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The Repo Desk for Non-Traders: Navigating Operations, Risk, Treasury & Compliance is a comprehensive two-day programme delivered over two 3-hour livestreamed trainer-led sessions designed to equip delegates with practical understanding of repurchase agreement operations, risk management, and oversight functions.
This course addresses the growing demand from non-trading teams who support, supervise, or interact with repo desks but need deeper understanding of the mechanics, risks, and controls. Participants will gain essential knowledge of the repo transaction lifecycle, operational procedures, risk frameworks, and compliance requirements without requiring prior trading experience. The programme is designed to enhance cross-functional collaboration, improve oversight capabilities, and reduce operational friction between trading and support functions.
By the end of the course, participants will have developed comprehensive understanding of repo operations, practical skills in risk identification and management, and the knowledge needed to effectively support or supervise repo activities within their organisations.
Learning Outcomes
The following learning outcomes reflect what delegates should be able to do after successfully completing the course:
- Understanding Repo Fundamentals: Gain comprehensive knowledge of what repurchase agreements are, their economic purpose, key participants, and how they fit within broader financial market operations and funding strategies.
- Mastery of Transaction Lifecycle: Understand the complete repo transaction journey from initial trade execution through settlement, ongoing management, margin calls, and final maturity or early termination.
- Operational Process Management: Develop practical knowledge of daily operational procedures including settlement instructions, confirmation processes, collateral valuation, and system requirements for effective repo administration.
- Risk Identification and Management: Learn to identify, assess, and manage the various risks inherent in repo transactions including counterparty credit risk, collateral risk, operational risk, liquidity risk, and an awareness of market risk (GC vs SC, interest rate exposure) as managed by trading desks.
- Legal Framework Comprehension: Understand the key provisions of the Global Master Repurchase Agreement (GMRA), legal protections, events of default, and the practical implications for day-to-day operations and risk management.
- Collateral and Margin Management: Master the principles of collateral eligibility, valuation, margining procedures, substitution processes, and the operational management of collateral movements and disputes.
- Compliance and Regulatory Knowledge: Gain working knowledge of relevant regulatory requirements including Securities Financing Transactions Regulation (SFTR), reporting obligations, and compliance monitoring responsibilities.
- Problem Resolution Skills: Develop practical skills in handling operational issues including settlement failures, margin disputes, system problems, and escalation procedures for various repo-related challenges.
- Control and Oversight Capabilities: Understand the role of internal controls, audit considerations, and supervisory responsibilities for non-trading functions supporting repo activities.
- Cross-Functional Collaboration: Enhance ability to work effectively with trading teams, understanding their needs and constraints whilst ensuring appropriate risk management and operational controls are maintained.
Who should study this programme?
The Repo Desk for Non-Traders: Navigating Operations, Risk, Treasury & Compliance is ideally suited for professionals in operations, risk management, compliance, treasury, legal, finance, and audit functions within banking and financial services organisations.
The course is particularly beneficial for operations managers and staff responsible for trade settlement, post-trade processing, and transaction lifecycle management. Risk management professionals seeking to understand repo exposures and control frameworks will find substantial value, as will compliance officers tasked with regulatory oversight and reporting obligations.
Treasury professionals involved in funding and liquidity management, finance teams responsible for accounting and reporting of repo activities, and legal professionals dealing with documentation and dispute resolution will gain practical insights directly applicable to their daily responsibilities.
Additionally, the programme is highly valuable for audit professionals conducting reviews of repo operations, middle office staff managing confirmations and reconciliations, and supervisory personnel overseeing repo desk activities. New joiners to organisations with significant repo operations and experienced professionals transitioning into repo-related roles will find this course provides essential foundational knowledge.
Senior management seeking better understanding of repo operations to enhance governance and oversight capabilities will also benefit from the practical, non-technical approach to complex market operations.
Certification and Programme Recognition
ICMA recommends that 6 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 a Certificate of Attendance will be awarded to those who meet the minimum attendance requirements (80%).
ICMA is a member of CPD® Certification Service and accredited as an approved provider of Continuous Professional Training (CPT) by the Securities & Futures Commission of Hong Kong
Please note that your course certificate of attendance should be sufficient to satisfy any professional development requirements – if you require further evidence, please contact us at education@icmagroup.org.
The syllabus content is structured across two comprehensive sessions covering eight key topic areas:
Session 1 (3 hours)
Repo Fundamentals for Operations Teams
- What is a repurchase agreement and why do institutions use repo?
- Economic substance vs legal structure of repo transactions
- Key market participants: cash borrowers, cash lenders, and intermediaries
- Repo vs securities lending: similarities and differences
- Market conventions and terminology for operations staff
- Introduction to the market risks managed by dealers (GC vs Special, interest rate exposure, and basic matchbook strategies)
Trade Lifecycle and Settlement Procedures
- From trade execution to confirmation: the operational workflow
- Settlement instructions and system requirements
- Delivery versus payment (DVP) mechanisms and settlement risk
- Role of central securities depositories and settlement systems
- Clearing via CCPs: novation, netting, margining, and default management procedures
- Managing settlement fails and operational exceptions
Collateral Management Operations
- Types of eligible collateral and quality requirements
- Collateral valuation and marking-to-market procedures
- Initial margin and variation margin: calculation and management
- Collateral substitution processes and operational workflows
- Triparty repo arrangements and agent services
Legal Documentation and Operational Implications
- Introduction to the Global Master Repurchase Agreement (GMRA)
- Key terms and conditions affecting daily operations
- Events of default and their operational consequences
- Corporate actions and income payments on collateral
- Cross-border considerations and local market variations
- Cleared vs bilateral: CCP rulebooks vs GMRA touchpoints and operational implications
Session 2 (3 hours)
Risk Management for Non-Traders
- Counterparty credit risk: identification and monitoring
- Collateral risk: market risk, concentration risk, and liquidity risk
- Operational risk: settlement risk, system risk, and process failures
- Legal risk: documentation issues and jurisdictional considerations
- Market risk awareness: DV01 exposure, GC/SC dynamics, and how traders hedge interest rate risks
- Practical risk mitigation strategies for operations teams
Problem Resolution and Exception Management
- Settlement failure procedures and resolution protocols
- Margin call disputes: identification and escalation procedures
- System outages and contingency planning
- Collateral delivery problems and alternative arrangements
- Communication protocols with trading teams and counterparties
Regulatory Compliance and Reporting
- Securities Financing Transactions Regulation (SFTR) requirements
- Trade reporting obligations and data quality standards
- Record keeping requirements and audit trails
- Regulatory inspections: preparation and response procedures
- Best practice compliance monitoring for operations teams
Controls, Oversight, and Governance
- Internal control frameworks for repo operations
- Key performance indicators and operational metrics
- Supervisory responsibilities for non-trading managers
- Audit considerations and common findings
- Enhancing collaboration between front office and operations
- Future developments and emerging operational challenges
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 Repo Desk for Non-Traders: Navigating Operations, Risk, Treasury & Compliance live sessions are delivered in two 3 hour sessions. You will be given access to the course materials 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 and watch recorded sessions.
Livestreamed course fees
Members: EUR 1,300 (VAT not applicable)
Non-members: EUR 1,900 (VAT not 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.
