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Course details

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Securities Financing Markets and Collateral Management

A thorough guide to participants, trade structures & collateral arrangements in SFTs
  • A thorough guide to the market participants, the trade structures, collateral arrangements and risks in securities finance transactions (SFTs) including securities lending and borrowing and the repo markets and the importance of the collateral management function in international capital markets.

    Attend this intensive and highly practical 3-day course and learn:

    • The drivers and mechanisms of international securities finance transactions (SFTs) that includes the securities lending and repo markets
    • Who are the lenders, the intermediaries and borrowers and how they operate
    • The economics and benefits of lending
    • The economics and benefits of borrowing
    • The trading strategies and pricing mechanisms
    • The life cycles of lending and repo transactions
    • SFTs in ultra-low (or negative) interest rate conditions
    • How dividends and other corporate events are impacted by lending and repos
    • How to identify potential risks and understand the control measures to prevent them
    • What are the automated platforms and market initiatives
    • What collateral is accepted and how it used
    • How balance sheets are leveraged and the benefits and risks of leverage
    • Collateral and derivatives
    • The collateral management processes including bi-lateral and Triparty arrangements
    • The mark to market (MTM) process and the mechanisms for managing collateral
    • The collateral and counterparty risks
    • The importance of the collateral management function in today’s financial markets including the collateralisation of OTC and exchange traded derivative transactions
    • The impact of regulation and the concerns of the regulators


    WHO SHOULD ATTEND?

    This course has been designed for anyone who wishes or needs to know about securities lending, the repo markets and collateral management including:

    • Senior and middle management in financial services
    • Operations Managers from investment banks, broker/dealers, prime brokers, fund managers, pension funds etc.
    • Pension Fund Trustees
    • Middle Office and Risk Managers
    • Treasurers
    • Product Controllers
    • Internal and External Auditors
    • IT developers (focused on operations or Securities Financing)
    • Business Analysts and Consultants
    • Compliance staff
    • Regulators
    • Graduate and Management Trainees


    COURSE BACKGROUND

    This course focuses on the international securities borrowing and lending and repurchase agreements (repo) markets and collateral management. Its practical approach will provide you with an insight into how financial institutions lend and borrow securities, utilise repos as well as the collateral management processes that are required to support these activities. You will be given a thorough and clear understanding of how these markets operate, the risks involved, the economics of securities financing transactions (SFTs) and the administration and IT infrastructures required to support and control them. You will gain working knowledge of the life cycles of securities lending and repo transactions. The course will also explain the growth and vital importance of SFTs in the international financial markets. It will explore how these activities can improve market liquidity and be a benefit to the profitability of all parties involved. The use of collateral in derivative transactions and the changing regulatory environment and its impact on securities financing will be discussed.

    TEACHING METHOD

    The teaching methodology used on this course combines formal theoretical instruction with frequent use of exercises and case studies. These are based on real situations experienced by the course director in his over forty-year involvement in this business. The course is intended to be practical and interactive, with delegates encouraged to ask questions throughout. The course content is intended to give delegates an understanding that will be of immediate practical use in the workplace. The lecturer will be available throughout the duration of the course to offer additional help if required. Delegates will be divided into to small teams to work together on the exercises that will include some simple calculations.
  • Day 1

    Securities Lending and Borrowing (SL)

    Introduction to Securities Lending
    • Background and historical context of the securities lending market
    • What is securities lending?
    • Why it is important

    Securities Lending Market Participants
    • Who are the lenders?
    • Who are the borrowers?
    • Who are the intermediaries?
    • Securities lending in the US, European and Asia pacific markets

    The Economics of Securities Lending
    • How the lender benefits
    • How the borrower benefits
    • How the intermediary benefits
    • Cash versus non-cash collateral
    • How fees are calculated
    • Pricing-‘Specials’ versus General Collateral ‘GC’
    • Margin (or ‘haircut’) requirements

    Case study: Calculating fees on SL trades Exercise

    Corporate Governance and Securities Lending
    • The beneficial owner
    • Authorising securities lending
    • The legal position and documentation
    • Lenders rights
    • Voting

    Case study: How the use of SL can be abused-The Maxwell case

    What Creates the Demand for Securities Lending
    • Trading strategies
    • Short selling
    • Arbitrage
    • Fails management

    Case study: Security borrowing to facilitate a convertible bond arbitrage

    DAY 2

    Life Cycle of a Securities Lending Transaction
    • Striking the deal
    • Booking the deal
    • Confirmation
    • Settlement
    • What happens if the transaction fails
    • Recall and termination
    • Billing
    • Systems and administration

    Exercise: Fails management and borrowing. Using a broker/dealer fails report; we will determine securities borrowing requirements

    Overview of Securities Lending Trading Platforms
    • Electronic trading platforms
    • How do they work
    • The benefits

    Automatic Lending and Borrowing
    • Who offers the service
    • What are the benefits
    • Why it needs to be managed

    Case study: Automatic borrowing going wrong

    Dividends and Corporate Actions
    • How are corporate actions treated in an SL transaction
    • Voting

    Case study: Empty Voting-Henderson Land

    What are the Risks in Securities Lending and Borrowing?

    • Borrower risk
    • Collateral risk
    • Cash collateral risk
    • Intra-day settlement risk
    • Operational Risk
    • Legal risk
    • Reputation risk
    • Recall failure
    • Buy-ins

    Case study: What happens when you cannot return borrowed securities – a buy-in

    Repos

    Sale and Repurchase Agreements (Repos)
    • Background and historical context of the Repo market
    • Reasons for the growth of the market

    Exercise: Calculate the cost of shorting the fixed income bond positions listed

    The Market Participants
    • The borrowers (or sellers) in a repo
    • The investors (or buyers) in a repo
    • The brokers
    • Repos in the US, European, Asia Pacific and emerging markets

    Types of Repos
    • The ‘classic’ repo transaction
    • A reverse repo
    • A sale/buy back (buy/sell back)
    • Difference between repos, sale/buy backs and SL

    Why are Repos Used
    • Benefit to the seller
    • Benefit to the buyer

    Terms of Repo Transactions
    • Open repo
    • Overnight repo
    • Term repo
    • Repo rates and how they are determined

    Exercise: Using a dealers trade sheet decide repo and Securities borrowing requirements

    DAY 3

    Repo Agreements
    • Bi-lateral repos
    • Hold in custody (HIC) versus delivery repo
    • Tri-party repos
    • Who provides tri-party arrangements
    • Equity repos

    What are the Repo Dealing Risks?
    • Counterparty/credit risk
    • Collateral/issuer risk
    • Market risk
    • Operational risk
    • Legal risk
    • Stock specific risk
    • FX risk

    Exercise: As Pension Fund Trustees, you have been asked to consider lending of the Funds securities assets. What questions should you ask?

    Collateral Management

    What is Collateral?
    • Background and historical context of collateral
    • What constitutes collateral in financial markets
    • Collateral management since the banking crisis
    • Leverage and the Basel Accord
    • How leverage is used, its benefits and its risks
    • Products supported by collateral
    • Exchange traded derivatives and collateral
    • OTC derivatives collateral

    Collateral Usage
    • Cash versus non-cash collateral
    • G10 government securities
    • Other collateral
    • The ISDA collateral survey
    • Collateral Support Annex (CSA)

    Collateral Management Infrastructure
    • In-house versus vendor solution
    • Documentation and legal agreements
    • Bi-lateral and Triparty arrangements
    • Who provides the Triparty solutions
    • Central counterparties (CCPs)
    • Dodd-Frank and EMIR
    • How do the CCPs operate

    Managing Collateral
    • Agreeing a collateral schedule
    • Agreeing a margin threshold
    • Calculating margin
    • Mark to market
    • Haircuts
    • Regularity of margin calls
    • Monitoring and reconciling collateral receipts and deliveries, custody and settlement
    • Substitutions
    • Collateral arbitrage
    • Dealing with coupon interest and corporate actions

    Case study/exercise: Drawing up a collateral schedule

    Collateral Risk
    • Operational risk
    • Market risk
    • Concentration risk
    • Legal Risk
    • Valuation risk
    • FX risk
    • Increased overhead

    The Impact of Regulation and the Concerns of the Regulators
    • Indemnification
    • Re-hypothecation
    • Opacity
    • Connectivity
    • Settlement efficiency
    • SFTR (Securities Financing Transactions Regulation) and transaction reporting
  • Our Tailored Learning Offering

    Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.

    If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.

    We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.

  • We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.

    We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:

    • Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
    • Track record – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
    • Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
    • Reliability – if we promise it, we deliver it. We have delivered over 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
    • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product
This course can be run as an In-house or Tailored Learning programme

Instructor

  • Richard Foster

    Biography

    Richard Foster has forty years senior banking operations management, consulting and training experience. He has been Head of International Operations at tier one firms including Morgan Stanley, Merrill Lynch and Prudential Securities. He was COO at Cresvale, an equity derivatives trading firm and a Founder Partner at MC Securities, an investment bank focusing on eastern European emerging markets. Richard has been actively involved with the international securities lending, repo markets and collateral management throughout his career and was President of Minerva Securities Inc., an international securities lending/borrowing intermediary based in New York and Head of Operations, Securities Lending at Prudential M&G Richard is now an independent consultant and trainer. Consulting and training assignments have included those with JP Morgan, Morgan Stanley, Deutsche Bank, Euroclear Bank, Lombard Odier, Cantor Fitzgerald, Coutts & Co., NatWest, Cazenove & Co. CSFB and Jefferies International. Richard Foster was a Visiting Fellow at the ICMA Centre at Reading University and was a member of the Operations Managers Examination Committee of the Securities and Investments Institute. He acted as an expert witness on behalf of Lehman Brothers in the Maxwell related litigation and was a member of the board of Euroclear.

Venue

London

The course will take place at a Central London hotel.

The map attached details some of our most frequently used venues

If you need help booking accommodation for your visit, please contact accommodation@euromoney.com and one of our partners will help you get the best rate possible.