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The Advanced Repo Trading & Securities Lending course is a comprehensive program designed to equip delegates with a deep understanding of repo and securities financing. The course covers a wide range of topics, from the fundamentals of liquidity and leverage to the complexities of Basel III/IV regulations and their impact on the global financial markets. Participants will engage in practical case studies, analysing real-world scenarios to apply their knowledge effectively.
The course also delves into the nuances of trading strategies, risk management, and the influence of clearing on capital, risk-weighted assets, and leverage. By the end of the course, participants will have gained invaluable insights into maximising profits, understanding the regulatory environment, and navigating current challenges in the repo and securities lending markets.
Learning Outcomes
The following learning outcomes reflect what delegates should be able to do after successfully completing the course:
- Understanding of Repo and Securities Financing: gain a comprehensive understanding of repo and securities financing, including various trade types, legal agreements, accounting treatment, and hedging risks.
- In-depth Knowledge of Basel III/IV and Other Regulations: understand the evolution of repo and securities financing markets, the impact of the 2008 Global Financial Crisis, and the post-GFC regulatory framework.
- Mastery of Liquidity and Leverage Fundamentals: acquire expertise in managing liquidity ratios like LCR and NSFR and leverage, including their calculation, optimization, and real-time management.
- Practical Application through Case Studies: apply learned concepts to real-world scenarios, including case studies on Archegos, Evergrande, Silicon Valley Bank, and Metro Bank.
- Understanding the Impact of Clearing and Market Events: analyse the influence of clearing on capital, RWA, and leverage in repo and securities lending, and understand significant market events like the UK Gilt Repo crisis in Autumn 2022.
- Skills in Remedial and Emergency Actions: develop skills to take appropriate remedial and emergency actions in scenarios of stress, reporting errors, and regulatory changes.
- Capital and RWA Fundamentals: understand bank balance sheets, types of capital, capital ratios, and the calculation methods of Risk-Weighted Assets (RWAs).
- Trading Strategies and Decision Making: learn about various trading strategies in securities finance and their influence on trading decisions, including management of risk appetite, ratio management, and central bank market intelligence. Learn about Futures Basis and delivery and hedging the interest rate risk on the repo matched book.
- Data and System Requirements for Effective Trading: understand the data and system requirements essential for effective trading within the constraints of Basel III/IV, including trade execution, reporting, risk management, and liquidity tools.
- Maximising Profit and Loss (P&L): gain insights into maximising P&L through effective book structure, asset classes, client and counterparty management.
Who should attend?
The course is ideally suited for professionals in the banking and finance sector, particularly those involved in or aspiring to be part of securities financing, treasury management, and risk management divisions. It is an excellent fit for individuals holding roles such as traders, risk managers, compliance officers, and financial analysts. The course is also highly beneficial for regulatory and policy-making professionals who need a deeper understanding of the repo and securities lending markets. Additionally, it would be advantageous for financial consultants, auditors, and legal professionals specialising in financial services regulation and practices. This program is tailored for those seeking to enhance their expertise in advanced financial instruments and regulatory frameworks, aiming to stay abreast of the latest industry developments and best practices.
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.
ICMA recommends that 30 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 Attendance will be awarded to those who meet the minimum attendance requirements for this course.
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
TBC
The syllabus content is divided into fifteen key topic areas delivered over six 3.5-hour sessions on Zoom:
- Overview of Repo and Securities Financing.
- Overview of Basel III/IV and Other Regulations.
- Liquidity Fundamentals Including LCR and NSFR.
- Leverage Fundamentals Including the Leverage Ratio.
- Interactive Session: Case Studies on Archegos, Evergrande, Silicon Valley Bank, Metro Bank.
- Impact of Clearing on Capital, RWA, and Leverage.
- What Happened to UK Gilt Repo in Autumn 2022?
- How to Take Remedial Action and Emergency Action.
- Interactive Session: Real World Examples and Solutions.
- Capital Fundamentals.
- RWA Fundamentals.
- Overall Influence of Liquidity, Leverage, and Capital on Trading Decisions in Securities Finance.
- Trading Strategies.
- Data and System Requirements to Effectively Trade Within the Restraints of Basel III/IV.
- Interactive Session: How to Maximise P&L.
Livestreamed Course
ICMA 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 Advanced Repo Trading & Securities Lending livestreamed sessions are delivered in six 3.5 hour sessions over the course of two weeks. You will be given access to the course materials a week before the live sessions, and will have access to those for a total of three months from the first live session. During these three months you will have the option to keep working through the course materials at your own pace.
Livestreamed course fees
ICMA Members: EUR 2,800 (VAT not applicable)
Non-members: EUR 3,600 (VAT not applicable)
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.
