Date: 25 - 26 November 2025
Time: 10.00 - 18.00 CET
Venue: ETC Venues Monument, 8 Eastcheap, London EC3M 1AE
Register here
The Professional Repo & Collateral Workshop (PRCW) is the centrepiece of ICMA repo training and the flagship educational event of the European Repo & Collateral Council (ERCC) – the main representative body for the cross-border repo and collateral market in Europe. Running since 2009, the workshop has become an industry benchmark event.
The PRCW offers an unrivalled exposition of what a repo is (and is not) and how it is managed, as well as insight into the structure, operation and regulation of the repo market, including new developments. The course is delivered over two days by ICMA’s industry experts and market practitioners from ERCC member firms. There will be networking drinks at the end of the first day.
Learning Outcomes
By completing the programme, you will be able to:
- Pinpoint the essential characteristics of a repo and differences with analogous instruments such as secured loans, securities lending and FX swaps
- Explain the core functions of the repo market and recognise how different types of institution use repo
- Understand the drivers of repo prices and of the price-based distinction between GC, specific collateral and special collateral
- Understand the role of collateral, its benefits and limitations and the different types of collateral
- Compare and contrast repurchase transactions and buy/sell-backs
- Explain the difference between haircuts and initial margins, and their functions, and apply them to exposure calculations as well as risk management procedures such as variation margining and netting
- Understand the role of tri-party collateral management
- Understand what is meant by the central clearing of repo, the role of a CCP and the differences with the central clearing of other instruments
Outline how RWA, leverage and liquidity regulations affect repos
Course fee:
ICMA Members: EUR 750 + VAT (if applicable)
Non Members: EUR 975 + VAT (if applicable)
The workshop is primarily aimed at new or junior repo dealers who want to understand the fundamentals of repo, how the market works, new developments and emerging challenges. Given the increasing importance of repo in the global money and fixed-income markets, the course has attracted widespread interest from more experienced participants across the buy and sell-side, as well as markets adjacent to repo, including cash trading, risk management and other middle office functions, legal and documentation, operations, audit and accounting, compliance and IT. The course has also been popular with central banks, supranationals and regulators.
Register here
Syllabus
The syllabus content is divided into several key topic areas including:
- Repo overview - operational, legal and economic character
- Collateral overview – requirements, types, General Collateral (GC) vs specifics vs specials
- Alternative repo structures
- Role of documentation
- Risk management - haircuts, margining, netting
- The role of repo in the bond market, IRS market, bond futures market
- Credit repo
- Repo in emerging markets (EM)
- New developments in the repo market - sponsored repo, Digital Ledger Technology (DLT)
- European repo market infrastructure
- CCP-cleared repo
- Triparty repo
- Impact of regulation on repo --- RWA, Leverage Ratio, LCR, NSFR
