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Board of Governors of the Federal Reserve System
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Board of Governors of the Federal Reserve System

International Training and Assistance (ITA)
for Bank Supervisors

Options and Risk ManagementFederal Financial Institutions Examination Council (FFIEC) and Other Agency Courses

Course Overview

This Chicago Board Options Exchange (CBOE) course, also known as the Options Institute, is offered for experienced safety-and-soundness examiners who need a better understanding of how options are used for risk management. The Options Institute is the educational unit within CBOE that offers a 3-day seminar on how to use options for risk management. The seminar explains the role of options in modern portfolio management. The curriculum combines lectures, discussions, strategy workshops, and trading floor experience.


Three days. This course will be held from 8:30 a.m. to 4:15 p.m. on Wednesday, 8:30 a.m. to 4 p.m. on Thursday, and 8:30 a.m. to 2:00 p.m. on Friday.


The cost is $1,075 per attendee. All participants taking this program are expected to make payment directly to the CBOE upon arrival.


The Options Institute is located within CBOE on LaSalle and Van Buren Streets, in Chicago, Illinois.


The faculty consists of traders and members of the financial and academic communities.

Course Objectives

Day 1: The first day of the program covers essential options concepts, options pricing theory, and options mechanics. In addition, the role of the Options Clearing Corporation is discussed. Also, options strategies for risk management are discussed as well as the role of market makers.

Day 2: During the second day, the program covers futures pricing and hedging strategies. Also, index options and foreign currency options are discussed. Participants are introduced to options strategies under simulated market conditions.

Day 3: The final day covers regulatory structure and managing risk using interest rate derivatives, as well as a visit to the trading floor. Participants view the trading floor from inside the trading pit and have the opportunity to ask questions of brokers on the trading floor.

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Last update: February 1, 2017