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September 5, 2018

COMMODITY RISK MANAGEMENT TECHNIQUES & HEDGE ACCOUNTING

CHANGES

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 training@bkd.com 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

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Bryan WrightPartner | BKDIndianapolis I 317.383.5471

Allen DouglassRegional Director | INTL FCStone Financial, Inc.FCM DivisionIndianapolis l 317.732.4660

Disclaimer

4

The trading of derivatives such as futures, options, and over-the-counter (OTC) products or “swaps” may not be suitable for allinvestors. Derivatives trading involves substantial risk of loss, and you should fully understand those risks prior to trading. Pastfinancial results are not necessarily indicative of future performance. All references to futures and options on futures trading aremade 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 referencesto and discussion of OTC products or swaps are made solely on behalf of INTL FCStone Markets, LLC (“IFM”), a member of the NFAand provisionally registered with the CFTC as a swap dealer. IFM’s products are designed only for individuals or firms who qualifyunder 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 INTLFCStone 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 thirdparties or any trading decisions taken by persons not intended to view this material. Information contained herein was obtainedfrom 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. Factualinformation believed to reliable, was used to formulate these statements of opinion; but we cannot guarantee the accuracy andcompleteness of the information being relied upon. Accordingly, these statements do not necessarily reflect the viewpointsemployed by the FCM Division of INTL FCStone Financial Inc. or IFM. All forecasts of market conditions are inherently subjectiveand speculative, and actual results and subsequent forecasts may vary significantly from these forecasts. No assurance orguarantee is made that these forecasts will be achieved. Any examples given are provided for illustrative purposes only, and norepresentation 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.

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Risk is ever present…How do we choose to address?

Accept it

Manage it

Conquer it

Don’t Fear it

If you don’t manage risk, you are assuming riskIf you are assuming risk, you are speculating!!!

Normal Business Risks

Insurance

Buildings &

Facilities

Family & Employees

Health & Safety

Equipment, Machinery,

Trucks

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Another Critical Business Risk: PRICE!!!

Grains

Oilseeds

Energy

Interest Rates & FX

Know YourPrice Risk & Manage It!

More Likely

& MoreFrequent!

Livestock

HOWEVER,

Things can get Real UGLY Real fast!

And Bottom Lines & Margins Can Melt Away!

WITHOUT PRICE RISK MANAGEMENT…

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Is Price Risk Management Difficult?

NO! Just remember, complex concepts stated simply

creates opportunity! Success favors the Prepared.

Tools to Manage Price Risk

*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.

*

Locked-in Buying & Selling Price Levels

Rights to Buy or Sell at Price Levels with Opportunity to Improve

Creative Financial Products With Pricing Flexibility

Variety of Contracts With Physical Delivery Requirements

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What is Market Risk?

Uncertainty!

Types of Market Risk

Global Futures Price Local Cash Basis

Higher

Lower

No change

Weaker

Stronger

No change

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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

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Price Volatility

Source: CME Group

What is Volatility?

Example: March 2019 Corn Futures at $4.00Compare Market Volatility: 10%, 20%, 30%

Annualized Volatility 68% Probability Price Range10% $3.60 - $4.4020% $3.20 - $4.8030% $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

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Price Risk Management – Summary

CreatesOPPORTUNITY

Stated Simply

Price Risk ManagementRemember

what I said earlier ???

Basis & Hedging Theory

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BasisKey to Successful Hedging

Cash Price

Futures Price Basis

Local Supplier

or Buyer Price quote

Q. If you have more than one “cash” quote, how many basis tables are needed?

A. Each cash market supplier represents a different basis.

Global Benchmark Price quote

Local Cash Relative to

Futures

Basis Concepts

BASIS

Seasonal & Historical

Trends

Cash minus

Futures

Locational

& Quality

Differences

Sellers want

Stronger

Less Volatile

Buyers want

Weaker

Merchandisers & Their

Customers should become

Students of Basis!

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Basis Movement & Opportunity

+30

+20

+10

0

-10

-20

-30

Cash Gains Relative* to FuturesMore positive or

Less negativeBenefits Short Hedgers

StrengthenCash Declines Relative* to Futures

Less positive orMore negative

Benefits Long Hedgers

Weaken

*Basis can strengthen or weaken regardless of the price direction

Commodity Buyers Commodity Sellers

Use of Basis in Risk Management

0

20

40

60

80

100

120

140

160

1-Ja

n

15-

Jan

29-

Jan

12-

Feb

26-

Feb

11-

Mar

25-

Mar

8-A

pr

22-

Ap

r

6-M

ay

20-

May

3-Ju

n

17-

Jun

1-Ju

l

15-

Jul

29-

Jul

12-

Au

g

26-

Au

g

9-S

ep

23-

Se

p

7-O

ct

21-

Oct

4-N

ov

18-

Nov

2-D

ec

16-

Dec

30-

Dec

Ba

sis

(C

en

ts p

er

Bu

sh

el)

Week of the Year

Maximum Minimum Average

Gulf Export Price - Nearby Corn Futures Basis (Sample 10 year period)

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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

LocalCash Market

Futures,Options orOTC Swaps

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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

CashMarket

FuturesMarket

HEDGED RESULTS Loss in One Market is Offset by a Gain in the Other

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Types of Hedgers

• Short hedger• Risk of falling prices• Attempt to cover production costs & profit• Long the basis – wants basis to strengthen

Producer(sell-side)

• Long hedger• Risk of rising prices• Attempt to achieve target prices• Short the basis – wants basis to weaken

Consumer(buy-side)

Futures Industry Foundation

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Futures Contract: Defined

Legally binding agreement to accept

delivery of or make delivery of a

standardized _______ and ______

of a commodity to a standardized _____

during a standardized ____ period for a ____

discovered in an organized futures exchange.

quantity quality

place

time price

Corn5,000 bu. =

127 m.t.

Soybeans: 5,000 bu. =

136 m.t.

Wheat5,000 bu. =

136 m.t.

Soybean Meal100 short tons =

92 m.t.

Economic Functions of Futures

FuturesMarkets

RiskManagement

PriceDiscoveryWhich impacts the greatest

number of people?

Which is the most important economic function?

For Customers

Price Reference & Cash Contracts

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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

Cash Market

Risk Liquidity

SpeculatorHedger

Risk Liquidity

Cash Market

Speculators provide what hedgers need!LIQUIDITY

Merchandisers & Their

Customers

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Speculators’ Impact on HedgersCorn Market Liquidity

Hedgers Only3.80Buyer’s Bid

3.85Seller’s Offer

3.81New Bid

3.84 Better Offer

3.82New Bid

3.83Better Offer

3.82 1/4 Best Bid

3.82 1/2Best Offer

Speculator

Speculators

S

Closing-out a Futures PositionOffset

Offset: Taking a position opposite to your initial position• Initial futures position creates market obligation

• Offset removes market obligation

Initial PositionLong Futures

laterSell Identical

Futures OFFSET

Initial PositionShort Futures

Buy Identical Futures OFFSET

Or

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Closing-out a Futures PositionDelivery

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 Delivery3-Day Process*

First Position Day

First Notice Day

First Delivery Day

• Business day prior to last business day of calendar month prior to delivery month. Example: November for December contract

• Short positions: First day that short positions can initiate the delivery process by notifying CME Clearing. Only shorts that have “regular for delivery” status

• Long positions: Ranked according to the amount of time they have been long. Oldest is ranked first

• Daily price limits are removed for remainder of trading of the delivery contract month

• Last business day of calendar month prior to delivery month. Example: June for July contract.

• CME Clearing notifies “oldest long” by 7:00 a.m. that delivery will take place

• Short invoices the long by 4:00 p.m.

• First business day of the contract month

• Short delivers the shipping certificate to the long

• Long makes payment to the short by 1:00 p.m.

• If delivery day is a bank holiday, payment is made by 9:30 a.m. on the next banking day.

*Note: This 3-day process for first delivery also applies to deliveries up to and including the last delivery day. The last delivery day is the 16th of the contract month

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Financial Integrity of Futures

Clearing ModelsBilateral versus Cleared

BI-LATERAL TRADE:A trade executed between two parties withoutthe benefit of a central clearing house.

CLEARED TRADE:A trade guaranteed by Futures Commission Merchants(FCM) who are members of a clearing house

Source: CME Group

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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

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Daily Settlement ProcessNo Debt System

Exchange Clearing

Losses collected Profits paid out

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

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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

Deposits Balance

Settlement

Price

Account SELLER Margin

Balance Deposits

1 $600 $600 $3.90/bu $600 $600

2 $600 $550 $3.89/bu $650 $600

3 $600 $350 Margin Call of $250$850 $600

$3.85/bu $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 is a cost of trading futures!

Margin Questions & Misconceptions

Is Margin a Cost of Trading Futures?

No, Only the Interest Rate On Margin Is A Cost.

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Margin is a BAD concept!

Margin Misconceptions

Is Margin Good Or Bad For Risk Management?

Definitely A Good Concept – It Protects Your Risk Management Positions.

Margin Changes Don’t Impact Existing

Positions!

Margin Misconceptions

If Margin Levels Change, Does That Impact Existing Positions?

Margin changes impact new and existing positions.

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Efficient Hedge Requirements

CorrelationCorrelation

LiquidityLiquidity

Efficient Hedge

Efficient Hedge

Practical Hedge Considerations

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.

Concern: Not all commodities are traded on Exchanges

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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

HedgingSummary

It is all about your “BOTTOM LINE”

Protecting and/or Improving

Your Cash Market Position

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Protection

And

Opportunity?

Wouldn’t it be great to have…

OPTIONS

Against What? Adverse

Price Levels

What?For

What?Better Price

Levels

Futures versus Options

Futures

• Conveys Obligations

Options

• Conveys Rights

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Option Contract: Defined

Contract between two parties

that conveys a

but not an obligation

to buy or sell

a specific commodity

at a specific price

within a specific time period

for a premium.

RIGHT

Option Types

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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

Option

Call seller fulfills rights

(Sell futures)

Call buyer receives

rights (Buy 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

Option

PUT seller fulfills rights

(Buy Futures)

PUT buyerreceives

rights (Sell Futures)

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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

Contract between two parties

that conveys a

but not an obligation

to buy or sell

a specific commodity

at a specific price

within a specific time period

for a premium.

RIGHT

Legally binding

To the Option Buyer

To the Option Seller Put

Option

Call Option

Option Expiration

Strike Price

Futures Contract

g

Price, cost or value of the

rights

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Option Pricing

Is it Difficult?

Black-Scholes Option Pricing Model

Call Option Formula

Stay Calm Don’t Panic

Proceed to the next

slides

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Premium Components

Premium

IntrinsicValue

TimeValue

Intrinsic Value Components

Intrinsic Value

Strike Price

Futures Price

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Time Value Components

Time Value Curve

• Decreases at an increasing rate• Time value is zero at option expiration

Days to expiration 0

Time valueCents/bushel

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What Can Happen to Options

Exercise“Only” the Option Buyer

Closing Out an Option Position

Offset: Close-out option with position opposite to initial position

Exercise: Close-out options position and assume futures position

Expire: All options expire worthless at expiration

Recover Current Full

Premium

Recover “ONLY” Current

Intrinsic Value

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Results of Exercise

Calls

Puts

Call buyer receives a Long Futures position

Call seller is assigned a Short Futures position

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

Look for potential to recover some time value

Recovered time value lowers the cost of the strategy

Don’t ever forget your option positions

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Introduction to OTC Markets

Bi-Lateral Contracts

Financial Contracts

OTC Swaps & Structured Products Bi-Lateral Financial Contracts

Two Party Confidential Transaction(Customer & Swap Dealer)

Financial Integrity: The Two Parties

IFM: 1st Non-bank Swap Dealer*IFM: Experience, Expertise & Service

IFM: Financial Stability

Cash-Settled Products

Traded separately or

Embedded in Physical market contracts

*IFM is provisionally registered with the CFTC as a swap dealer

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Benefits of OTC Swaps

OTC Markets

Price Risk Management

Creative & Tailor-made

FlexibilityBi-Lateral Financial Contracts

Margin Liquidity

Flexibility

OTC Swaps & Structured ProductsFlexibility

High Price Markets

Flat Markets

High Volatility Markets

Low Volatility Markets

Low Price Markets

WhipsawMarkets

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OTC Swaps & Structured Products

Every Customeris Different

Every Market is Different

Every Risk Tolerance

is Different

OTC Swaps & Structures:“Creative &

Unique” Solutions

YES! YES! YES!YES!

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

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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 ChangesPRESENT E D BY: BRYAN WRIGHT

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Hedge Accounting – U.S. GAAP

1. Is hedge accounting complicated?

2. Are the hedge accounting guidance, rules & interpretations complicated?

NO

Highly complicated

Types of Accounting Hedges

Cash Flow Hedge

Hedging Instrument Mark to Fair Value (Asset/Liability & OCI)

Hedged Item (FloatingPrice Transaction/

Contract)No Accounting

Fair Value Hedge

Hedging Instrument Mark to Fair Value (Asset/Liability & P&L)

Hedged Item (Fixed Price Transaction/

Contract)

Change in Fair Value (Asset/Liability & P&L)

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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?

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Cash Flow Hedge Example

Balance Sheet BeforeHedge

AccountingAfter

AssetsInventory 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)

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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

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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)

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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

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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

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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.

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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 training@bkd.com

Thank You!Bryan J. Wright, CPA Partner, BKD, LLP317.383.5471 bwright@bkd.com

Allen DouglassRegional Director, INTL FCStone317.732.4660 allen.douglass@intlfcstone.com