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Location London
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The Professional Repo & Collateral Workshop (PRCW) is the centrepiece of ICMA repo training and the flagship educational event of the European Repo & Collateral Council (ERCC) – the main representative body for the cross-border repo and collateral market in Europe. Running since 2009, the workshop has become an industry benchmark event.
The PRCW offers an unrivalled exposition of what a repo is (and is not) and how it is managed, as well as insight into the structure, operation and regulation of the repo market, including new developments. The course is delivered over two days by ICMA’s industry experts and market practitioners from ERCC member firms.
Learning Outcomes
By completing the programme, you will be able to:
- Pinpoint the essential characteristics of a repo and differences with analogous instruments such as secured loans, securities lending and FX swaps
- Explain the core functions of the repo market and recognise how different types of institution use repo
- Understand the drivers of repo prices and of the price-based distinction between GC, specific collateral and special collateral
- Understand the role of collateral, its benefits and limitations and the different types of collateral
- Compare and contrast repurchase transactions and buy/sell-backs
- Explain the difference between haircuts and initial margins, and their functions, and apply them to exposure calculations as well as risk management procedures such as variation margining and netting
- Understand the role of tri-party collateral management and
- Understand what is meant by the central clearing of repo, the role of a CCP and the differences with the central clearing of other instruments
- Outline how RWA, leverage and liquidity regulations affect repos
Who should attend?
The workshop is primarily aimed at new or junior repo dealers who want to understand the fundamentals of repo, how the market works, new developments and emerging challenges. Given the increasing importance of repo in the global money and fixed-income markets, the course has attracted widespread interest from more experienced participants across the buy and sell-side, as well as markets adjacent to repo, including cash trading, risk management and other middle office functions, legal and documentation, operations, audit and accounting, compliance and IT. The course has also been popular with central banks, supranationals and regulators.
Certification
This is a non-assessed course – participants who meet minimum attendance requirements will receive a Certificate of Attendance endorsed by the International Capital Market Association (ICMA) and the European Repo & Collateral Council (ERCC)
Programme Recognition
ICMA is an FCA-approved qualifications provider, approved by the Securities & Futures Commission of Hong Kong as provider of Continuous Professional Training (CPT) and a member of the CPD® Certification Service
This course is certified by the International Capital Market Association (ICMA) and the European Repo & Collateral Council
Course Trainer
Richard Comotto
Syllabus
The syllabus content is divided into several key topic areas including:
- Repo overview - operational, legal and economic character
- Collateral overview – requirements, types, General Collateral (GC) vs specifics vs specials
- Alternative repo structures
- Role of documentation
- Risk management - haircuts, margining, netting
- The role of repo in the bond market, IRS market, bond futures market
- Credit repo
- Repo in emerging markets (EM)
- New developments in the repo market - sponsored repo, Digital Ledger Technology (DLT)
- European repo market infrastructure
- CCP-cleared repo
- Triparty repo
- Impact of regulation on repo --- RWA, Leverage Ratio, LCR, NSFR
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 Advanced Repo Trading & Securities Lending livestreamed sessions are delivered in six 3.5 hour sessions over the course of two weeks. You will be given access to the course materials a week before the live sessions, and will have access to those for a total of three months from the first live session. During these three months you will have the option to keep working through the course materials at your own pace.
Livestreamed course fees
ICMA Members: EUR 2,800 (VAT not applicable)
Non-members: EUR 3,600 (VAT not applicable)
For security reasons, delegates who have not registered in advance will not be admitted to the sessions.
Classroom Course
Our classroom courses are delivered in-person at a confirmed location.
The Advanced Repo Trading & Securities Lending classroom sessions will be delivered in London over 3 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 three months. During these three months you will have the option to keep working through the course materials at your own pace.
Location Address
TBC
Classroom course fees*
ICMA Members: EUR 3,150 + VAT (if applicable)
Non Members: EUR 3,950 + 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 sessions.
- All payments must be made in Euro.
Contact
Should you have any queries, please contact education@icmagroup.org.
