Securities Lending & Borrowing

forex calculator | what's new | links | contacts and feedback | help

Home

About ICMA About ICMA

Membership

Market Practice & Regulatory Policy Market Practice & Regulatory Policy

Legal

Education

Media

Market Info Market Info

Events

Members' Register

Remember me

The "Members register" is for ICMA members or subscribers only. If you do not have a user login, Please click here


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 sixteen years preparing and delivering operational courses.

Course Brochure

Click here to download the Securities Lending & Borrowing course brochure.

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

Details of the next seminar

London, have a look at the venue
19-20 April 2012

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

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. ICE's diverse markets offer contracts based on crude oil and refined products, natural gas, power and emissions, agricultural commodities including canola, cocoa, coffee, cotton, orange juice and sugar, as well as credit derivatives, foreign exchange and Russell Index futures and options.

Costs

The cost will be £1,000.00 for ICMA Members and £1,300.00 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 (0)20 7213 0329 or e-mail: education@icmagroup.org

Home

About ICMA

Membership

Market Practice & Regulatory Policy