Quick Find:
Securities Lending & Borrowing
 
Attending the course will help you:
  • Look at the main types of securities financing
  • Understand the operational aspects of securities lending
  • Find out about alternatives to securities lending
 
Course background

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.


Who should attend?

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


Programme Recognition

This is an accredited course under the Solicitors Regulation Authority (formerly The Law Society's) CPD Scheme. Solicitors may claim 12 hours CPD credit for their attendance of the whole course.


Course Tutor

Keith Dickinson
Keith is a Visiting Fellow of the University of Reading and one of the Course Directors for ICMA Executive Education’s Securities Operations Foundation Course (SOFC).  He is also 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, following which he has delivered operational courses for a number of clients.







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.

Course materials will be provided to candidates in electronic format prior to the start of programme. Please ensure that you have access to this document during the course by either printing off a copy or by downloading it on your laptop, iPad or Tablet.

Should you require a hard copy of the course materials, there is a charge for printing off and sending the course materials to the training venue.  Please contact education@icmagroup.org a minimum of two weeks before the course start date for further details on this.


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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