Corporate Actions - Operational Challenges
Download brochure This course is aimed at developing delegates’ knowledge of corporate actions by looking at a range of more challenging and complex corporation action types. The programme is equally relevant to both the buy-side and sell-side of the business. The training is designed to educate staff who are currently working within a corporate actions department in the more demanding aspects of corporate actions, so as to maximise awareness, with the ultimate objective of minimising risks and financial loss.

Attending the course will help you:
  • Find out about a range of more challenging corporate action types
  • Understand the impact on corporate actions of a variety of demanding transaction types (e.g. short selling, securities lending, repo, collateral)
  • Consider the risks and controls employed in the internal/external management of such corporate actions and transaction type combinations

Who should attend?

This course is suitable for practitioners who are familiar with corporate actions at an elementary level, who are looking to further develop their understanding of this area. The course builds on the fundamental corporate actions principles covered in our foundation level course entitled 'Corporate Actions - An Introduction'; for those delegates that do not possess a good understanding of the elementary aspects of corporate actions, we recommend attendance of the fundamental level course first. The programme is an extension of ICMA’s Operations Certificate Programme (OCP), but there are no requirements to attend one of our other courses prior to taking this programme. The training is suitable for employees working in the following areas: operations, middle office, risk management, static data, collateral management and accounting.

Details of the next seminar


Programme Recognition

Candidates who attend the Corporate Actions - Operational Challenges programme and are CFA Charter Holders qualify for 13 credit hours which can be used towards study with the CFA Institute. CFA Institute members are encouraged to self-document their continuing professional development activities in their online CE tracker.

Course Trainer
Download brochureThe course content is divided into several topic areas:

  1. Impact of Failed Trades on Corporate Actions
  2. Impact of Short Selling on Corporate Actions
  3. Impact of Securities Lending/Borrowing on Corporate Actions
  4. Impact of Special-Cum & -Ex Trading on Corporate Actions
  5. Australian Dividend Tax
  6. Depository Receipt Issuance Fees
  7. UK Stamp Duty (on New Stock)
  8. Warrant Exercise
  9. Impact of Corporate Actions on Stock Options
  10. Accelerated Rights Issues
  11. Rights Issues with Preferential Subscription Rights (France)
  12. Financial Restructuring (Bonds & Equity)
  13. Share Capital Decrease
  14. Interest on Equity Capital
  15. Mortgage-Backed Securities: Interest & Capital
  16. Bond Voluntary Events

Please note:

Please bring to the course a normal/standard calculator (for use during the course and during the exam if permitted and required) 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. Kindly note that bond calculators are not permitted for use during the course or (where applicable) exam.
Details of the next course


ICE Education
5th Floor Milton Gate
60 Chiswell Street
London EC1Y 4SA

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.


£1,650 for members and £1,950 for non-members

The course fee includes all lunches, coffee breaks and training materials.

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

Lene Nomark Sørensen

Organisation: Danske Bank
Job title: Senior specialist

Describe what you do on a day to day basis in your job:
We process all kinds of dividends, reinvestment schemes, interest and redemption payments and coupon claims/securities lending. We inform all our clients in different regions about all mandatory and optional events.

Reasons for taking the course:

To be aware of possible risks through not acting correctly and in a timely manner when operating with the many kinds of corporate action types.  It is important that the surrounding departments, e.g. settlement departments and your dealers, as well as your counterparty, act on these events.

Benefits of taking this course:
Bigger understanding of special issues. Interesting to hear from other organisations and be made aware that in some cases we face the same problems, albeit from a different perspective. I would like a follow up course as there are many other aspects to discuss. We were encouraged to come up with issues before the course, and during the course I found that when I came home and discussed some of the issues in more detail with my colleagues, there were additional areas we would also be interested in discussing.

Nickolay Nickolovski

Organisation: Consileon Business Consultancy GmbH
Job title: Consultant

Describe what you do on a day to day basis in your job:
Discussion / agreement of the project organisation together with the sponsors of the project;
Translation of top management strategy into product development items / roadmap planning;
Requirements analysis and solution specification in close cooperation with business and IT units;
Review-workshop for alignment and adjustment of target processes;
Preparing and conducting Information-Sessions for the operational units
Impact analysis of internal processes, created in close cooperation with all operational departments.

Reasons for taking the course:
Interest in the area of Corporate Actions and extension of current CA knowledge.

Benefits of taking this course:
Detailed explanation of selected parts of the Corporate Actions topic;
Better understanding of the topic;
Well discussed and explained possible problems from operational perspective of the different types of Corporate Actions.

Emer O’Connor

Organisation: Depfa Bank
Job title: Senior Associate Security Settlements Coupons & Redemptions

Describe what you do on a day to day basis in your job:
Income and Redemptions on all bonds;
Process and interpret all Corporate Actions received from custodians and circulate internally to a number of teams;
Investigate all cash and custody breaks on bonds and liaise with internal departments and also external counterparts.

Reasons for taking the course:
To gain further knowledge and an overall better understanding of how Corporate Actions operate and to gain an understanding of the full flow of Corporate Actions.

Benefits of taking this course:

I now understand how they work and also appreciate other organisation’s frustrations when dealing with Corporate Actions.

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