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ICMA Workshop: Professional Repo and Collateral Management
 
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Date and Venue

Date: 24-25 September 2018
Time - Day 1: 09.00-17.00
Time - Day 2:
09.00-17.00

NEW VENUE:
Etc. Venues Fenchurch
8 Fenchurch Place
London, EC3M 4PB

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)

Admission:
This event has reached capacity. Please contact Leigh Anne Cooke to join a waiting list.

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
08:45 
Registration, Tea and Coffee
09:00


Welcome to delegates
Godfried De Vidts, Director of European Affairs, NEX; Chairman, ICMA European Repo and Collateral Council (ERCC)
An Mestdagh, Director, Product Management Europe, Euroclear
09:15

The repo instrument: legal, economic and operational character
Richard Comotto, ICMA Centre at Reading University
10:30 Break
10:50


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
13:15 Lunch
14:15
Margin (initial margin/haircut, variation margin)
Richard Comotto, ICMA Centre at Reading University

14:35
Use of repos with bonds & derivatives
Khagendra Gupta, Executive Director, JP Morgan

15:30 Break
15:45
Trading credit repo
16:20


Tri-party repo: what it is and how it's used
Sander Baauw, Product Manager, Euroclear
Valentina Crovato, Product Solution Specialist - Collateral Management, Euroclear
17:00 Close of day 1





Day Two
08:45 Arrival coffee
09:00 Basel capital calculations for repo: RWA and LR
Matt Jerram, Director - Regulatory Capital Management, BAML
09:45

The impact of LCR on repo
Matthias Schumacher, Senior Repo Trader, Associate Director, UniCredit Bank AG
10:20 NSFR and its probable impact on repo
11:00 Break
11:15
CSDR Mandatory Buy-ins and SFTs
Andy Hill, Senior Director, Market Practice and Regulatory Policy, ICMA

11:55

Repo, CSDR, MiFID/MiFIR and SFTR
David Hiscock, Senior Director, Deputy Head, Market Practice and Regulatory Policy, ICMA
 
12:25

BRRD: what is it?
Tim Skeet, Head of Western Europe Origination, Debt Capital Markets (EMEA), Bank of China London Branch
 
13:00
BRRD and repo: New SFT collateral arrangements
Lisa Cleary, Senior Director - Associate Counsel, ICMA
13:15 Lunch
14:15

What would a repo CCP do in a default?
Dhruve Bhavsar, Head of Business Risk for RepoClear and EquityClear, LCH
14:50
Collateral management in the world of T2S & ECMS
Kathleen Bendernagel, Executive Director, Goldman Sachs International   
15:00 Break
15:50

The structure of the European repo market and trends: a view from the European repo survey
Richard Comotto, ICMA Centre at Reading University
16:30
Closing Remarks
Richard Comotto, ICMA Centre at Reading University
17.00
Close of Event
*Please note this agenda may be subject to change

Register on-line for the ICMA Workshop: Professional Repo and Collateral Management on 24-25 September 2018

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Special requirements and comments


Please be aware that if you do not check the first box below, your name will not be included on the delegate list.
 
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Terms and Conditions

1.1
I understand that my reservation for the above workshop shall be accepted and confirmed if ICMA sends me a respective confirmation in writing within 3 business days from receipt of my payment. I also understand that if ICMA does not send me such confirmation within the specified period my reservation could not be considered and that the workshop fee will be refunded to me in full.

1.2

I agree that ICMA shall have the right to cancel courses and workshops at its own discretion for any reason (including e.g. if a sufficient minimum number of participants is not reached before the start date of the relevant course). In the event of such cancellation, the course fee will be refunded to me in full. I agree that ICMA shall not be liable for any expenses incurred by me, my employer, or anyone else on my behalf, due to the cancellation.

1.3
In case I want to cancel my reservation for this workshop I shall notify ICMA (attention Events team) in writing without delay. I agree to the following cancellation fees being applied by ICMA:

until the 30th business day before the start date of the relevant course = 10%
from the 29th business day to the 15th business day before the start date of the relevant course = 50%
from the 14th business day to the last business day before the start date of the relevant course = 75%
on or after the start date of the relevant course = 100%

1.4
I agree that if I fail to attend this workshop no refund of the course fee shall take place.

1.5
I understand that substitutions can be made at no charge subject to the condition that ICMA (attention Events team) is notified accordingly in writing and provided with the details of the substitute (see 1. above) not later than 48 hours before the relevant workshop commences.

1.6
I agree that ICMA and its affiliate entities may retain the information supplied on this form on a database and use it for the purpose of course and event administration, and, IF I have ticked the relevant boxes above, to compile a delegate list (including my name and that of my employer) to be distributed at the event in hard copy or to other registered delegates in electronic form as well as for the purposes of advertising future courses and events and promoting ICMA.

1.7
Delegates should be aware that a photographer may be on site throughout the event. The photographs taken at this event may be used in future promotional materials.

Delegate Fees
 
ICMA Members: £350 + VAT
Non-members: £650 + VAT

*Accomodation is not included in the price and delegates must arrange their own accomodation.



Please tick here to agree to the terms and conditions