Livestreamed
Live sessions: 3 April
10:00 - 13:30 CEST | Time Zone Converter

 

OVERVIEW
COURSE SYLLABUS
COURSE DETAILS
TEST YOUR KNOWLEDGE

This introductory level programme has been designed for anyone seeking a greater understanding of the buyside – or the investor base - of the financial markets, with a particular focus on fixed income. 

The syllabus offers an overview of the financial marketplace including who the different buyside investors are and what are their motivations and investment strategies. The course also provides participants with a refresher on fixed income and the risks associated with that instrument in particular. 

The course is organised into a number of individual sessions covering a unique topic, each including concept-checking questions to ensure participants can monitor their progress. 


Course Objectives

By the end of the programme delegates will be able to:

  • By completing the programme, you will:

  • Recognise an overview of the financial marketplace, key stakeholder and the various asset classes

  • Learn the meanings of the terms “buyside” and “sell-side”

  • Identify a fixed income instrument, including how it works and some of the key risks associated with investing in this instrument

  • Identify key buyside investors, their roles and their motivations

  • Review different investment strategies employed by buyside investors

  • Recognise a hedging strategy and how a hedging transaction might aid a buyside investor

  • Review the various regulations that ‘control’ the buyside

  • Review how the buyside has responded to the growth in ESG and digitalization

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 programme is intended for candidates who are either new to fixed income in the financial markets or who have limited experience and wish to develop a greater understanding of how, in particular, the buyside of the marketplace works, specifically in the context of debt. 

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


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 20 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 education@icmagroup.org 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 education@icmagroup.org.

Pricing

Members: EUR 1,150 + VAT (if applicable)
Non-members: EUR 1,650 + VAT (if applicable)



Course Trainer

Yolanda Clatworthy

Syllabus

Session 1 - Overview

  • The drivers of the financial markets
  • Who are the players involved in financing corporates?
  • Introducing the ‘buyside’ and the ‘sell side’ – what do these terms mean?

 

Session 2 – An overview of the Buyside assets

  • Assets incl. ordinary shares, preferred stock, bonds and derivatives
  • Asset classes and the potential risks and return

 

Session 3 – A focus on the fixed income market

  • What are bonds and how do they work?
  • How bonds are issued for the first time
  • Buying and selling bonds and the role of debt research
  • How bonds are repaid
  • Investment risk

 

Session 4 – Who are the main buyside participants? (Part 1)

  • Who are the buyside investors? Their rationale, priorities and motivations
  • Important buyside players incl: Asset Managers, Insurance Companies, Pension Funds

 

Session 5 - Who are the main buyside participants? (Part 2)

  • Buyside players – what are their strategies and objectives?
  • Important buyside players incl: Sovereign Wealth Funds, Hedge Funds, Central Banks, Private banks & the Treasury, Retail investors/Mutual Funds, Family offices

 

Session 6 – The role of the buyside (part I)

  • How do buyside investors generate funds?
  • Mutual funds, ETFs and separate institutional accounts
  • Investment strategies incl: Active management against a benchmark; Exchange Traded Funds /passive management, defining liability driven investing
  • The role of bonds in different investment strategies:
  • Sovereign bonds vs corporate bonds
  • The impact of instruments such as inflation bonds, CDOs etc.

 

Session 7 – The role of the buyside (part II)

  • Concepts of Leverage and Yield
  • Performance generation & sources of investment performance

 

Session 8 - Risk

  • Types of risk for fixed income investors
  • Managing currency, interest rate and inflation risks incl: hedging
  • Liquidity risk and market shocks
  • An overview of credit risk

 

Session 9 – Regulation

  • Key regulation that governs the buyside incl: Investor protection, Asset managers conduct, the role of asset managers contributing to financial stability, Prudential risk

 

Session 10 – Innovation in the Buyside

  • ESG and sustainability
  • Impact of digitalisation incl: Distributed ledger technology (DLT) trading and post trading processes, Crypto assets, digital operational resilience of organisations, regulation
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 Introduction to the Buyside is a hybrid course – participants will watch a series of asynchronous online videos and complete the associated concept-checking questions, then attend a single half-day livestreamed session with the trainer where they will have the opportunity to review the content, have Q&A session and do some group exercises to reinforce learning.

You will be given access to the course materials before the live session, and will have access to those for a total of six months from the first live session. During these six months you will have the option to keep working through the course materials at your own pace.

Next datesTBC
Register your interest for this course at education@icmagroup.org


Livestreamed course fees

Members: EUR 1,150 + VAT (if applicable)
Non-members: EUR 1, 650 + 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.


Contact

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


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