November 20-21, 2026 | COURSE: Contract Chains & Back-to-Back Risk in Commodity Trading

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Introduction

Commodity traders frequently operate as intermediaries, purchasing goods from one counterparty and reselling them to another. Transactions may be described as “back-to-back”, but seemingly minor differences between purchase and sale contracts can leave the trader exposed to risks that cannot be passed through the contractual chain.

This advanced course examines how contractual chains work in practice, where mismatches arise and how traders can identify and manage residual exposure between purchase and resale transactions.

The focus is not on general contract law, but on contract alignment and risk allocation from the perspective of the trader sitting in the middle of the chain.

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Target audience

Commodity traders, trade operations and execution professionals, contract managers, trade finance professionals, in-house legal teams, risk managers and professionals responsible for negotiating, confirming or executing physical commodity transactions.

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Content

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Lecturer

Samuele Ancarani, Chief Counsel, Duferco / DITH Group
Samuele Ancarani is an experienced international corporate lawyer with more than 25 years of legal practice across the metals, automotive and agricultural sectors.
He holds a Law Degree from the University of Bologna and an LL.M. in International Business and Trade Law from Fordham University School of Law in New York, and has pursued further professional training in international trade, sanctions, arbitration, shipping and derivatives law.
Since November 2007, Samuele has been working for Duferco / DITH Group in Lugano, Switzerland, where he oversees legal matters for a global metals trading group with operations worldwide.
His work focuses on international commercial agreements governed primarily by English and Swiss law. He has extensive experience in negotiating and drafting complex sale, supply, distribution, offtake, joint venture and financing agreements, as well as leading legal support for numerous cross-border M&A transactions involving companies in Europe, China, Central America and the United States.

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Admission

• CHF 420.- (VAT excl.) for LCTA’s Executive Board and Regular members; a 25% discount applies from the 2nd participant from the same company
• CHF 440.- (VAT escl.) for CCTS Alumni attending for SAQ re-certification purposes
• CHF 460.- (VAT excl.) for LCTA’s Sponsor members; a 15% discount applies from the 2nd participant from the same company
• CHF 550.- (VAT excl.) for non-members

Maximum number of participants: 20.
Registrations are accepted on a first-come, first-served basis.
Participants will be awarded a Certificate of Participation.

If a participant is unable to attend the course, a substitute may be appointment at any time. Requests for substitutions will only be accepted by e-mail to info@lcta.ch. For cancellations made 5 days or less before the course start date, 30% of the fee will be retained to cover administrative expenses. All “No Shows” will be charged the full course cost.

Remark for CCTS Alumni: this course is accredited for the SAQ re-certification for the “Certified Commodity Trading Specialist” (CCTS) certification (6 credits).