Online Self-Study
Start Date: 1 December
Duration: 6 weeks (recommended)

The Collateral Management course is designed to provide a fundamental grounding in the secure and controlled processing of collateral, with a focus on the operations aspects. Based on an element-by-element introduction to the various stages of trade and collateral management processing the participants gains knowledge of and the ability to process trades such as Repo and Derivates transactions while managing the required collateral.

Course Outcomes

The objective of the Collateral Management course is to ensure participants with limited exposure to collateral management will be able to:
  • Describe collateral & the purpose it serves
  • Identify the various transaction types requiring collateral
  • Describe the causes of exposure for financial institutions
  • Identify the different types of collateral & their characteristics
  • Describe the reasons for legal protection & associated documentation
  • Identify the components in collateral call calculation
  • Understand the rationale for making & receiving collateral calls
  • Describe the handling of collateral substitution & income payments
  • Identify the primary risks and mitigating controls throughout.

Who should attend?

This course is intended to provide a solid foundation for all individuals wanting to gain understanding of collateral management either because they are pursuing employment in collateral management departments or wanting to expand their knowledge while already working with collateral management.

Certification and Programme Recognition

This course has been approved by the Securities & Futures Commission of Hong Kong for Continuous Professional Training (CPT).
ICMA is also a member of the CPD® Certification Service which helps organisations formalise knowledge into a structured and recognised approach to meet professional development expectations.

ICMA recommends that 20 learning hours can be associated with this course, based on attended/undertaken hours of study required to successfully complete the learning outcomes.

The course is certified by ICMA and the ICMA Centre, Henley Business School, University of Reading. A Certificate of Completion will be awarded to those who successfully acheive the modules and learning outcomes of the course. Please contact if you have any questions regarding certification.

Please note that your course certificate of attendance or completion should be sufficient to satisfy any professional development requirements – if you require further evidence, please contact us at


Members: EUR 1, 150 + VAT (if applicable)
Non-members: EUR 1, 650 + VAT (if applicable)


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

  • Fundamental Collateral Concepts
    Definition and purpose of collateral
    Why the increased focus on collateral?
    Overview of the collateral life-cycle
  • Types of Collateral
    Collateral impact on Regulatory Capital: Overview
  • Transaction Types Necessitating Collateral: Repo
    A. Repo: An Introduction
            The Repo Market Place
            Trade Execution
            Rate Format
            Interest Calculation
            Trade Tenure

    B. Repo: Eligible Collateral
            Single and Multiple Collateral
            General and Speicla Collateral

    C. Repo: Confirmations and settlement
            Trade confirmation
            Settlement Method
            Settlement Failure
            Updating books and records

    D. Repo; Valuation and Exposure
             Revaluation of Collateral
             Exposure Calculation
             Making and receiving Margin Calls
             Ownership of securities collateral
             Holding securities collateral

    E. Repo; Collateral Ownership - return and income events
            Reuse of securities collateral
                  i. SFT Regulation
            Return of Equivalent Assets
            Collateral Substitutions
            Income Events

    F. The Global Master Repurchaser agreement: Overview
            The Repo Trade Lifestyle

  • Trasaction Types Necessitating Collateral: OTC Derivatives
    A. Introduction to OTC Derivatives
            Initial Derivatives Concepts
            Structural Aspects of OTC Derivatives
            Legal Documentation - Ask risk mitigation component

    B. OTC Products and Processing
            Interest Rate Swap (IRS)

    C. OTC Products and Processing
            Credit Default Swaps (CDS)

    D. Collateral Management for OTC Derivatives
            Collateral Concepts for OTC Derivatives
            Collateral Lifecycle: An Overview
            Credit Support Annex

    E. The OTC Derivative collateral Lifecycle
            Throughout Lifetime of Trade
             Derivative Collateral Calculation

    F. Central Clearning and impact of collateral
             Central Clearning overview
             Capital Requirements: An Overview
             Central Clearning Primary Concepts

    G. Central Clearing and Operational Impacts
            Risk Management
            Netting oppurtunities

Online Course

Delegates who sign up to online courses will have access for 6 months to enable them to take advantage of the additional online resources, discussion boards and other functions of our new digital learning platform.

Online courses start at the beginning of each month – please note that payment must be received BEFORE access to these courses are provided.

Start: 1 December

Start: 1 January

Online course fees

ICMA Members: EUR 1,150 + VAT (if applicable)
Non Members: EUR 1,650 + VAT (if applicable)

Costs include full access to the online campus, associated learning materials and the examination fee.

Please note that:
  • Payment for online courses must be received before the start of the course.
  • All payments must be made in Euro.
  • Invoices for single registrations are subject to an additional Euro 50 to cover administration costs*. No administration fee applies for invoices covering two or more registrations.
*Administration costs cover the provision of supporting documents, which are often requested along with the invoice, to become an approved supplier.

As an indicative guide, we would recommend a total of 180 study hours is required to go through the material. Please note this is an approximate guide only.


Should you have any queries, please contact

Test your knowledge

An umbrella term to describe situations where you, for example, lend securities to increase revenues or borrow securities to facilitate failed settlements.
A term to describe the out right purchase of a security.
A term to describe when an issuer pays out a coupon.
In a repo, if the cash lender specifies a particular security to be delivered by the cash borrower, the collateral is called "special collateral”. If the cash lender does not require any particular security, it is called “general collateral”.
“General collateral” is any security that your institution is holding on its books and the trader can use for any purpose. “Special collateral” is a security the trader has been told he can only use with a particular counterpart.
There is no longer a difference between “special collateral" and “general collateral” and the wording can be used interchangeably.
The ownership of the securities changes if the collateral is being re-used by the collateral receiver.

Please complete the fields below to get your quiz results

*mandatory fields

Mailing List*


Terms and conditions*

I agree that ICMA may retain the information supplied on this form on a database and use it for the purpose of administration only when applicable. 

Privacy, data and cookiesSubscribe/Update your preferences

Please tick here to agree to the terms and conditions
I agree to the above terms and conditions
Follow ICMA Education:

ICMA Zurich

T: +41 44 363 4222
Dreikönigstrasse 8
8002 Zurich
ICMA London

T: +44 20 7213 0310
110 Cannon Street
London EC4N 6EU
ICMA Paris

T: +33 1 70 17 64 72
62 rue la Boétie
75008 Paris
ICMA Brussels

T: +32 2 801 13 88
Avenue des Arts 56
1000 Brussels
ICMA Hong Kong

T: +852 2531 6592
Unit 3603, Tower 2
Lippo Centre
89 Queensway, Admiralty
Hong Kong
Copyright © 2021 International Capital Market Association.