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Learning Outcomes
By completing the course you will be able to:
- compare vanilla Repo trading strategies versus more advanced Repo trading structures to enhance revenue making opportunities
- develop trading strategies to enhance the funding capabilities of trading desks that will allow for trading book growth across various securities classes
- recognise how the Repo product can support internal regulatory and liquidity constraints whilst having a limited impact on regulatory capital requirements
- recognise the benefits of cross-over into the securities lending market utilising that product for collateral transformation, facilitating trading book growth and potential profit generation techniques
- recognise how the trading interaction with other internal desks throughout their capital markets teams can lead to growth in their own trading activities
- identify the interaction across various legal structures such as GMRA and GMSLA’s
- recognise counterparty and credit risk considerations (Risk Weighted assets), liquidity risk considerations (tail risk) and operational risks
- identify cost considerations to the trading book such as internal trading costs and what are the motivating factors for their management teams.
Who should study the programme
The course is intended for candidates who have a basic understanding of the Repo product. The course is designed to augment and articulate the next steps from the basic introduction course to Repo.
It will be of benefit for treasury, firm funding and client financing (Matched Book) traders, Risk Managers, Compliance Officers, Financial Analysts, Regulatory and Policy-Making Professionals, Auditors and legal Professionals as well as experienced settlement operatives. The programme is designed to enhance and exemplify trading activities and will explain how Secured Financing Transactions interact giving the delegates a clear understanding of how these markets work.
Certification and Programme Recognition
This course is certified by ICMA. 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.”
ICMA recommends that 10 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
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.
This course will cover different topics, informed by the current secured finance transaction landscape
Why do firms “Do Repo”?
- Funding strategies- Money Markets
- Simple Vanilla Trading
- Liquidity Management- Placing cash
- Matched Book Trading
Capital Markets – Interaction with other trading desks
- Primary and Secondary Trading and their relationship to Repo Trading.
- More Advanced – Cross Currency/ Funding swaps as a tool.
- Basis Trading, Forwards Trading, Hedging
Regulatory Trading
- Regulatory impact: LCR, NSFR, CSDR, SFTR and RWA utilisation. - Basic trading overview
- Collateral management and collateral transformation
- Evergreens/Extendible
Practicalities of trading
- Infrastructure, - What a trading desk needs to get started
- Operations, Legal and Risk requirements (Costs)
- Legal agreements and related considerations
- Operational issues -Settlements
- Counterparty, Credit and Liquidity.
Under the line Costs
- Legal and regulatory practicalities
- Settlement and Operational Costs.
Emerging themes and developments in the Repo market.
The Drivers of New Transactions
- New products and Trading Structures. (Sponsored Repo, Collateral Markets)
- New Markets (including GCC and China)
- D2C trading platforms, Central Bank facilities and CCPs
- How do Repo and TRS (Total return Swaps) interact. - Synthetic Repo
- Prime Brokerage trends and financing innovation.
- Current issues-T+1 & Mandatory clearing and its impact on the secured financing markets. -
- Tokenisation, DLT and intraday (Digital) repo
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 2,400 (VAT not applicable)
Non-members: EUR 2,900 (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.
