Livestreamed
Live sessions: June 16, 17, 18, 23, 24 and 25
10.00-13.30 CEST | Time Zone Converter


OVERVIEW
COURSE SYLLABUS
COURSE DETAILS

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 technology in the primary markets, both now and in the future.


Course Outcomes

By completing the course you will be able to:
  • Key concepts and themes for FinTech including digitization of book-building, new issue automation, digital assets, open source software, market data and more
  • High-level aspects of technology development and its application in primary markets
  • 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.


Course Trainer

Duncan Philips
The course content will be confirmed shortly.
    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 Primary Market Financial Technology live sessions are delivered in five 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 six months. During these six months you will have the option to keep working through the course materials at your own pace.

Live sessions: June 16, 17, 18, 23, 24 and 25
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.
*Administration costs cover the provision of supporting documents, which are often requested along with the invoice, to become an approved supplier.



Contact

Should you have any queries, please contact education@icmagroup.org.



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