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Securities Lending & Borrowing
 
The course is aimed at developing both a broad and in-depth knowledge of the key aspects of securities lending and borrowing. The programme is equally relevant to the buy-side and sell-side of the business. The training is designed to educate staff currently involved with securities lending and borrowing and need a thorough understanding of the operational impacts.


Attending the course will help you:
  • Look at the main types of securities financing
  • Understand the operational aspects of securities lending
  • Find out about alternatives to securities lending

Who should attend?

This course is suitable for practitioners who have a good fundamental level of knowledge, who are looking to develop their understanding to an advanced level. While the programme is an extension of ICMA’s Operations Certificate Programme (OCP), there are no formal pre-requisites to taking this course.


Course Director

Mike Simmons is an operations specialist and the Programme Director for ICMA’s Operations stream of training courses. He 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.

Mike is the author of several books on operations including ‘Securities Operations: A Guide to Trade & Position Management’. In addition to this course, Mike is the Programme Director for the Operations Certificate Programme (OCP), the Securities Operations Foundation Course (SOFC) and teaches various specialist operations courses.


The course content is divided into several topic areas, which are then broken down into multiple subtopics:

1. Introductory Session
  • Review of the main types of securities financing:
    • Securities lending
    • Repurchase agreements
    • Sell/buy-back
  • Lender & borrower motivations

2. Mechanics of Securities Lending
  • Life cycle of a loan
  • Financial risks & risk management
  • Collateral & collateral management

3. Finding a Route to Market
  • Organisation & portfolio characteristics
  • Route to market - the choices
  • Counterparty selection
  • Securities lending agreements

4. Collateral
  • Margins & haircuts
  • Types of collateral
    • Cash collateral
    • Non-cash collateral
  • Collateral management issues

5. Operational Aspects of Securities Lending
  • Loan initiation
  • Loan in progress
  • Loan closing

6. Impact on Other Operational Areas
  • Settlements
  • Corporate Actions
  • Income
  • Accounting

7. Operational Aspects of Repurchase Agreements
  • Transaction structures
  • Delivery, netting & clearing
  • Tri-party repo

8. Alternatives to Securities Lending
  • Equity swaps
  • Equity repo
  • Contracts for differences
  • Single stock futures





ICE EducationDetails of the next seminar

London
TBC

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

Please email education@icmagroup.org to register your interest to attend our next publicly scheduled course.

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.


Cost

The cost is £1,250.00 for ICMA Members and £1,650.00 for non-members.

ICMA Executive Education encourages all member and non-member companies to send multiple candidates on our courses, thereby ensuring that a range of individuals benefit from the experience at the same time. As a result, we are happy to offer the following discounts for multiple candidates:

2 to 4 candidates – 5% discount each*
5 to 9 candidates – 10% discount each*
10+ candidates - 15% discount each*

*Please note that discounts are applied by way of a refund to the organisation when registration has closed and the final number of candidates from the firm has been determined.

The course fee includes all lunches, coffee breaks and training materials.

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, reducing the overall administration fee.


Please note:

The course is a non-residential learning programme, so candidates are responsible for arranging their own travel and accommodation.

Course materials will be provided to candidates in electronic format prior to the start of programme. Please ensure that you have access to this document during the course by either printing off a copy or by downloading it on your laptop, iPad or tablet.

Should you have any queries about the Securities Lending & Borrowing course please contact education@icmagroup.org





 

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