fundamentals of credit risk capital measurement: probability of default (PD), exposure at default (EAD), loss given default (LGD) and correlation 

 o Capital treatment of credit risk under Basel III (Standardised approach, Foundation and advanced internal ratings based approaches, Regulatory capital treatment for derivatives) 

• Understand the following aspects of Operational Risk: 

 o Sources of operational risk; systems, people, processes and external events 

 o Reasons for banks to control operational risk: legal and regulatory requirements 

 o Best practice management procedures 

• Understand the following aspects of Legal, Regulatory and Reputation Risk: 

 o Sources of reputation risk and relationship to other risk groups 

• Understand the following aspects of Liquidity Risk: 

 o Objectives and importance of a funding strategy 

 o Lessons learned from crises in liquidity risk management; Off-balance sheet contingencies, complexity, collateral valuation, intra-day liquidity risks and cross-border liquidity, Measuring and managing stress scenarios, Early warning indicators of liquidity risk 

 o Liquidity coverage ratio and Net stable funding ratio

 

 

Target group:

Recent entrants and junior dealers (0-18 month’s experience) in the dealing room

Middle office and operations personnel

Compliance and risk officers

 

Content:

Basic Interest Rate Calculations

Cash Money Markets

Foreign Exchange

Forward-forwards, FRAs and Money Market Futures & Swaps

Options

Principles of Asset & Liability Management

Principles of Risk

 

Provider:

Investment Academy in association with Total Solutions

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Terms and Conditions Investment Academy B.V. 

Terms and Conditions 
Investment Academy B.V. (hereafter referred to as INVESTMENT ACADEMY) – Daalwijkdreef 47, 
1103 AD Amsterdam, the Netherlands. Registered in the Netherlands, Chamber of Commerce  
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  1. Open Enrollment Programs - registration and cancellation
    1.1 A fully completed enrollment form must be submitted before a participant can be considered for admission to a program. 
     
    1.2 Completing and submitting the enrollment form signifies that the applicant is in agreement with the admission and cancellation policies of INVESTMENT ACADEMY (as outlined below). 
     
    1.3 Reflection period and cancellation of enrollment: 
    Participation in a program may be cancelled within 30 days of submitting an enrollment form. 
     
    After this 30 day reflection period, cancellation charges/refunds apply as follows: 
    •   At least 21 days notice: € 150 administrative fee 
    •   20 to 10 days notice: 50% of the program fee 
    •   Less than 10 days notice: 100% of the program fee. 
     
    Notice of cancellation must be sent in writing to INVESTMENT ACADEMY. Verbal notice is not considered a cancellation. Postponing an enrollment to a later date is not possible. 

  2. Event - registration and cancellation
    2.1 Completing and submitting a registration form to attend an INVESTMENT ACADEMY event (such as a Symposium, Deep Dive Session or a Meetup group session ) signifies that the applicant is in agreement with the admission and cancellation policies of INVESTMENT ACADEMY (as outlined below in 2.2 - 2.4). 
     
    2.2 Reflection period and cancellation of registration: 
    Participation in an event may be canceled without penalty within 7 days of submitting a registration form, if cancellation is received at least 17 days before the start of the event. If there is no notice of cancellation, the full event fee still applies and is due from the registrant. 

2.3 Notice of cancellation - charges/refunds apply as follows: 
•    At least 10 days notice before event: € 100 administrative fee applies 
•    Less than 10 days notice before event: event fees still apply and are due to INVESTMENT ACADEMY, and no refunds will be given 
 
2.4 Notice of cancellation must be sent in writing to INVESTMENT ACADEMY. Verbal notice is not considered a cancellation.  Substitution of registration is possible and must also be requested in writing, with the full contact details of the new registrant. 
 

Open Enrollment Programs - further conditions to enrollment 
 
3. Other General Conditions 
3.1 INVESTMENT ACADEMY reserves the right to refuse admission to a program if it is considered that the applicant does not possess the required knowledge/background appropriate to the program. 
 
3.2 An employer authorization to pay the program fee will only be accepted by INVESTMENT ACADEMY if the relevant employer has approved credit terms with INVESTMENT ACADEMY and payment in full will be due within 14 days of each invoice date. The employer is fully responsible for the payment of amounts due in all circumstances (including termination of employment or program cancellation). INVESTMENT ACADEMY reserves the right to dismiss any participant at any time for non-payment of fees or other amounts due. 
 
3.3 Prices are subject to change and INVESTMENT ACADEMY reserves the right to charge additional amounts to reflect any pricing changes taking effect before program commencement date(s). 
 
3.4 INVESTMENT ACADEMY programs are exempt from VAT for clients located in the Netherlands. For other EU and Non-EU clients, VAT may be due by client and will not be charged by INVESTMENT ACADEMY. 
 
3.5 Payment of the fee is required within 14 days of the invoice date, and prior to participating. 
 
3.6 If an employer is paying for a delegate's participation in a program, that employer may be sent the relevant delegate's test results and progress and attendance records (where applicable). 
 
3.7 Any refund made by INVESTMENT ACADEMY will be paid to the original payor. 
 
3.8 Programs are not transferable between participants unless notified in writing to INVESTMENT ACADEMY at least 48 hours prior to the program start. All replacement participants must submit a completed INVESTMENT ACADEMY enrollment form and should have the required knowledge/background appropriate to the program. 
 
3.9 INVESTMENT ACADEMY reserves the right to use its discretion to determine whether to make refunds in particular instances which fall outside paragraph 3 above. 
 
3.10 INVESTMENT ACADEMY reserves the right to change the program, faculty, dates and locations from the published timetables. 
 
3.11 INVESTMENT ACADEMY reserves the right to cancel a program due to unforeseen circumstances, including but not limited to too few participants. In such a case, program fees will be reimbursed. However, INVESTMENT ACADEMY can not accept responsibility for any travel, accommodation or other costs incurred for a cancelled program. 
 
3.12 INVESTMENT ACADEMY reserves the right to alter published programs or speakers or to cancel or change lectures at its discretion. 
 
3.13 The participant is responsible for all hotel charges incurred including in the event of any cancellation charges being applied. 
 
3.14 Liability of INVESTMENT ACADEMY for losses arising from their negligence (except in the case of liability for death or personal injury), breach of contract or otherwise will be limited to the full amounts paid by the relevant participant for the particular programs and/or study materials. Except in the case of liability for death and personal injury, such companies will have no liability for indirect or consequential loss or damage. 
 
 
4. Study Materials 
4.1 All study materials, whether in written or electronic format, are supplied by INVESTMENT ACADEMY. 
 
4.2 Where study materials are supplied in conjunction with a program they are included in the fees quoted. 
 
4.3 Full payment is required prior to dispatch of study materials or release of online user IDs and passwords. 
 
4.4 Study materials will be made available, whenever possible, a minimum of two weeks prior to the start of the program. 
 
 
Disclaimer and Limitation of Liability 
While Investment Academy  endeavors to ensure that the information on the INVESTMENT ACADEMY websites is correct, we do not warrant the accuracy and completeness of the material on the site or in any corporate brochures. We may make changes to the material on the site or to the products and prices described on it at any time without notice. 
 
INVESTMENT ACADEMY and their officers, directors, employees, or agents of any kind, exclude all liability and responsibility for any amount or kind of loss or damage that may result to participants or any third party (including, without limitation, any direct, indirect, punitive or consequential loss or damages, or any loss of income, profits, goodwill, data, contracts, use of money, or loss or damages arising from or connected in any way to business interruption, and whether in tort (including without limitation negligence), contract or otherwise) in connection with the INVESTMENT ACADEMY site in any way or in connection with the use, inability to use or the results of use of the INVESTMENT ACADEMY site, any web sites linked to the INVESTMENT ACADEMY site, or the material on such web sites, including, but not limited to, loss or damage due to viruses that may infect computer equipment, software, data, or other property on account of access to, use of, or browsing the INVESTMENT ACADEMY site or downloading of any material from the INVESTMENT ACADEMY site or any web sites linked to the INVESTMENT ACADEMY site. If your use of the material on the INVESTMENT ACADEMY site results in the need for servicing, repair or correction of equipment, software, or data, you assume all costs thereof. 
 
Nothing in this legal notice shall exclude or limit our liability for: (a) death or personal injury caused by negligence or (b) fraud; or (c) any liability that cannot be excluded or limited under Dutch law. 

 

Cookies Policy

 

 

Use of cookies by Investment Academy B.V. 

Dutch hospitality is a cookie with your coffee or tea. Digital hospitality is a cookie for a website visit. A cookie is a small amount of data ,i.e. small text files, sent to your computer by a website. The website tells the web browser you are using (e.g. Internet Explorer, Google Chrome, Apple Safari or Mozilla Firefox) to store these cookies on your computer. There are two types of cookies. Session cookies are deleted from your computer when you close your web browser. Persistent cookies remain stored on your computer even after your web browser is closed. We, or other parties, place these cookies on your computer or mobile device for a very specific reason. For example, in your next visit, we are able to read your preferences or login details in the text file. This means that you do not have to indicate your preferences again and we can make the website more user-friendly. Under the heading "Overview Cookies" you will see which cookies we place and what they are used for. 

Investment Academy B.V. uses cookies to make navigating the website easier, to analyse the use of the website and so improve the quality of the website. Session cookies are also used in this process. Investment Academy B.V. uses cookies to collect information about its customers for the purposes of targeted communication, including the provision of service information about our products and targeted marketing of products and services provided by Investment Academy B.V., its group companies and, in some cases, third parties carefully selected by us.  

Your user name may also be stored in a cookie if you are logged on to a Investment Academy B.V. website. On some Investment Academy B.V. websites, your e-mail address is the user name, on others Investment Academy B.V. uses a random generator to create a username for you. Investment Academy B.V. also give access to websites that contain advertisements also use cookies. These keep track of what advertisements you have already seen. These cookies are produced by the company responsible for the advertisement, not by Investment Academy B.V. 

 
Refusing cookies 

Any user can refuse cookies by adjusting their browser settings to disable all or certain cookies (see your web browser manual or help function). If you disable cookies, some services may not be available to you. 

Note: If you do not consent to placing cookies, we cannot guarantee that our website or any part thereof works properly. 

 
Overview cookies: 
Functional necessary cookies 
We place functional cookies to make our website work well. No permission is required for placing these cookies. This concerns cookies that make sure preferences are saved and the load of the website is distributed.  
 
Social media and YouTube cookies 
To share content from our website on social media, Facebook, Twitter, LinkedIn, Google+ will place cookies. For watching videos, cookies are placed by YouTube.  
 
Tracking cookies 
We continuously improve our website by analysing how you use our website, how you found us and where there are any bottlenecks. Cookies are placed by Google Analytics.  
 
Ad cookies 
To ensure you do not see the same ad every time, offers match your interests, we know how many visitors click on an ad and how many people eventually make a purchase cookies are placed by Google, Facebook and Twitter. 
 
We do not store cookies longer than required by law and not longer than is strictly necessary for carrying out the purposes. 
 
If other parties place cookies, their cookie statement applies. This may change in the meantime. The current cookie statement can be found on the website of the party concerned. 
 
You can also delete cookies 
Via your web browser (the program that allows you to view websites) you can delete cookies. How this should be done depends on the Internet browser. We have created a short guide for the most common Internet browsers. 
 
Google Chrome: Go to Settings, click Advanced Settings, click Clear Browsing Data, select Cookies, and Other Site and Plugin Details, and then click Clear Browsing Data. 
Internet Explorer: Go to Settings, click Clear Browsing Data, select Cookies and Saved Website Data, and click Delete. 
Safari: Go to Preferences, click Security, click Show Cookies, click Delete All, or select one or more cookies and click Delete. 
Mozilla Firefox: Go to the menu and choose Options, select Privacy, choose use custom settings for History at Firefox, click on Show Cookies, click on Delete All Cookies, or select one or more cookies and click on Delete Selected. 

Is your web browser not included? Or have the settings changed in the meantime? Then use the help or search function of your Internet browser. 
 
Changes 
We can change the information in this cookie statement without notice. Changes are required, for example, if we modify our website or if the legislation is modified. We encourage you to check regularly if the information provided and the text of this cookie statement have been changed. 

 
Investment Academy B.V. and other websites 

Investment Academy B.V. websites contain some links to other websites. Investment Academy B.V. cannot accept any liability for the handling of your information by these parties. For further information, please read the privacy statement (if available) of the website you are visiting. 

 
Amendments 

Investment Academy B.V. reserves the right to make amendments to this privacy statement. Please check this privacy statement regularly for the latest version of Investment Academy B.V.'s privacy policy. 

This document was last updated on 24th of May, 2018 

 




Thank you for taking your privacy as serious as we do! Enjoy the Investment Academy website!