9/4/2018
COMMODITY RISK MANAGEMENT TECHNIQUES & HEDGE ACCOUNTING CHANGES
September 5, 2018
To Receive CPE Credit
• Individuals . Participate in entire webinar . Answer polls when they are provided • Groups . Group leader is the person who registered & logged on to the webinar . Answer polls when they are provided . Complete group attendance form . Group leader sign bottom of form . Submit group attendance form to [email protected] within 24 hours of webinar • If all eligibility requirements are met, each participant will be emailed their CPE certificate within 15 business days of webinar
1 9/4/2018
Bryan Wright Partner | BKD Indianapolis I 317.383.5471
Allen Douglass Regional Director | INTL FCStone Financial, Inc. FCM Division Indianapolis l 317.732.4660
Disclaimer
The trading of derivatives such as futures, options, and over-the-counter (OTC) products or “swaps” may not be suitable for all investors. Derivatives trading involves substantial risk of loss, and you should fully understand those risks prior to trading. Past financial results are not necessarily indicative of future performance. All references to futures and options on futures trading are made solely on behalf of the FCM Division of INTL FCStone Financial Inc., a member of the National Futures Association (“NFA”) and registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a futures commission merchant. All references to and discussion of OTC products or swaps are made solely on behalf of INTL FCStone Markets, LLC (“IFM”), a member of the NFA and provisionally registered with the CFTC as a swap dealer. IFM’s products are designed only for individuals or firms who qualify under CFTC rules as an ‘Eligible Contract Participant’ (“ECP”) and who have been accepted as customers of IFM.
This material should be construed as the solicitation of trading strategies and/or services provided by the FCM Division of INTL FCStone Financial Inc., or IFM, as noted in this presentation.
Neither the FCM Division of INTL FCStone Financial Inc. nor IFM is responsible for any redistribution of this material by third parties or any trading decisions taken by persons not intended to view this material. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed. These materials represent the opinions and viewpoints of the author, and do not necessarily reflect the opinions or viewpoints of the FCM Division of INTL FCStone Financial Inc. or IFM. All forecasting statements made within this material represent the opinions of the author unless otherwise noted.Factual information believed to reliable, was used to formulate these statements of opinion; but we cannot guarantee the accuracy and completeness of the information being relied upon. Accordingly, these statements do not necessarily reflect the viewpoints employed by the FCM Division of INTL FCStone Financial Inc. or IFM. All forecasts of market conditions are inherently subjective and speculative, and actual results and subsequent forecasts may vary significantly from these forecasts. No assurance or guarantee is made that these forecasts will be achieved. Any examples given are provided for illustrative purposes only, and no representation is being made that any person will or is likely to achieve profits or losses similar to those examples.
Reproduction or use in any format without authorization is forbidden. © Copyright 2018. All rights reserved.
4
2 9/4/2018
Risk is ever present… How do we choose to address?
Accept it
Don’t Fear it Manage it
Conquer it
If you don’t manage risk, you are assuming risk If you are assuming risk, you are speculating!!!
Normal Business Risks
Buildings & Facilities
Equipment, Family & Machinery, Insurance Trucks Employees
Health & Safety
3 9/4/2018
Another Critical Business Risk: PRICE!!! Grains
Oilseeds
More Livestock Likely Know Your & More Price Risk & Manage It! Frequent! Energy
Interest Rates & FX
HOWEVER,
WITHOUT PRICE RISK MANAGEMENT…
Things can get Real UGLY Real fast!
And Bottom Lines & Margins Can Melt Away!
4 9/4/2018
Is Price Risk Management Difficult?
NO! Just remember, complex concepts stated simply creates opportunity! Success favors the Prepared.
Tools to Manage Price Risk
Locked-in Buying & Selling Rights to Buy or Sell at Price Levels Price Levels with Opportunity to Improve
Creative Financial Products Variety of Contracts With With Pricing Flexibility Physical Delivery Requirements
*
*OTC products are designed only for individuals or firms who qualify under CFTC rules as an ‘Eligible Contract Participant’ (“ECP”) and who have been accepted as customers of IFM.
5 9/4/2018
What is Market Risk?
Uncertainty!
Types of Market Risk
Global Futures Price Local Cash Basis
Higher Stronger
No change No change
Lower Weaker
6 9/4/2018
What is a BUYER’S Market Risks?
Global Benchmark Futures Price Buyer’s Cash Basis
Higher Stronger
What is a SELLER’S Market Risks?
Global Benchmark Futures Price Seller’s Cash Basis
Lower Weaker
7 9/4/2018
Price Volatility
Source: CME Group
What is Volatility?
Example: March 2019 Corn Futures at $4.00 Compare Market Volatility: 10%, 20%, 30%
Annualized Volatility 68% Probability Price Range 10% $3.60 - $4.40 20% $3.20 - $4.80 30% $2.80 - $5.20
At what volatility level is your risk the greatest? At what volatility level is your opportunity the greatest?
Note: 2 Standard Deviations is 95% probability and 3 Standard Deviations = 99% probability
8 9/4/2018
Price Risk Management – Summary
Price Risk Remember Management what I said earlier ???
Stated Simply
Creates OPPORTUNITY
Basis & Hedging Theory
9 9/4/2018
Basis Key to Successful Hedging
Local Supplier Global Local Cash or Buyer Benchmark Relative to Price quote Price quote Futures
Cash Futures Price Price Basis
Q. If you have more than one “cash” quote, how many basis tables are needed? A. Each cash market supplier represents a different basis.
Basis Concepts
Merchandisers & Their Cash minus Customers Futures should become Seasonal & Locational Students of Historical & Quality Basis! Trends Differences BASIS
Buyers Sellers want want Weaker Stronger
Less Volatile
10 9/4/2018
Basis Movement & Opportunity
+30
+20 Strengthen Weaken Cash Gains Relative* to Futures +10 Cash Declines Relative* to Futures More positive or Less positive or Less negative 0 More negative Benefits Short Hedgers Benefits Long Hedgers -10 Commodity Sellers Commodity Buyers -20
-30 *Basis can strengthen or weaken regardless of the price direction
Use of Basis in Risk Management
Gulf Export Price - Nearby Corn Futures Basis (Sample 10 year period) Maximum Minimum Average 160
140
120
100
80
60
40
Basis (Cents per Bushel) (Cents Basis 20
0 1-Jul 8-Apr 7-Oct 1-Jan 3-Jun 9-Sep 4-Nov 2-Dec 15-Jul 29-Jul 6-May 22-Apr 21-Oct 15-Jan 29-Jan 17-Jun 12-Feb 26-Feb 11-Mar 25-Mar 12-Aug 26-Aug 23-Sep 18-Nov 16-Dec 30-Dec 20-May Week of the Year
11 9/4/2018
Basis Summary
• Cash price relative to a Futures price • Usually less volatile than Futures • Seasonal & Historical trends • Purchasing & Sales Tool • Can have a negative or positive value • Buyers want basis to weaken over time • Sellers want basis to strengthen over time • Key to successful Price Risk Management
True Hedge – Consists of Two Parts
Futures, Options or Local OTC Swaps Cash Market
12 9/4/2018
Hedge Concepts
Fact: Most cash markets and futures markets move up and down together Not necessarily in equal amounts Relationship between a cash & a futures price: Correlation
Hedge Positions Opposite positions in Cash market and Futures market
Hedge Results Loss in one market is offset by a gain in the other market Regardless of price direction, the result is the same!
The “TRUE” hedge result is the combined results of the cash and futures positions
HEDGED RESULTS Loss in One Market is Offset by a Gain in the Other
Cash Futures Market Market
13 9/4/2018
Types of Hedgers
• Long hedger Consumer • Risk of rising prices • Attempt to achieve target prices (buy-side) • Short the basis – wants basis to weaken
• Short hedger Producer • Risk of falling prices • Attempt to cover production costs & profit (sell-side) • Long the basis – wants basis to strengthen
Futures Industry Foundation
14 9/4/2018
Futures Contract: Defined
Corn 5,000 bu. = Legally binding agreement to accept 127 m.t.
delivery of or make delivery of a Wheat 5,000 bu. = 136 m.t. standardized ______quantity and ______quality
Soybeans: of a commodity to a standardizedplace _____ 5,000 bu. = 136 m.t. during a standardized ____time period for a price____
Soybean Meal discovered in an organized futures exchange. 100 short tons = 92 m.t.
Economic Functions of Futures
Price Which impacts the greatest Discovery number of people?
Price Reference & Cash Contracts Futures Markets
Which is the most important economic function? Risk Management For Customers
15 9/4/2018
Price Discovery: Supply & Demand
• Prices are Discovered
• Prices are NOT set by the Exchange
• Closest form of “perfect competition”
• Two-way Price Impact
• Transparent Prices
Types of Traders
Merchandisers & Their Cash Market Cash Market Customers
Hedger Speculator
Risk Liquidity Risk Liquidity
Speculators provide what hedgers need! LIQUIDITY
16 9/4/2018
Speculators’ Impact on Hedgers Corn Market Liquidity
3.80 3.85 Buyer’s Bid Hedgers Only Seller’s Offer
3.81 Speculator 3.84 New Bid Better Offer
3.82 Speculators 3.83 New Bid Better Offer
3.82 1/4 S 3.82 1/2 Best Bid Best Offer
Closing-out a Futures Position Offset
Offset: Taking a position opposite to your initial position • Initial futures position creates market obligation • Offset removes market obligation
Initial Position Sell Identical later OFFSET Long Futures Futures
Or
Initial Position Buy Identical OFFSET Short Futures Futures
17 9/4/2018
Closing-out a Futures Position Delivery
Transfer of a physical commodity or cash-settlement
• Only about 1% of Futures volume ends with delivery • Great majority are “offset” • Initiated “only” by the Seller (short) • Short must have approved “regular for delivery” status • Assigned to “oldest” long • Specific Terms & Procedures • Varies by commodity – shipping certificates, warehouse receipts • See Exchange Rule Book for details • Cash Price & Futures Price Convergence • Due to threat of delivery in futures contract • Not economically or physically feasible for the Buyer (long) • Seller makes delivery decisions: specific date, quality, location
CBOT Grain & Oilseed Futures Delivery 3-Day Process* First Delivery Day
• First business day of the contract First Notice Day month
• Short delivers the shipping • Last business day of calendar certificate to the long First Position Day month prior to delivery month. Example: June for July contract. • Long makes payment to the short by 1:00 p.m. • Business day prior to last business • CME Clearing notifies “oldest day of calendar month prior to long” by 7:00 a.m. that delivery • If delivery day is a bank holiday, delivery month. Example: will take place payment is made by 9:30 a.m. on November for December contract the next banking day. • Short invoices the long by 4:00 • Short positions: First day that p.m. short positions can initiate the delivery process by notifying CME Clearing. Only shorts that have “regular for delivery” status *Note: This 3-day process for first delivery also applies • Long positions: Ranked according to deliveries up to and including the last delivery day. to the amount of time they have The last delivery day is the 16th of the contract month been long. Oldest is ranked first
• Daily price limits are removed for remainder of trading of the delivery contract month
18 9/4/2018
Financial Integrity of Futures
Clearing Models Bilateral versus Cleared
CLEARED TRADE: BI-LATERAL TRADE: A trade guaranteed by Futures Commission Merchants A trade executed between two parties without (FCM) who are members of a clearing house the benefit of a central clearing house.
Source: CME Group
19 9/4/2018
Exchange Clearing Services
• Eliminates Counter Party Risk Buyer to every Seller and Seller to every Buyer
• Adjust Trading Accounts Daily Marked to Market
• Facilitates Trading Processes Futures Delivery Option Exercise
Central Counterparty Clearing
Source: CME Group
20 9/4/2018
Daily Settlement Process No Debt System
Losses collected Exchange Profits paid out Clearing
Types of Margin
Initial • Amount of money required per contract to initiate a futures position
• Required by both buyer and seller
• Different forms of capital accepted
Maintenance • Minimum balance (equity) that must be maintained at all times
• If balance falls below maintenance level, you receive a margin call
Margin Calls must be made with cash
• Hedge initial margin is same as Speculative Maintenance Margin
21 9/4/2018
Corn Margin Example: (December Traded at $3.90) Initial Margin = $600 per contract ($0.12/bushel) Maintenance Margin $550 per contract ($0.11 bushel)
Day Margin BUYER Account Settlement Account SELLER Margin
Deposits Balance Price Balance Deposits 1 $600 $600 $3.90/bu $600 $600
2 $600 $550 $3.89/bu $650 $600
3 $600 $350 $3.85/bu $850 $600 Margin Call of $250 $850 $600 4 $850 $1350 $4.00/bu $100 $600 Margin Call of $500
$600 $1100
Q. How much does the market have to move against a position before a margin call occurs? A. The difference between the initial margin and maintenance margin plus 1 tick. Why 1 tick?? In this example the difference = $0.01/bu, so the market would need to move $0.0125/bushel
Margin Questions & Misconceptions
Is Margin a Cost of Trading Futures?
Margin is a cost of trading futures!
No, Only the Interest Rate On Margin Is A Cost.
22 9/4/2018
Margin Misconceptions
Is Margin Good Or Bad For Risk Management?
Margin is a BAD concept!
Definitely A Good Concept – It Protects Your Risk Management Positions.
Margin Misconceptions
If Margin Levels Change, Does That Impact Existing Positions?
Margin Changes Don’t Impact Existing Positions!
Margin changes impact new and existing positions.
23 9/4/2018
Efficient Hedge Requirements
Correlation
Efficient Hedge
Liquidity
Practical Hedge Considerations
Concern: Not all commodities are traded on Exchanges Solutions: Cross Hedges or OTC Markets
Cross Hedge Defined: Use of one Commodity Futures Contract to protect the price of a different commodity The other commodity is usually not traded on a futures exchange.
Examples: Millfeed – Corn futures, Soybean Meal futures or a combination of the two Vegetable oils – Soybean Oil futures - most common; also Palm Oil futures or Canola Futures Grain Sorghum – Corn futures HRW Wheat – SRW Wheat futures
OTC Markets Provides unique & creative solutions for some products not traded on Exchanges
Notes: All cross hedges and OTC strategies should involve products with a strong price correlation Effectiveness of the cross hedge should be calculated prior to use Should also be monitored after initiation of the hedge.
24 9/4/2018
Hedging With Futures – Summary Notes
Take advantage of current purchase and sale prices Protect against adverse prices Basis may improve purchase or sale price Assists with planning & budgets Protects inventory value Not tied to a specific cash market participant (buyer or seller) Financial integrity of Exchange Clearing
Hedging Summary
It is all about your “BOTTOM LINE”
Protecting and/or Improving
Your Cash Market Position
25 9/4/2018
Wouldn’t it be great to have…
Against What? Adverse Price Protection Levels
And For What? Better Opportunity? Price Levels OPTIONS
Futures versus Options
Futures
• Conveys Obligations
Options
•Conveys Rights
26 9/4/2018
Option Contract: Defined
Contract between two parties that conveys a RIGHT but not an obligation to buy or sell a specific commodity at a specific price within a specific time period for a premium.
Option Types
27 9/4/2018
CALL Option Positions
Buyer of CALL has rights to buy futures Seller of CALL has obligation to sell futures Long CALL and Short (an Identical) CALL are offsetting positions
Call seller Call buyer CALL receives fulfills rights Option rights (Buy futures) (Sell futures)
PUT Option Positions
Buyer of PUT has right to sell futures Seller of PUT has obligation to buy futures Long PUT & Short (an identical) PUT are offsetting positions
PUT seller PUT buyer PUT receives fulfills rights Option rights (Sell Futures) (Buy Futures)
28 9/4/2018
Option Components
Buyer – holder
Seller – writer or grantor
Underlying Commodity – a futures contract
Strike Price – exercise price
Expiration Date – rights expire
Premium – price, cost, or value of rights
Option Contract: Defined
Legally binding Contract between two parties To the that conveys a RIGHT Option Buyer but not an obligation To the Option to buy or sell Put Seller a specific commodity Option Call Strike at a specific price Option Price within a specific time period Futures for a premium. Option Contract Price, cost or Expiration value of the rightsg
29 9/4/2018
Is it Difficult?
Option Pricing
Black-Scholes Option Pricing Model
Call Option Formula
Stay Proceed Calm to the Don’t next Panic slides
30 9/4/2018
Premium Components
Premium
Intrinsic Value
Time Value
Intrinsic Value Components
Intrinsic Value
Strike Price
Futures Price
31 9/4/2018
Time Value Components
Time Value Curve
• Decreases at an increasing rate • Time value is zero at option expiration
Time value Cents/bushel
Days to expiration 0
32 9/4/2018
What Can Happen to Options
Exercise “Only” the Option Buyer
Closing Out an Option Position
Recover Current Full Premium
Offset: Close-out option with position opposite to initial position Recover “ONLY” Current Intrinsic Value
Exercise: Close-out options position and assume futures position
Expire: All options expire worthless at expiration
33 9/4/2018
Results of Exercise
Calls
Call buyer receives a Long Futures position Call seller is assigned a Short Futures position
Puts
Put buyer receives a Short Futures position Put seller is assigned a Long Futures position
Let Options Expire or Not?
Notes about Expiration
Premiums consist of Intrinsic & Time value
Don’t ever forget your option positions
Recovered time value lowers the cost of the strategy
Look for potential to recover some time value
34 9/4/2018
Introduction to OTC Markets
OTC Swaps & Structured Products Bi-Lateral Financial Contracts
Bi-Lateral Financial Contracts Contracts
Two Party Confidential Transaction (Customer & Swap Dealer) Cash-Settled Products
Financial Integrity: The Two Parties Traded separately or
st IFM: 1 Non-bank Swap Dealer* Embedded in Physical market contracts IFM: Experience, Expertise & Service IFM: Financial Stability
*IFM is provisionally registered with the CFTC as a swap dealer
35 9/4/2018
Benefits of OTC Swaps
Price Risk Management
Margin Liquidity
OTC Markets
Bi-Lateral Flexibility Financial Contracts Creative & Tailor-made
OTC Swaps & Structured Products Flexibility
High Price Markets High Flat Volatility Markets Markets Flexibility Low Volatility Whipsaw Markets Markets Low Price Markets
36 9/4/2018
OTC Swaps & Structured Products
YES! YES! YES! YES!
OTC Swaps & Every Risk Structures: Every Customer Every Market Tolerance “Creative & is Different is Different is Different Unique” Solutions
OTC Market Introduction
Over-the-Counter Market Off exchange Bi-lateral contracts All product complexes Financially settled contracts
Participants CFTC Provisionally Registered OTC Swap Dealer - IFM Customers: Individuals or Firms Participants must qualify under CFTC Regulations • Eligible Contract Participant (ECP) • Must be accepted by Swap Dealer (IFM) • Producers, Consumers or Merchandisers
37 9/4/2018
OTC Market Introduction
OTC Contract Types – Basic to Advanced Hierarchy Swaps – a futures or forward look-alike
Vanilla Option – an option look-alike
Customized Option – a flex option look-alike • Adjust dates and strikes
Strips – a series of options over a period of time • Same strikes but different expirations • Traded as a package - usually more cost efficient Barrier Option • Knock-in – option rights/obligations are activated • Knock-out – initial optionality ends Structures • Combination of the above OTC products – in one line item
Hedge Accounting Changes
PRESENTED BY: BRYAN WRIGHT
38 9/4/2018
Hedge Accounting – U.S. GAAP
1. Is hedge accounting NO complicated?
2. Are the hedge accounting Highly complicated guidance, rules & interpretations complicated?
Types of Accounting Hedges
Mark to Fair Value Hedging Instrument (Asset/Liability & OCI)
Cash Flow Hedge
Hedged Item (Floating Price Transaction/ No Accounting Contract)
Mark to Fair Value Hedging Instrument (Asset/Liability & P&L)
Fair Value Hedge
Hedged Item (Fixed Change in Fair Value Price Transaction/ (Asset/Liability & P&L) Contract)
39 9/4/2018
Types of Accounting Hedges
• Hedge ineffectiveness is always reported currently in earnings • Modified by new guidance issued in 2017 for cash flow hedges • Cash flow hedge changes in fair value deferred in OCI until hedged transaction affects earnings • If forecasted transaction no longer probable, immediately recognize in earnings
Accounting Example – Cash Flow Hedge
• Assume the following 1. Copper has been purchased at a fixed price – Inventory 2. Forecasted sale of copper has been identified for February & designated as the hedged item in a cash flow hedge 3. March copper futures (short) contract used to hedge sale – deemed highly effective (assume 100%) 4. Subsequent to hedge, prices increase in both spot & futures market • Futures now valued at $(100,000) – Loss 5. What does the cash flow hedge accounting look like?
40 9/4/2018
Cash Flow Hedge Example
Hedge Balance Sheet Before After Accounting Assets Inventory$ 1,000,000 $ 1,000,000 Equipment$ 5,000,000 $ 5,000,000
Total Assets$ 6,000,000 $ 6,000,000
Liabilities & Equity
Accounts Payable$ (1,000,000) $ (1,000,000)
Futures Contract Liability$ (100,000) $ (100,000)
Equity/OCI$ (5,000,000) $ 100,000*$ (4,900,000)
Total Liabilities & Equity$ (6,000,000) $ (6,000,000)
*Loss on future reclassified to earnings once the forecasted sale is recorded.
Hedging Criteria & Requirements
• To qualify for hedge accounting, the company must • Contemporaneously document at inception specific qualifying criteria • Establish effectiveness of hedging relationship as HIGHLY EFFECTIVE (80% to 125%) • Eligibility of hedged item & hedging instrument • Prove & monitor probability of forecasted transaction (cash flow hedge) • No documentation = no hedge accounting • Uncertainty &/or nonoccurring forecasted transaction = discontinue hedge accounting (cash flow hedge)
41 9/4/2018
New Hedge Accounting Guidance – ASU 2017-12
• Issued August 2017 • Key changes include 1. Provides for hedging contractually specified components as hedged risk (cash flow hedge) 2. Entire changes in fair value of cash flow hedge reported in OCI—no longer measure & report ineffectiveness 3. Allows for qualitative hedge effectiveness assessment after initial assessment of quantitative effectiveness is determined 4. Initial quantitative effectiveness testing can be completed after hedge designation until first quarterly measurement (public entities) or date before the financial statements are available for issuance (private entities)
New Hedge Accounting Guidance – ASU 2017-12
• Effective date • Years beginning after • December 15, 2018 (public) • December 15, 2019 (private) • Early adoption permitted as of beginning of fiscal year of adoption
42 9/4/2018
Component Hedging – Cash Flow Hedge
• ASU 2017-12 – Provides for hedging contractually specified components as hedged risk (cash flow hedge) • Variability in cash flows attributable to changes in specified component designated as the hedged risk •Example • Tasty Treats, Inc. purchases bourbon whiskey from a local distiller as a key ingredient • Contract with supplier calls for variable pricing per unit based on a distiller charge plus beginning of month spot corn prices (CBOT) x QTY required • Tasty’s February bourbon order requires 20,000 bushels of corn & will be priced February 1 (CBOT) • Tasty’s enters into a forward purchase contract for corn (CBOT) maturing February 1 to purchase 20,000 bushels – Settlement based on contract price & February 1 spot price
Component Hedge Example
• What is the risk being hedged? • Variability in the purchase price of bourbon attributable to the changes in the corn price index—“contractually specified” • What is the hedging instrument? • Forward contract • What is the hedged item? • Forecasted purchase of bourbon • What type of hedge? • (fair value or cash flow)
43 9/4/2018
Component Hedging (ASU 2017-12)
Component Hedging (ASU 2017-12) (Interest Rate SWAPs)
• Cash flow hedges of interest rate risk. The update permits the variability in cash flows attributable to the contractually specified interest rate as the hedged interest rate risk • The ability to hedge the variability of the contractually specified rate, such as prime rate, permits more hedging strategies to be effective & when combined with the qualitative ongoing assessment of effectiveness simplifies hedge accounting
44 9/4/2018
Component Hedging (ASU 2017-12) (Interest Rate Hedges)
Pitfalls – Why Companies Fail to Qualify
• Lack of documentation at inception • Risk being hedged does not qualify • Failure of hedge effectiveness testing • Poor transaction records reflecting hedging result & risk management – Lack of detail
45 9/4/2018
Questions?
CONTINUING PROFESSIONAL EDUCATION (CPE) CREDIT
BKD, LLP is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
The information contained in these slides is presented by professionals for your information only & is not to be considered as legal advice. Applying specific information to your situation requires careful consideration of facts & circumstances. Consult your BKD advisor or legal counsel before acting on any matters covered.
46 9/4/2018
CPE CREDIT
• CPE credit may be awarded upon verification of participant attendance • For questions, concerns or comments regarding CPE credit, please email the BKD Learning & Development Department at [email protected]
Thank You!
Bryan J. Wright, CPA Allen Douglass Partner, BKD, LLP Regional Director, INTL FCStone 317.383.5471 317.732.4660 [email protected] [email protected]
47