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Global Securities Lending Fee: £1,500 + VAT
London - UK
This two day course is targeted at those who have a solid understanding of securities lending fundamentals, and are looking to obtain a more complete view of the complexities of the business, where it is today and where it may be headed in the coming years. Building on delegates knowledge going into the course, the trainer will examine where securities lending fits into the world of proprietary trading and put it into a wider context of the financial marketplace. Course participants will be brought up to date on new developments across markets, asset classes and trading venues and have an opportunity to discuss and debate the challenges ahead for the industry. Will include a discussion of latest regulatory developments and the impact on securities lending.
  
04 - 05 December 2018 London, Liverpool Street
26 - 27 March 2019 London, Liverpool Street
 
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Course Director(s)
Roy Zimmerhansl
 
Guest Speaker(s)
As required.
Brilliant, professional teacher who covered everything I'd hoped for.
Dorthe Enevoldsen, Nordea
 
What You Will Learn Is This Course Right For You?  
This course explains the mechanics of securities lending as well as the motivations of the various market players. It focuses on how the economic benefits of securities ownership are retained even as legal title is transferred. The course describes and assesses the various lending options that are available and then examines the borrower's perspective and the trading strategies that drive securities lending. Delegates will also gain an understanding of why borrowers reward lenders for collateral flexibility. Following a review of the risks incurred in a securities lending programme, and the protections offered by good documentation, the course explains the different routes to the lending market and provides a comparative review of the main electronic securities lending exchanges and their impact on the industry.
 
Course Overview    
Background and history of securities lending
➢ Origins of securities lending
➢ Growth of securities lending as a revenue generating business

Features and Characteristics
➢ Notable aspects of securities lending transactions

Market and market participants
➢ Market structure, breadth and expansion
➢ Market participants and the roles they play
➢ Exploring alternative routes to market: Traditional agency lending, self-directed arrangements, hybrid programmes

Role of securities lending in capital markets
➢ The role of securities lending in equity, fixed income and derivative markets

Trading Strategies that involve securities lending
➢ Overview of trading strategies that require securities to be borrowed
➢ Examination of short selling

Securities Lending trading and pricing
➢ Trade execution from beginning to end
➢ Methods of trading
➢ Factors influencing pricing
➢ Pricing philosophies, strategies and impact on revenues/costs

Mechanics of securities lending
➢ Transactional lifecycle
➢ Operational processes

Technology transformation in securities lending
➢ Pre-trade, trade execution and post-trade
➢ Robotics and Artificial Inteligence (AI)

Collateral Management
➢ Cash and non-cash collateral: structure, usage and risk
➢ Collateral Optimisation
➢ Collateral transformation

Trends and innovation in securities lending ? today and tomorrow
➢ Central counterparty
➢ Peer-to-peer activity
➢ Digital assets and crypto currencies
➢ Retail participation

Summary
➢ Securities lending as a core component of capital markets
➢ Technology revolution shaping the future of the business
➢ The future of the business ? more of the same or radically different?

EXERCISES: The course will include a number of exercises focusing on routes to market, trade execution and collateral optimatisation

Extremely useful and informative. Well structured and presented with case studies to help put theory into practice.
Marie Main, Scottish Widows
 

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