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Credit Default Swaps (CDS) - Operations
Download brochure The CDS market has been growing rapidly since its introduction in the late 1990s, with the market estimated to be worth in excess of $593 trillion at the end of 2014. With a constantly changing market, companies now find CDS to be a vital instrument in their daily activity. This course is aimed at developing delegates’ knowledge in the secure and controlled processing of credit default swaps within a financial institution. The programme is equally relevant to both the buy-side and sell-side of the industry.

Attending the course will help you:
  • Cover the lifecycle of a CDS transaction
  • Understand the events that can occur during the lifetime of a CDS contract
  • Find out about current initiatives and trends in the processing of CDS transactions

Who should attend?

This course is suitable for staff that are new to the subject of CDS operations, as well as for those that are currently working within a CDS operations function, who require an understanding of the overall lifecycle (and associated events) relating to such transactions. The programme is also suitable for anyone wishing to gain a thorough understanding of CDS processing, including regulators, clearing organisations, risk managers and lawyers.

Attendees of this course should possess a basic understanding of credit derivative products (in particular single name CDS) and debt/fixed income securities. These topics are covered in the Credit Default Swaps (CDS) - Pricing, Applications & Features course.

Details of next seminar

30 November 2017

Programme Recognition

Candidates who complete the Credit Default Swaps (CDS) - Operations training programme qualify for 6.5 credit hours under the guidelines of the CFA Institute’s Continuing Education Programme.

Course Tutor

Mike Simmons
Mike Simmons is an operations specialist and the Programme Director for ICMA’s Operations stream of training courses. He has been involved with the capital markets and operations throughout his career, focusing originally upon securities settlement and more recently on the broader aspects of operations.

Mike is the author of several books on operations including ‘Securities Operations: A Guide to Trade & Position Management’. In addition to the Credit Default Swaps (CDS) - Operations course, Mike is the Programme Director for the Operations Certificate Programme (OCP) and the Securities Operations Foundation Course (SOFC), and teaches various specialist operations courses.

Gail Rolland
Gail has 30 years’ experience in the financial markets. Working initially in trading and sales for major international banks in London and New York, Gail subsequently started her own financial markets training and consultancy firm. Gail has broad market experience on a global level, but a particular expertise in fixed income and market infrastructure. Gail is the author of Market Players: A Guide to Institutions in the Financial Markets. She has worked with ICMA since the 1990s and is also the online tutor for the Fixed Income Certificate and the Financial Market Foundation Qualification.

Download brochureCourse Outline

The course content is divided into several topic areas, which are then broken down into multiple subtopics:

Session 1: Pre-Trading     
  • Legal Documentation: Necessity, Coverage
  • Static Data: Purpose, Importance, Use
  • Assessing Clients' Needs

Session 2: The CDS Trade Lifecycle
  • Trade Execution
  • Trade Capture: Methods & Components
  • Trade Confirmation: Issuers & Receivers, Confirmation Terms
  • Trade Confirmation: Methods, Matching Status

Session 3: Post-Trade Events
  • Settlement of Premium
  • Trade Compression
  • Credit Events
  • End-of-Life

Session 4a: Collateral Management for CDS
  • Collateral: Purpose & Importance
  • Collateral Management Processing Overview

Session 4b: Regulatory & Market-Practice Initiatives/Trend
  • T+0 Trade Processing
  • Centralised Clearing

Please note:

Please bring to the course a normal/standard calculator that is capable of accepting at least 12 digits (e.g. 999,999,999.99); examples of such calculators are the Office Depot AT-814 and the Canon LS-123K.

ICE EducationDetails of the next seminars

30 November 2017
Registrations open shortly

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.

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


£725 for members and £965 for non-members

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.

Terms and conditions

Please click here to view our terms and conditions before registering.


Should you have any queries, please contact education@icmagroup.org.

Helen Clark

Organisation: Mizuho International PLC London
Job title: Associate

Describe what you do on a day to day basis in your job:
I have worked in the securities industry for many years and have a broad experience of the Bond and Equity markets. I have also worked extensively in Agent Lending.
I currently work in the general settlements area and oversee the Collateral Management section, dealing with daily agreement of collateral and postings resulting from Repo and Derivative trading. I also deal with the settlement and day to day operations process for all Derivative trades.

Reasons for taking the course:

Although I have worked in the securities industry for many years, derivative settlements are quite new to me and I wanted to gain a better understanding of what CDS trades are, and why and how they are traded and calculated, as I always find that understanding the mechanics of trades is very helpful in the settlements process.

Benefits of taking this course:
The course took me through what a CDS trade is and its use in the market and I now understand the underlying mechanics of the instrument from a front and back Office perspective, which will help in my daily role.  We also discussed at length the upcoming regulatory changes in this market and their effects on all firms, which helped me to understand how things will be changing from an operations perspective.

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