Understanding the Swaps Markets - Livestreamed
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OVERVIEW
COURSE SYLLABUS
COURSE DETAILS
Swaps are the most actively traded derivative product. This course covers those swap products with an interest rate component including interest rate swaps, overnight index swaps, asset swaps and currency swaps.
Course Outcomes
By completing the course you will be able to:
Who should attend?
This course will be of interest to people whose responsibilities include the swaps market. Amongst others this could include junior traders, research analysts, trading assistants, middle office staff, risk managers and compliance.
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 Trainer
Course Outcomes
By completing the course you will be able to:
- The characteristics of each type of swap
- Valuation principles
- Trading and portfolio applications
- Managing swaps within a portfolio
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 will be of interest to people whose responsibilities include the swaps market. Amongst others this could include junior traders, research analysts, trading assistants, middle office staff, risk managers and compliance.
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 Trainer
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 Understanding Swaps 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 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.
Next dates TBC
Register your interest for this course at education@icmagroup.org.
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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