This introductory level course provides an overview on how the repo market is structured, the key players and key regulation and is ideal for those wanting a foundation-level overview of this topic.
By completing the course you will be able to understand:
- Types of repo and how repo is used in the market
- Who uses repo
- Counterparty risk
Who should attend?
This course is designed people with an interest in understanding the fundamental characteristics of the repo and collateral markets and personnel new to the field who wish to gain a broader view of the subject.
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. A Certificate of Completion will be awarded to those who meet minimum attendance requirements. Please note that while course recordings will be made available to delegates, it is a course requirement that delegates meet the minimum attendance requirments to be eligible for a certificate. Please contact email@example.com 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 firstname.lastname@example.org.
Members: EUR 1,650 + VAT (if applicable)
Non-members: EUR 2,050 + VAT (if applicable)
Section 1 – The Repo Market
- Definition of repo - including double indemnity and title transference
- History of the markets part 1 - Size of the market, main players; uses of repo (the oil in the machine), reference to the ICMA semi-annual survey to provide some of the figures
- History of the markets part 2 – cont. from above with collateral management explained
Section 2 – Trading
- How to trade your repo + methods of trading: Repo Pricing and interest accrual, GC vs Special, Bilateral, CCP and Clearing, including sponsored clearing
- How to trade your repo part 2: matching and confirmation (referring to ERCC best practise)
- Structures and Transactions - Open vs term, evergreen and extendable Repo plus FX swap, Basis
- Structures and Transactions part 2 - TRS, stock lending, Tri-party etc
Section 3 - Life cycle events
- Settlement – Once a repo has been traded how does it move between counterparts, to include contractual settlement.
- Variation Margin – Why it occurs and the process by which it is transferred
- Coupons and Corporate actions - What happens to a repo when a coupon or corporate action occurs
Section 4 - Legal Agreements: GMRA
- Key points of the agreement: Process around default, payments, representations
- Extras: Annexes, plus a real-world example of why it is so important
Section 5 – Accounting and Regulations
- Accounting Treatment – How do you account for your Repo
- Basel III + MiFID II – Review of the impact of Leverage ratio/ RWA/LCR/NSFR on repo
- SFTR – What is it and how does it impact Repo
- CSDR– What is it and how does it impact Repo
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 February
||Start: 1 March
Online course fees
ICMA Members: EUR 1,650 + VAT (if applicable)
ICMA Non-members: EUR 2,050 + 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 email@example.com.