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OVERVIEW
COURSE SYLLABUS
COURSE DETAILS
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:
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.
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.
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 education@icmagroup.org.
Pricing
Members: EUR 1,650 + VAT (if applicable)
Non-members: EUR 2,050 + VAT (if applicable)
Course Outcomes
By completing the course you will be able to:
- 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.
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.
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 education@icmagroup.org.
Pricing
Members: EUR 1,650 + VAT (if applicable)
Non-members: EUR 2,050 + VAT (if applicable)
The course syllabus is divided into the following key topic areas:
- What is a repo?
- Basic mechanics & collateral criteria
- Basic terminology
- Legal structure
- Economic operation (including accounting consequences)
- Core uses: financing long and covering short positions in securities
- Types of repo
- Repurchase transactions v buy/sell-backs
- Variants of repurchase transactions
- Floating-rate repo
- Open & evergreen repo
- Extendible repo
- Forward repo
- Synthetic repo
- Repo v securities lending
- GC and specials markets
- Range of repo collateral
- General collateral
- GC repo rate & spreads to other money market instruments
- Specifics & specials
- Special rates
- What makes collateral go special?
- How is repo used
- Bond valuation
- Secondary market
- Primary market
- Interest rate swaps & bond futures
- Collateral transformation
- Other uses
Securities Lending & Borrowing (SLB) – The Fundamentals
What is Securities Lending?
The Purpose: Why Do Lenders Lend & Borrowers Borrow?
Participants & Structure
Trading Strategies
Examples
SLB Trade Lifecycle - An Overview
Short Selling, Naked Short Selling
Locates, Trade Execution & Fails
Margin
Corporate Events
Billing
The Marketplace – Participants & Stakeholders
Lenders, Borrowers and Intermediaries
Examples
The Lender’s Perspective: Motivations and Considerations
The Borrower’s Perspective: Motivations and Considerations
Global custodians
Third-party lending agents
Central counterparties
Anecdotes
SLB Trade Lifecycle
Pre-trading, Locates
Trade execution
Pre-settlement
Settlement
Buy-ins
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
Rehypothecation
Legal Documentation
GMSLA
Securities lending agency agreement
GMRA
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
Income
*Cash dividends
*Lent securities
*Short sale proceeds
*Lent/borrowed equity
Voting
Withholding tax
Risks in Securities Lending & Borrowing
Market Risk
Credit Risk
Operational Risk
Legal Risk
Reputational Risk
Regulation
Introduction
EU short selling & financial transactions tax
CSDR
Reporting to a central trade repository
Recent SLB Scandals & Controversies
The Lehman saga uncover
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 Introduction to Repo 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 four weeks. During these four weeks you will have the option to keep working through the course materials at your own pace.
| Live sessions: September 13, 14, 20 and 21 10.00-13.30 CEST | 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.
Contact
Should you have any queries, please contact education@icmagroup.org.
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