Quick Find:
Securities Lending & Borrowing
 
Objectives

The course is aimed at developing both a broad and in-depth knowledge of the key aspects of Securities Lending and Borrowing and is equally relevant to the buy-side and sell-side of the business.


Target Audience

This course is suitable for practitioners who have a good fundamental level of knowledge, and who are looking to develop their understanding to an advanced level. This course is an extension of the ICMA Operations Certificate Programme (OCP) but there are no formal pre-requisites to taking this course.


Length and Structure of the Course

The course consists of two days of lectures, case studies and group exercises. Each day typically consists of four 90 minute sessions with coffee breaks in the morning and afternoon and lunch break in the middle. There is no exam for this course but candidates will get a certificate of attendance.


Course Tutor

Keith Dickinson
Keith is a Visiting Fellow and Programme Director for ICMA Executive Education’s Operations Certificate Programme (OCP) and an independent training and business consultant. Keith spent twenty years in the operations areas of the equities, fixed income and derivatives markets for securities houses and financial institutions in London followed by almost twenty years preparing and delivering operational courses.







Course Outline
Session 1 Contents
Introductory Session • Review of the main types of securities financing:
o Securities Lending
o Repurchase Agreements
o Sell/Buy-Back
• Lender & Borrower Motivations
Session 2 Contents
Mechanics of Securities Lending • Life cycle of a loan
• Financial risks & risk management
• Collateral  & collateral management
Session 3 Contents
Finding a Route to Market • Organisation & portfolio characteristics
• Route to market - the choices
• Counterpart selection
• Securities lending agreements
Session 4 Contents
Collateral • Margins & haircuts
• Types of collateral
o Cash collateral
o Non-cash collateral
• Collateral management issues
Session 5 Contents
Operational Aspects of Securities Lending • Loan Initiation
• Loan in Progress
• Loan Closing
Session 6 Contents
Impact on other Operational Areas • Settlements
• Corporate Actions
• Income
• Accounting
Session 7 Contents
Operational Aspects of Repurchase Agreements • Transaction structures
• Delivery, netting & clearing
• Tri-party repo
Session 8 Contents
Alternatives to Securities Lending • Equity swaps
• Equity Repo
• Contracts for Differences
• Single Stock Futures





ICE EducationDetails of the next seminar

London
TBC

ICE Education
5th Floor Milton Gate
60 Chiswell Street
London EC1Y 4SA
United Kingdom

Please email education@icmagroup.org to register your interest to attend our next publicly scheduled course.

Based at ICE Education London offices: IntercontinentalExchange® (NYSE: ICE), is a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets.


Costs

The cost is £1,250.00 for ICMA Members and £1,650.00 for non-members.

The following discount scale is offered:
2-4 candidates – 5% discount each*
5+ candidates – 10% discount each*

*Please note that discounts are applied by way of a refund to the organisation when registration has closed and the final number of candidates from the firm has been determined.


Payment can be made by secure online credit card or by invoice. Please note that the BACS invoice method has an additional £50 admin fee.

Note that anyone requiring accommodation to take the course will be required to arrange this on their own; it is a class-based but non-residential course.


For more information

This course is also available on a group booking basis.

Should you have any queries about this seminar please contact David Senior on +44 20 7213 0329 or at education@icmagroup.org





 
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