Live sessions: February 22, 23 and March 1, 2
14.30-18.00 CET | Time Zone Converter


The use of collateral, for many years associated mainly with repo and securities lending transactions, has seen a rapid growth within the financial marketplace. The need to reduce exposure in these transactions, as well as the rise of the OTC derivatives market, has led to a significant increase in the degree of complication faced by operations departments.

Successful processing of collateral within an organisation requires knowledgeable staff that understand the component parts that lead to safe and secure processing, as well as awareness of the pitfalls that can result in unacceptable exposures.

Course Outcomes

By completing this course you will be able to:
  • Understand the main collateral operational flow
  • Learn how to derive collateral values and what impacts such values
  • Be able to look at the risks in processing collateral and the controls to mitigate
  • Appreciate the numerous collateral-related transaction types

Who should attend?

The course is suitable for collateral management personnel who would benefit from understanding the ‘big-picture’, those who have had limited exposure to collateral but who require a greater understanding of the relationships between their work and collateral and those who have recently been transferred to the collateral management department.


Hasse Brandt
Mike Simmons
Gail Rolland
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
    Securities lending and borrowing
    Secured cash borrowing and lending
    OTC derivatives
    Cash borrowing at CSDs and custodians
    Tri-party collateral services
  • Legal Protection
    Necessity of legal protection
    Master agreements
    Credit support annexes
    ECB valuation haircuts
  • Static Data
    Concepts of static data
    Concepts of STP
    Static data and STP in collateral management
  • The Collateral Life-cycle
    Throughout lifetime of trade
           Trade reconciliation
           Collateral call calculation
           Making and receiving collateral calls
           Collateral substitution
           Income and corporate actions
    Trade termination
  • The Collateral Management Function
    Overview of responsibilities
    Centralised collateral function
    Cost centre vs. profit centre
  • Current Initiatives
    Clearing of OTC derivatives
    The regulators’ perspective
    Regulatory changes: overview
    Central clearing and collateral management

Course Delivery

If you are taking the livestreamed course, you have six months to study the material.

If you’re taking the classroom-based course, the training is delivered on two consecutive days between Monday and Friday.

Livestreamed Course

ICMA courses are delivered via video conferencing accessed on our digital learning platform, using the most effective pedagogical approaches and incorporating interactive functions like virtual breakout rooms.

The Collateral Management live sessions are delivered in four 3.5 hour sessions over the course of two weeks. You will be given access to the course materials before the live sessions, and will have access to those for a total of six months. During these six months you will have the option to keep working through the course materials at your own pace.

Live sessions: February 22, 23 and March 1, 2
14.30-18.00 CET | Time Zone Converter

Livestreamed course fees

Members: EUR 1,650 + VAT (if applicable)
Non-members: EUR 2,050 + VAT (if applicable)

For security reasons, delegates who have not registered in advance will not be admitted to the live sessions.

Please note:
  • 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.


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.
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