Online Self-Study
Start date: 1 February
Duration: 6 weeks


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. 

Course Outcomes

By completing the course you will be able to understand:

    • Types of repo and how repo is used in the market
    • Who uses repo
    • Pricing
    • Collateral
    • Counterparty risk
Describe the types of market participants and appreciate why these firms engage in SLB, and their impact on capital markets and retail investors
Understand the operational, legal and regulatory risks and issues involved 
Comprehend the advantages/disadvantages of using different types of collateral 
Appreciate the impact that corporate actions have on the lent security and on securities collateral
Discover some relevant anecdotes and SLB case studies

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

Course Trainers

Richard Comotto

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
Securities Lending & Borrowing (SLB) – The Fundamentals 
What is Securities Lending?
The Purpose: Why Do Lenders Lend & Borrowers Borrow?
Participants & Structure
Trading Strategies
SLB Trade Lifecycle - An Overview
Short Selling, Naked Short Selling
Locates, Trade Execution & Fails
Corporate Events
The Marketplace – Participants & Stakeholders
Lenders, Borrowers and Intermediaries 
The Lender’s Perspective: Motivations and Considerations
The Borrower’s Perspective: Motivations and Considerations
Global custodians
Third-party lending agents
Central counterparties
SLB Trade Lifecycle
Pre-trading, Locates
Trade execution
Mark to Market 
Margin calls
Recall/return of lent settlements
Fees & Billing
Assets & Collateral
Equity vs Fixed Income 
Fundamental collateral concepts
Margin: Purpose & use 
Types of collateral
Legal Documentation
Securities lending agency agreement
Updating Books & Records
Securities bookkeeping: Definition & purpose
Importance of updating books & records
Updating books and records for lent/borrowed securities, cash and non-cash collateral, fees and rebates
SLB and Corporate Actions
Corporate actions: Overview 
*Cash dividends
*Lent securities
*Short sale proceeds
*Lent/borrowed equity
Withholding tax
Risks in Securities Lending & Borrowing 
Market Risk
Credit Risk
Operational Risk
Legal Risk
Reputational Risk 
EU short selling & financial transactions tax
Reporting to a central trade repository
Recent SLB Scandals & Controversies
The Lehman saga uncover

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 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

Test your knowledge

Risk management
Title transfer
The repo buyer
The repo seller
At the beginning
Throughout the trade
At the end

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