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Credit Default Swaps (CDS) - Operations
Attending the course will help you:
  • Cover the lifecycle of a CDS transaction
  • Understand the events that can occur during the lifetime of a CDS contract
  • Find out about current initiatives and trends in the processing of CDS transactions

Course background

This course is aimed at developing delegates’ knowledge in the secure and controlled processing of Credit Default Swaps within a financial institution.  The programme is equally relevant to the buy-side and sell-side of the business.

Who should attend?

This course is suitable for staff that are new to the subject of CDS operations, as well as for those that are currently working within a CDS operations function who require an understanding of the overall lifecycle (and associated events) relating to such transactions.  The programme is also suitable for anyone wishing to gain a thorough understanding of CDS processing, including regulators, clearing organisations, risk managers and lawyers.

Attendees of this course will possess a basic understanding of credit derivative products (in particular single name CDS) and debt/fixed income securities.  These topics are covered in the Credit Default Swaps (CDS) - Pricing, Applications & Features course.

Course Tutor

Mike Simmons
Mike is an operations specialist and independent training consultant and has been involved with the capital markets and operations throughout his career, focusing originally upon securities settlement and more recently on the broader aspects of operations (derivatives, trade finance, payments, corporate finance and corporate lending).  Mike is the author of two books on Operations - “Securities Operations: A Guide to Trade & Position Management” and “Corporate Actions: A Guide to Securities Event Management”, both published by Wiley Finance.  Mike is also a Course Director for ICMA’s Securities Operations Foundation Course (SOFC) and Operations Certificate Programme (OCP), and teaches various specialist operations courses.

Course Outline
Session 1 Contents
Pre-Trading • Legal Documentation: Necessity, Coverage
• Static Data: Purpose, Importance, Use
• Assessing Clients' Needs
Session 2 Contents
The CDS Trade Lifecycle • Trade Execution
• Trade Capture: Methods & Components
• Trade Confirmation: Issuers & Receivers, Confirmation Terms
• Trade Confirmation: Methods, Matching Status
Session 3 Contents
Post-Trade Events • Settlement of Premium
• Trade Compression
• Credit Events
• End-of-Life
Session 4a Contents
Collateral Management for CDS • Collateral: Purpose & Importance
• Collateral Management Processing Overview
Session 4b Contents
Regulatory & Market-Practice Initiatives/Trend • T+0 Trade Processing
• Centralised Clearing

ICE EducationDetails of the next seminar



ICE Education
5th Floor Milton Gate
60 Chiswell Street
London EC1Y 4SA
United Kingdom

Based at ICE Education London offices: IntercontinentalExchange® (NYSE: ICE), is a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets.


The cost of the course is £625.00 for ICMA Members and £825.00 for non-members.

Should you require a hard copy of the course materials, there is a charge for printing off and sending the course materials to the training venue. Please contact education@icmagroup.org a minimum of two weeks before the course start date for further details on this.

Payment can be made by secure online credit card or by invoice. Please note that selecting the invoice method will add £50 (administration fee) to the course price.  Multiple candidates from the same company can request one invoice, thus reducing the overall administration fee.

Cancellation charges

Registrations for classroom-based courses are transferable to another person within the same company.

All classroom-based courses are subject to the following cancellation charges:
  • 1-7 calendar days: 50% of the gross course fee
  • Course start date or thereafter: no refund will be given
Refunds will only be processed after the completion of the relevant course and after return of any course material already provided to you. Any such material must be returned undamaged and at your own expense.

Registrations for online courses are non-transferable and non-refundable.

For more information

This course is also available on a group booking basis.

Should you have any queries about this seminar please contact David Senior on +44 20 7213 0329 or at education@icmagroup.org

Helen Clark

Organisation: Mizuho International PLC London
Job title: Associate

Describe what you do on a day to day basis in your job:
I have worked in the securities industry for many years and have a broad experience of the Bond and Equity markets. I have also worked extensively in Agent Lending.
I currently work in the general settlements area and oversee the Collateral Management section, dealing with daily agreement of collateral and postings resulting from Repo and Derivative trading. I also deal with the settlement and day to day operations process for all Derivative trades.

Reasons for taking the course:

Although I have worked in the securities industry for many years, derivative settlements are quite new to me and I wanted to gain a better understanding of what CDS trades are, and why and how they are traded and calculated, as I always find that understanding the mechanics of trades is very helpful in the settlements process.

Benefits of taking this course:
The course took me through what a CDS trade is and its use in the market and I now understand the underlying mechanics of the instrument from a front and back Office perspective, which will help in my daily role.  We also discussed at length the upcoming regulatory changes in this market and their effects on all firms, which helped me to understand how things will be changing from an operations perspective.


Fixed Income Certficate (FIC)