Classroom
Session dates: 13 & 14 June
10:00 - 18:00 CEST | Time Zone Converter

(please complete and return the registration form to education@icmagroup.org)

Livestreamed
Session dates: 31 October, 1, 7 & 8 November [2024]
10:30 - 14:00 CET | Time Zone Converter

 

 

OVERVIEW
COURSE SYLLABUS
COURSE DETAILS

The Introduction to Digital Assets & Securities is an introductory level programme intended for anyone seeking a foundation in digital assets.  The syllabus offers an overview of digital assets (including Bitcoin and Ethereum), distributed ledger technology as well as the key underpinnings of blockchain technology.  In addition, the programme offers candidates an understanding of the regulatory space as well as important cash-leg tokens such as CBDCs and stablecoins.


Learning Outcomes

By completing the course you will be able to:

  • Describe the key features of the digital asset market and how they relate to debt capital markets
  • Understand how distributed ledger technology and blockchain technology works as well as appropriate applications
  • Be able to view and understand how blocks are processed on the bitcoin and ethereum blockchain as well understand how smart contracts can be processed
  • Appreciate why and how digital assets may impact capital markets
  • Understand the current regulatory framework in the US and Europe for digital assets
  • Discuss tokenisation of existing financial assets (bonds) v. fractionization of exiting assets (buildings)
  • Understand CBDCs and stablecoins and how they impact debt 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?


The qualification is intended for candidates who are either entering the digital assets market or who have limited experience and wish to develop a clear understanding of how the market works.

It serves as an essential introduction to digital assets in its own right.

Candidates should have basic quantitative skills but no prior study or work experience is required.

 

Certificate and Programme Recognition

This course is certified by ICMA and the ICMA Centre, Henley Business School, University of Reading.

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.

A Certificate of Attendance will be awarded to those who meet the minimum attendance requirements for this course.

ICMA is a member of the CPD® Certification Service and approved by the Securities & Futures Commission of Hong Kong as provider of Continuous Professional Training (CPT).

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.

 

Course Trainer

Andrew Urquhart

 

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

  • Digital assets overview
  • Distributed ledger technology and blockchain overview
  • The fundamentals of the Bitcoin blockchain
  • Other cryptocurrency blockchains
  • CBDCs and Stablecoins
  • Digital assets regulatory framework
  • Transition & implementation (options and challenges)

 

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's livestreamed 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 Digital Assets & Securities livestreamed 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 four weeks from the first live session. During these four sessions you will have the option to keep working through the course materials at your own pace.

Livestreamed course fees


Members: EUR 2,100 + VAT (if applicable)
Non-members: EUR 2,700 + VAT (if applicable)

Classroom Course

Our classroom courses are delivered in-person at a confirmed location.

The Introduction to Digitial Assets classroom course will be delivered in London over 2 full days of training. Tea, coffee and light refreshments will be provided during the course but please note these courses are not catered. If you have any dietary requirements please let us know when you complete the registration form.

Delegates will be given access to our learning management system and 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. Please note to ensure you book and take the exam within these six months.

Location Address

Venue TBC


Classroom course fees*

ICMA Members: EUR 2,400 + VAT (if applicable)
Non Members: EUR 2,900 + VAT (if applicable)

*Our prices do not include travel/accommodation. Please do not book any logistics until you receive email confirmation that the course will go ahead. This will be provided 4 weeks in advance of the start date


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.


Contact

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


 

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