Live sessions: March 16, 17, 18, 23, 24, 25
10.00-13.30 CET | Time Zone Converter


Financial technology – or FinTech – is having an enormous impact on the financial services industry and nowhere is this more noticeable than in the changes taking place in DCM. This course is designed to provide participants with an accessible review of the role of technology in the primary markets, both now and in the future.

Course Outcomes

By completing the course you will be able to:
  • describe the role technology plays in modern capital markets
  • explain key concepts and themes for primary market technology, including digitization of book-building, new issue automation, the impact of artificial intelligence, digital assets
  • understand high-level aspects of technology development, including the tech stack, intellectual property rights, licensing and user experience 
  • recap the work that ICMA does with respect to technology
  • 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 appropriate for those who have capital markets experience but do not have a background in technology.

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 30 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 and the ICMA Centre, Henley Business School, University of Reading. 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 requirements 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 2,050 + VAT (if applicable)
Non-members: EUR 2,600 + VAT (if applicable)

*Course fees will be changing in 2022 - register before Monday 6th December to benefit from early-bird pricing.

Course Trainer

Duncan Philips
The course syllabus is divided into the following key topic areas:

  • The Role of Technology
    • Defining the terms “technology”, “information technology” and “financial technology” and developing context
    • Reviewing major developments and themes in technology and computing and their impact on the world
    • Thinking about why technology is needed and the problems it solves.
    • Course overview
  • Digital Bookbuilding
    • Key bookbuilding workflows and the value of technology
    • A review of 20 years of technology development
    • Impact on workflows and practices
    • Potential future developments
  • Digitization, Automation and Structured Data
    • Defining and differentiating these terms
    • How to capture and process structured data
    • Where is automation viable and not viable?
    • Impact on the primary market
  • Digital Assets
    • Digital assets and distributed ledger technology
    • Blockchain and Cryptoassets
    • Major initiatives and projects
    • The case of central bank digital currencies
  • Legal Implications
    • Why technology is relevant to security documentation
    • How to automate the creation of legal documents
    • Protecting technology - intellectual property rights
    • Key aspects of licensing technology
  • Building Technology
    • How is technology actually built
    • The developmental process - Agile practices
    • Functional, Non-functional requirements
    • Business Analysis
    • Tech company org structures & roles.
  • The tech stack
    • Hardware
    • Software and applications
    • Networks, Client / server, front-end / back-end
    • Programming languages
  • Cloud
    • Modern cloud computing
    • Cloud deployment models
    • Cloud service models - IaaS, PaaS, SaaS
    • Virtualization / Containerization
  • Funding FinTechs
    • A review of funding methods
    • Case studies
    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

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 Primary Market Financial Technology live sessions are delivered in six 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 four weeks from the first live session. During these four weeks you will have the option to keep working through the course materials at your own pace.

Live sessions: March 16, 17, 18, 23, 24, 25
10.00-13.30 CET | Time Zone Converter

Live sessions: September 21, 22, 23, 28, 29, 30 (2022)
10.00-13.30 CET | Time Zone Converter

Livestreamed course fees*

Members: EUR 2,050 + VAT (if applicable)
Non-members: EUR 2,600 + VAT (if applicable)

*Course fees will be changing in 2022 - register before Monday 6th December to benefit from early-bird pricing.

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

Central Bank Digital Currency
Central Bank Distributed Cryptocurrency
Commercial Bank Digital Currency
Commercial Bank Distributed Cryptocurrency
HTML and Javascript
HTML, Javascript and CSS
A network of remote servers
The internet
The world wide web
A database
Top end and bottom end
Inside tech and outside tech
Front end and back end
Cloud tech and ground tech
Converts to equity upon a qualifying funding round
Converts to equity at a discounted valuation
Pays interest in cash or payment-in-kind
All of the other options

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