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The ICMA Operations Certificate Programme (OCP) is regarded as an essential qualification for professionals intending to develop their knowledge of financial market operations.
The syllabus has been specifically designed to convey the information necessary for candidates to develop their understanding of operations relating to A) equity and debt securities, and to B) OTC derivatives. This includes detailed training on subjects such as (for securities) the trade lifecycle, repos, securities lending & borrowing, corporate actions, and (for OTC derivatives) collateral management, centrally cleared and non-centrally cleared trades under EMIR.
Learning Outcomes
By completing the course, you will be able to:
- Develop a broader knowledge of financial market operations which may be outside the scope of your current job
- Understand at a deeper level the fundamental nature of key financial products
- Be fully aware of the processing steps necessary to maintain control and to mitigate internal and external processing risks
- Understand mandatory external regulation as it relates to the central clearing of OTC derivatives
- Be part of a network of securities operations professionals around the world
Who should attend?
The course is primarily intended for candidates working in operations and back office roles within a bank or fund management company, although it has become increasingly popular with those working in the middle office, collateral management and compliance areas. Other candidate profiles include those working for financial IT service companies, exchanges, data vendors and central securities depositories.
Candidates attending the OCP are typically (but not exclusively) in the following job functions; securities settlement, corporate actions, derivative operations, collateral management, middle office, reconciliation, static data, risk, compliance, accounting and IT.
Assessment
The exam consists of 75 multiple choice questions of which candidates must answer a minimum of 45 questions, or 60%, correctly in order to pass. 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 the ICMA Centre, Henley Business School, University of Reading and accredited by CPD® Certification Service.
ICMA recommends that 50 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 Trainers
- Terminology Usage
Definition of ‘Securities’
Dates Associated with Trades
Definition and Types of ‘Position’
Central Securities Depositories versus Custodians
Settlement Instructions versus Standing Sett Instructions
- The Securities Trade Lifecycle
Overview
Orders
Trade Execution
Trade Capture: Front Office and Operations
Trade Enrichment and Trade Agreement
Settlement Instructions and Settlement Instruction Statuses
Failed Settlement
Trade Settlement
Updating Books & Records
- Securities Bookkeeping
Double Entry Bookkeeping
When Entries Must Be Passed: Trades and Settlements
Application in Different Transaction Types - Reconciliation
Types of Reconciliation
Urgency and Frequency of Reconciliation
Performing and Methods of Reconciliation
Resolving Discrepancies
- Securities Financing
Repo
Introduction
Cash-Based Repo: Introduction
Classic Bilateral Repo: Main Features, Regulation and Documentation
The Repo Trade Lifecycle and Repo Trade Lifecycle Simulation
Other Repo Structures
Buy/Sell Backs
Tri-Party Repo
Securities Lending & Borrowing
Why Securities are Lent and Borrowed
Characteristics of an SL&B Trade
SL&B Market Participants
Routes to Market
Documentation
Securities-Based Repo
Securities Lending & Borrowing vs Repo
- Corporate Actions
Definition of Corporate Actions
Fundamental Concepts
Corporate Action Lifecycles: Overview
Event Type Characteristics & Impacts
The Generic (Mandatory Event) Lifecycle: Overview
- Derivative Fundamentals
Definition & Purpose
The Derivatives Marketplace
Basic Derivative Types
Investment Appeal of Derivatives
Structural Aspects of OTC Derivatives
Legal Documentation
Overview of ISDA Master, Schedule, Credit Support Annex
- OTC Derivative Products & Their Processing Characteristics
Interest Rate Swaps
Credit Default Swaps
- Collateral Management for OTC Derivatives
Collateral Concepts for OTC Derivatives
Collateral Impact on Regulatory Capital
OTCD Collateral Lifecycle: Overview
Cash & Bond Collateral for OTC Derivatives
Credit Support Annex: Detail
- The OTC Derivative Collateral Lifecycle
Pre-Trading: Legal Documentation and Static Data
Trading: Trade Execution, Trade Capture and Trade Confirmation
Throughout Lifetime of Trade
- Regulatory Change for OTC Derivatives
Introduction
Overview, Background and Organisations Initiating Changes
EMIR and Dodd-Frank
Trading on Exchanges
Central Clearing
Capital Requirements
Trade Repositories
- Central Clearing & its Impact on Collateral Management
Central Clearing Primary Concepts
Central Counterparty Membership Structure
Multiple Central Counterparty Implications
Risk Management within Central Counterparties
Operational Implications of Central Clearing
Non-Centrally Cleared (Uncleared) Trades: Overview
Legacy Trades
Legal Documentation
Central Counterparty Supervision
- Central Clearing & Collateral Transformation
Collateral Transformation Methods
Operational Implications of Collateral Transformation
Livestreamed Course
Our 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 OCP livestreamed sessions are delivered in 10 webinars spread over the course of four weeks. You will be given access to the course materials a week before the live sessions begin, and you 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.
Livestreamed course fees
ICMA Members: EUR 3,950 + VAT (if applicable)
Non Members: EUR 4,950 + VAT (if applicable)
Classroom Course
Our classroom courses are delivered in-person at a confirmed location.
The OCP classroom sessions will be delivered in Brussels over 5 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 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
TBC
Classroom course fees*
ICMA Members: EUR 4,850 + VAT (if applicable)
Non Members: EUR 6,200 + 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.
