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Classroom | Brussels
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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, b) OTC derivatives and c) tokenized securities. 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.
Additionally, the course provides the candidates with an introduction to tokenized securities and their impact on the traditional settlement model. Further, a thorough training is provided in defining static data and understanding of static data’s impact on risk within settlement.
Learning Outcomes
By completing the training course, delegates will be able to:
- Describe and perform the post-trade processing steps of key financial products such as bonds, equities, repo and security loans
- Describe and perform the processing steps necessary to mitigate internal and external risks associated with clearing and settlement
- Understand and perform processing steps as result of mandatory external regulation as it relates to the central clearing of OTC derivatives
- Identify the operational impacts of optimised settlement cycles and perform the necessary activities to ensure correct and timely settlement
- Understand and describe the importance of static data in settlement processing and apply corrective action when processing exceptions in the settlement process
- Identify and describe tokenised securities and their settlement models
Who should study the programme?
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, static data management.
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.
More information regarding your specific exam will be attached to your joining instructions and on Canvas, the ICMA training platform.
Certification and Programme Recognition
ICMA is an FCA-approved qualifications provider, approved by the Securities & Futures Commission of Hong Kong as provider of Continuous Professional Training (CPT) and a member of the CPD® Certification Service.
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
The syllabus content is divided into different sections:
Terminology Usage
- Definition of ‘Securities’
- Dates Associated with Securities Trades
- Definition and Types of Securities Position
- Central Securities Depositories versus Custodians
- Standing Settlement Instructions vs Settlement Instructions
- Static Data
- Communication Networks
The Securities Trade Lifecycle
- Overview
- Orders
- Trade Execution
- Trade Capture (Front Office)
- Trade Capture (Operations)
- Trade Enrichment
- Trade Agreement
- Settlement Instructions
- Settlement Instruction Statuses
- Settlement Concepts
- Failed Settlement
- Trade Settlement
- Updating Books & Records
Securities Booking
- Definition & Purpose
- Importance of Accurate Books & Records
- Double Entry Bookkeeping
- When Entries Must Be Passed: Trades
- When Entries Must Be Passed: Settlements
- Application in Different Transaction Types
- DLT records
Reconciliation
- Definition and Purpose
- Types of Reconciliation
- Urgency and Frequency of Reconciliation
- Performing and Methods of Reconciliation
- Resolving Discrepancies
- Reconciliation in a tokenized world.
Settlement Market practises and Optimised settlement
- Settlement market practices
- Optimised settlement initiatives
- US T+1
- UK T+1
- EURO T+1
- Cash Management and Securities settlement
- Global Payments initiatives and systems
Securities Financing:
- Securities Financing: Introduction
- Repo: Introduction
- Cash-Based Repo: Introduction
- Classic Bilateral Repo: Further Concepts
- The Repo Marketplace
- Trade Execution
- Rate Format
- Interest Calculation
- Primary Components in Term Repo
- Primary Components in Open Repo
- Settlement Cycle
- Trade Tenure
- Eligible Collateral
- Single and Multiple Securities
- Haircut and Initial Margin
- Trade Confirmation
- Settlement Method
- Settlement Failure
Securities Lending & Borrowing
- Why Securities are Lent and Borrowed
- Characteristics of an SL&B Trade
- SL&B Market Participants
- Routes to Market
- Documentation
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 Event Lifecycle
- Mandatory with Options Event Lifecycle
- Voluntary Event Lifecycle
Derivative Fundamentals:
- Definition & Purpose
- The Derivatives Marketplace
- Basic Derivative Types
- Structural Aspects of OTC Derivatives
- Parties, Tenure, Notional Principal, Rates
- Dates, Settlement, Exiting
- Legal Documentation
- Overview of ISDA Master, Schedule, Credit Support Annex
- Interest Rate Swaps
- Definition and Use
- Fixed vs Floating IRS
- Pay-Off Calculation
- Credit Default Swaps
- Definition and Use
- Single Name CDS
- Premium Calculation
- Credit Events
Collateral Management for OTC Derivatives
- Collateral Concepts for OTC Derivatives
- 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
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
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 not applicable)
Non Members: EUR 4,950 (VAT not applicable)
Classroom Course
The PMC classroom sessions will be delivered in Brussels over 5 full days of training. This course is fully catered, including a light breakfast, cold lunch plus hot/cold drinks and refreshments during breaks. 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 not applicable)
Non Members: EUR 6,200 (VAT not 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.
