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ICMA Workshop: Professional Repo and Collateral Management
 
Hosted by Euroclear



Date and Venue

Date: 24-25 September 2018

Time - Day 1: 09.00-17.00
Time - Day 2:
09.00-17.00

Venue:
Euroclear UK & Ireland
Watling House
33 Cannon Street
London
EC4M 5SB

Workshop Overview


The ICMA European Repo and Collateral Council presents its 2018 Professional Repo and Collateral Management Course in London on 24-25 September 2018. This industry-run course caters to the needs of professional repo market participants and is provided at subsidised rates to ICMA members, underlining the association's commitment to education and the development of this financing product.

This annual event has established itself as the repo industry’s principal educational forum. Although designed for new repo market practitioners, the breadth and depth of the course attracts a wide range of delegates, including legal, compliance, accounting and operations staff, analysts, staff from market infrastructures, rating agencies, regulators, central bankers and others.

The course is built around a core of regular topics, supplemented by presentations on developments in market conditions, infrastructure and regulation, which are delivered by experienced practitioners and major service-providers. It starts with a thorough introduction to the repo instrument and market, which looks at the essential mechanics of the instrument, and its legal and economic foundations. The main types and variants of repo are also reviewed. Other core topics include the methodology of the risk and operational management of repo, with specific reference to the provisions of the Global Master Repurchase Agreement (GMRA) and the new Guide to Best Practice, as well as accounting and taxation treatment. The roles of key infrastructures such as CCP and tri-party agents are also examined and there is an overview of the pivotal role of repo in the markets for cash securities and derivatives.

Core topics include:
  • a thorough introduction to the repo instrument and market, looking at the legal construction, economic logic and operational mechanics of the instrument
  • the alternative forms of repo (repurchase transaction and sell/buy-back), synthetic substitutes and variants such as open, floating-rate, forward, evergreen and extendible repos
  • comparison with securities lending
  • how repo is priced
  • a review of the pivotal role of repo in the markets for cash securities and derivatives, both transactionally and analytically
  • the methodology of the risk and operational management of repo, with specific reference to the provisions of the Global Master Repurchase Agreement (GMRA) and the new Guide to Best Practice
  • the roles of key infrastructures such as CCPs and tri-party agents
Topical issues to be covered include: the implications of T2S; updates on the impact of regulatory changes such as the Leverage Ratio, LCR, NSFR, CSDR, SFTR and MiFID/MiFIR; peer-to-peer trading; client clearing; the activity of the buyside.

Delegate Fees

ICMA Members: £350 + VAT
Non-members: £650 + VAT
Delegate fees are payable, in advance of the course start date, by invoice or credit card (Visa, MasterCard)
 
PLEASE NOTE: THIS COURSE IS NOW FULLY SUBSCRIBED. TO JOIN THE WAITING LIST PLEASE CONTACT Leigh Anne Cooke.

For security reasons, delegates who have not registered in advance will not be admitted to this training course.  Delegates will be required to provide photo identification on arrival, to ensure entry.

For any enquiries please contact Leigh Anne Cooke.

     



Senior Director, Deputy Head, Market Practice and Regulatory Policy

Day One
09:00  
Registration, Tea and coffee
09:30
Welcome to delegates
09:40 The repo instrument: legal, economic and operational character
Richard Comotto, ICMA Centre at Reading University
10:30 Break
  Types of repo: repurchase transactions v sell/buy-backs; floating-rate, open, evergreen, forward, term & synthetic repo; GC v specials; repo v securities lending
Richard Comotto, ICMA Centre at Reading University
  Margin (initial margin/haircut, variation margin)
Richard Comotto, ICMA Centre at Reading University
12:30 Lunch
  Failure to deliver collateral
Richard Comotto, ICMA Centre at Reading University

Use of repos with bonds & derivatives
Richard Comotto, ICMA Centre at Reading University
15:30 Break

Trading credit repo
  Using tri-party repo
17:00 Close of day 1, followed by networking drinks reception



Day Two
09:00 Arrival coffee
09:30 Basel capital calculations for repo: RWA and LR
Matt Jerram, BAML
  The impact of LCR on repo
Matthias Schumacher, HVB-Unicredit
  The impact of NSFR on repo
10:30 Break

Case studies of the impact of regulation on repo liquidity
Andy Hill, Senior Director, Market Practice and Regulatory Policy, ICMA

  What's next in repo regulation?
David Hiscock, Senior Director, Deputy Head, Market Practice and Regulatory Policy, ICMA
 
  Six stupid things to try with a repo --- trust me, I'm a lawyer
Christopher Georgiou, Managing Director, Apollo Legal
 
12:30 Lunch
  New collateral arrangements for repo and securities lending
Lisa Cleary, Senior Director - Associate Counsel, ICMA
  What would a repo CCP do in a default?
Dhruve Bhavsar, Head of Business Risk for RepoClear and EquityClear, LCH

What would happen to repo if a bank was taken into resolution and recovery?
Katie Kelly, Senior Director, Market Practice and Regulatory Policy, ICMA
Tim Skeet, Head of Western Europe Origination, Debt Capital Markets (EMEA), Bank of China London Branch
15:30 Break
  Collateral management in the world of T2S & ECMS

Panel: comparing experiences with integrated collateral management
17:00 Close of event