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Global Securities Back Office Operations Master Class Fee: £1,500 + VAT
London - UK
An intensive and interactive program which will furnish novice to intermediate level staff with the most recent securities services solutions and capabilities being expected by the international investment community.
  
14 - 15 March 2018 London, Liverpool Street
 
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Course Director(s)
Bruce Lawrence
 
Guest Speaker(s)
None Required
 
What You Will Learn Is This Course Right For You?  
PARTICIPANTS, THEIR ROLES & RESPONSIBILITIES

Investors
➢ Institutional, Retail

Securities market intermediaries
➢ Brokers, Prime brokerage, Dealers, Intermediaries,

Banks
➢ Custodians, Trustees, Industry support organisations, Depositories, Regulators

HOW THE FINANCIAL MARKETS WORK
An introduction to the different capital markets products and instruments
➢ Analysis of different asset classes

How different securities/assets are issued and why:
➢ Bonds, Commodities, Currencies, Derivatives, Equities, Funds, Trusts

Types of 'hybrid' instruments - convertibles, warrants and other structured products
➢ Futures and options, OTC Vs exchange traded derivatives, Credit derivatives

OPERATIONS & SECURITIES MANAGEMENT
Managing and developing the operations structure
➢ Role of operations teams in securities
➢ Relationship with front and middle office
➢ Key challenges in the operations environment

Securities Clearing & Settlement
➢ Principles of securities settlement
➢ Demystifying the jargon
➢ G30, IOSCO and ISSA directives
➢ Describing the steps in a typical trade cycle
➢ Industry initiatives driving change in the market

The role of the exchanges and clearing houses
➢ What is the role of exchanges
➢ What is the role and function of the clearing house
➢ Assessing the impact of the consolidation of exchanges and clearing houses across markets

The role of the settlements department
➢ Importance of settlement
➢ Relationship and responsibilities
➢ Management information: management reports
➢ Explaining the relationships with counterparties dealt within the settlement of typical trades

Settlement conventions
➢ What are they and how do they differ by securities class in major markets?
➢ International market conventions

Processes in settlement
➢ Investment decision

Order flow from Investor to Broker / Dealer
➢ Order/Execution management
➢ Client trade reporting
➢ Regulatory reporting

Pre-settlement
➢ Input of settlement instructions
➢ Input scenarios
➢ Matching
➢ Monitoring transactions
➢ Changing transaction input

Settlement
➢ Priorities and queues
➢ Circle processing
➢ Monitoring transaction settlement
➢ Electronic transfer of title (ETT)
➢ Bad deliveries

➢ Overcoming problem areas
➢ The importance of timing
➢ Cash management and FX - timing and importance
➢ Netting
➢ Settlement for residual securities
➢ The importance of reconciliation

Clearing & Settlement Market Service Options
➢ Straight Through Processing (STP) options
➢ Role of third party organisations
➢ Central Counterparties (CCP)
➢ CHAPS/CHIPS
➢ Euroclear/Clearstream (ICSDs)
➢ CREST
➢ DTCC
➢ Legal requirements

ASSET SERVICING
➢ Margin
➢ Collateral
➢ SMAC

Corporate actions: Selection of corporate action types, including:
➢ Coupon payments (fixed & floating rates)
➢ Principal payments
➢ Bond conversions
➢ Bond redemptions

Mandatory & voluntary event lifecycle, including:
➢ Sources of information
➢ Announcement capture
➢ Ascertaining entitlements
➢ Counterparty claims
➢ Calculation of resultant entitlements
➢ Updating books and records
➢ Settlement with custodian and counterparties

GLOBAL SECURITIES SERVICES & DEVELOPING TRENDS
➢ Types and development of markets
➢ Common structures
➢ Withholding tax and Double Taxation Treaties (DTT)
➢ Principal custody service providers
➢ Risks associated with global markets

The foreign exchange market
➢ The role of the Forex market
➢ How they are used - the exchanges and trading techniques
➢ Relationships between the spot, forward and interest rate markets
➢ Relationship with the money markets
➢ Settlement with custodian and counterparties

Industry trends and the future
➢ Changes taking place in the industry
➢ RTGS
➢ STP
➢ Alliances
➢ Other industry initiatives

Case studies, exercises and short multiple-choice examinations will be included in components of the program. In-depth securities market profiles will be produced for markets covered in the case studies.

 
Course Overview    
A changing competitive landscape

Economic pressures and some of the post-trade regulatory changes have also resulted in a process of gradual repositioning amongst the players providing services along the trading value chain.

Regulatory and economic pressures are changing the competitive landscape in the post-trade value chain. Traditional securities services players ? global custodians, local custodians and fund services specialists ? face new and growing competition from Central Securities Depositories (CSD), Central Counterparty Clearing Houses (CCP) and outsourced services providers.

Clients are becoming even more demanding and their needs continue to evolve. Increasingly complex securities and investment strategies are creating demand for more bespoke solutions which, in turn, requires investment in technology and product development.
 

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