Livestreamed
Live sessions: 2, 3, 9 & 10 December
10:00 - 13:30 CET | Time Zone Converter

Course access period: 6 months

     
OVERVIEW
COURSE SYLLABUS
COURSE DETAILS
TEST YOUR KNOWLEDGE

This introductory level course provides an overview on how the repo market is structured, the key players and key regulation and is ideal for those wanting a foundation-level overview of this topic. 


Learning Outcomes

By completing the course you will be able to:

  • Identify the different types of repo
  • Recognise how repo is used in the market
  • Identify the key participants in repo market
  • Identify different methodologies of pricing repo
  • Identify different types of collateral that is used
  • Recognise different risks to counterparties
Describe the types of market participants and appreciate why these firms engage in SLB, and their impact on capital markets and retail investors
Understand the operational, legal and regulatory risks and issues involved 
Comprehend the advantages/disadvantages of using different types of collateral 
Appreciate the impact that corporate actions have on the lent security and on securities collateral
Discover some relevant anecdotes and SLB case studies

Who should attend?

This course is designed people with an interest in understanding the fundamental characteristics of the repo and collateral markets and personnel new to the field who wish to gain a broader view of the subject.

Assessment

The exam consists of 50 multiple choice questions of which candidates must answer a minimum of 30 questions correctly, with a score of 45 or more earning a distinction. You will have six months in which to study the material, book and complete an online, fully invigilated exam.

We use a third-party exam invigilation service called ProctorU to administer the exams on our assessed courses. We recommend you take a few minutes to watch this video before you take your exam, which provides information on what to expect on the day. You can also take a look at some further information here.

More information regarding your specific exam will be available in the Exam Orientation page on Moodle, the ICMA training platform.


Certification and Programme Recognition
ICMA is a member of the CPD® Certification Service, an FCA-approved qualifications provider and approved by the Securities & Futures Commission of Hong Kong as provider of Continuous Professional Training (CPT).
This course is certified by ICMA and accredited by CPD® Certification Service.

ICMA recommends that 20 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 Completion will be awarded to those who successfully pass the final exam of this course – see Assessment section for more details.

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.


Course Trainer

Nicholas Gant

Section 1 – The Repo Market

    • Definition of repo
    • The Repo Market
    • The Repo Market: Agents and Clearing

Section 2 – Trading

    • Who uses Repo
    • Repo Variants
    • More Repo Variants

Section 3 - Life cycle events

    • Matching and Settlement
    • Corporate Events

Section 4 - Legal Agreements

    • The GMRA
    • The Annexes

Section 5 – Accounting and Regulations

    • Accounting Treatment of Repo
    • Leverage ratio, RWA, NSFR
    • SFTR, CSDR

 

Securities Lending & Borrowing (SLB) – The Fundamentals
What is Securities Lending?
The Purpose: Why Do Lenders Lend & Borrowers Borrow?
Participants & Structure
Trading Strategies
Examples
SLB Trade Lifecycle - An Overview
Short Selling, Naked Short Selling
Locates, Trade Execution & Fails
Margin
Corporate Events
Billing
The Marketplace – Participants & Stakeholders
Lenders, Borrowers and Intermediaries
Examples
The Lender’s Perspective: Motivations and Considerations
The Borrower’s Perspective: Motivations and Considerations
Global custodians
Third-party lending agents
Central counterparties
Anecdotes
SLB Trade Lifecycle
Pre-trading, Locates
Trade execution
Pre-settlement
Settlement
Buy-ins
Mark to Market
Margin calls
Recall/return of lent settlements
Fees & Billing
Assets & Collateral
Equity vs Fixed Income
Fundamental collateral concepts
Margin: Purpose & use
Types of collateral
Rehypothecation
Legal Documentation
GMSLA
Securities lending agency agreement
GMRA
Updating Books & Records
Securities bookkeeping: Definition & purpose
Importance of updating books & records
Updating books and records for lent/borrowed securities, cash and non-cash collateral, fees and rebates
SLB and Corporate Actions
Corporate actions: Overview
Income
*Cash dividends
*Lent securities
*Short sale proceeds
*Lent/borrowed equity
Voting
Withholding tax
Risks in Securities Lending & Borrowing
Market Risk
Credit Risk
Operational Risk
Legal Risk
Reputational Risk
Regulation
Introduction
EU short selling & financial transactions tax
CSDR
Reporting to a central trade repository
Recent SLB Scandals & Controversies
The Lehman saga uncover

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 Introduction to Repo live sessions are delivered in four 3.5 hour sessions over the course of two weeks. You will be given access to the course materials before the live sessions, and will have access to those for a total of six months from the first live session. During these six months you will have the option to keep working through the course materials at your own pace.

Livestreamed course fees

Members: EUR 2,100 (VAT not applicable)
Non-members: EUR 2,700 (VAT not applicable)

Classroom Course

Our classroom courses are delivered in-person at a confirmed location.

The Introduction to Repo classroom sessions will be delivered in London over 2 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.

You 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 six months. During these six months you will have the option to keep working through the course materials at your own pace. Please note to ensure you book and take the exam within these six months.


Location Address


Venue 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 live sessions.


Please note

  • All payments must be made in Euro.

Contact

Should you have any queries, please contact education@icmagroup.org.

 


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