Comprehensive Securities Operations

Monday, May 11

09.00 - 09.15 Welcome and Introduction

  • Programme Content: Overview
  • Delegate Introductions
  • Trainer Introductions

09.15 - 12.30

1. Essential Concepts & Terminology

  • Definition of 'Securities'
  • Date Concepts on Trades
  • Positions and Position Types
  • CSDs and Custodians

2. Pre-Trading: Static Data

  • Securities Static Data
  • Counterparty Static Data

3. The Securities Trade Lifecycle

  • Overview
  • Orders
  • Trade Execution
    • Exchange Trading vs OTC
    • Risks of OTC Trading
  • Trade Capture (Front Office)
    • Trade Components
    • The Traders' Perspective
    • Trading System Limitations
  • Trade Capture (Operations)
    • Impact on Books & Records
    • The Operations' Perspective
  • Trade Enrichment
    • Components Requiring Enrichment
  • Trade Agreement
    • Confirmation versus Affirmation
    • Trade Agreement Methods
  • Settlement Instructions
    • DvP versus FoP
    • Settlement Instruction Methods
  • Settlement Instruction Statuses
    • Status Types
    • Essential Pre-Settlement Actions
  • Failed Settlement
    • Overview of Implications

12.30 - 13.30 Lunch

13.30 - 17.00

3. The Securities Trade Lifecycle (continued)

  • Trade Settlement
    • Types of Settlement
  • Updating Books & Records
    • Settlement Date Entries

4. Securities Bookkeeping

  • Definition & Purpose
  • Importance of Accurate Books & Records
  • Double Entry Bookkeeping
  • When Entries Must Be Passed: Trades, Settlements
  • Application in Different Transaction Types

5. Securities Reconciliation

  • Purpose and Importance
    • Types, Frequency & Methods
    • What Reconciliation Enables

6. Securities Financing - Repo

  • Securities Financing: Introduction

Tuesday, May 12

09.00 - 12.30

6. Securities Financing - Repo (continued)

  • Cash-Based Repo: Introduction
    • Term versus Open Repo
    • Settlement Cycle
    • General Collateral (and Special Collateral)
    • Haircut and Initial Margin
    • Trade Confirmation
    • Settlement Method
    • Updating Books & Records
    • Revaluation of Collateral
    • Exposure Calculation
    • Making & Receiving Margin Calls
    • Ownership of Securities Collateral
    • Holding Securities Collateral
    • Reuse of Securities Collateral
    • Return of 'Equivalent' Assets
    • Collateral Substitution
    • Income Events

12.30 - 13.30 Lunch

13.30 - 17.30

6. Securities Financing - Repo (continued)

  • The Repo Trade Lifecycle
    • Introduction
    • Pre-Trading
    • Trade Execution
    • Pre-Settlement
    • Settlement of Opening Leg
    • Throughout Lifetime of Trade
    • Settlement of Closing Leg

6. Securities Lending & Borrowing

  • Securities Lending
  • Securities Borrowing
    • Collateral in Securities Lending & Borrowing
    • Settlement Methods
    • Exposures and Margin Calls
    • Securities Collateral Substitution
    • Recall of Lent Securities
    • Return of Borrowed Securities

7. Securities Financing Transaction Regulation SFTR Purpose

  • The SFTR Requirement
  • Parties Subject to SFTR
  • Deadline for SFTR Compliance

8. Securities Collateral relating to OTC Derivatives

  • OTC Derivatives: Overview
  • Why Collateral is Given/Taken
  • Exposures and Margin Calls
  • Market Value versus Collateral Value
  • Settlement Method
  • Holding Securities Collateral
  • Beneficial versus Legal Ownership
  • Reuse of Securities Collateral
  • Securities Position Reconciliation
  • Return of Securities Collateral

9. Central Securities Depository Regulation

  • CSDR Purpose
  • The CSDR Requirement
  • Parties Subject to CSDR
  • Deadline for CSDR Compliance

Wednesday, May 13

09.00 - 12.30

10. Corporate Actions

  • Fundamental Concepts
    • Definition of Corporate Actions
    • Impacted Parties
    • Purposes of Corporate Actions
    • Initiation of Corporate Actions
    • Ultimate Impact
    • Responsibilities of a Corporate Actions Department
    • Major Risks to Financial Institutions
  • Corporate Action Lifecycles: Overview
    • Mandatory, Optional, Voluntary
  • Event Type Characteristics & Impacts
    • Cash Dividends
    • Currency Option Dividends
    • Dividend Reinvestment Plans
    • Coupon Payments (Fixed-Rate, Floating Rate)
    • Bonus Issues
    • Stock Splits, Reverse Splits
    • Odd-Lot Offers
    • Bond Conversion
    • Final Maturities
    • Redemptions: Partial, Early, Voluntary
    • Rights Issues

12.30 - 13.30 Lunch

13.30 - 17.30

10. Corporate Actions (continued)

  • The Generic (Mandatory Event) Lifecycle: Overview
    • Declaration of Event Terms
    • Capturing Event Terms
    • Ascertaining Entitlement
    • Informing Relevant Parties
    • Calculating Resultant Entitlement
    • Updating Books & Records #1
    • Receiving & Crediting Resultant Entitlements
    • Updating Books & Records #2
  • Tax on Income Events: Overview
    • Definition of Withholding Tax
    • Treaty, Non-Treaty and Exempt Rates
    • Ensuring Correct Tax Rates are Applied
    • Over-Taxation
  • Optional & Voluntary Event Lifecycles: Overview
    • Definition of Mandatory with Options Events
    • Definition of Voluntary Events
    • Differences vs Mandatory Event Lifecycle
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