Understanding the Swaps Markets - Livestreamed
New dates TBC - e-mail education@icmagroup.org to register your interest

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:
  • 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.


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
    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 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.
*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 education@icmagroup.org.

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