Course description
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, and to B) OTC derivatives. 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.
Upcoming start dates
Suitability - Who should attend?
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.
Outcome / Qualification etc.
By completing the course, you will be able to:
- Develop a broader knowledge of financial market operations which may be outside the scope of your current job
- Understand at a deeper level the fundamental nature of key financial products
- Be fully aware of the processing steps necessary to maintain control and to mitigate internal and external processing risks
- Understand mandatory external regulation as it relates to the central clearing of OTC derivatives
- Be part of a network of securities operations professionals around the world
Training Course Content
Terminology Usage
- Definition of ‘Securities’
- Dates Associated with Trades
- Definition and Types of ‘Position’
- Central Securities Depositories versus Custodians
- Settlement Instructions versus Standing Sett Instructions
The Securities Trade Lifecycle
- Overview
- Orders
- Trade Execution
- Trade Capture: Front Office and Operations
- Trade Enrichment and Trade Agreement
- Settlement Instructions and Settlement Instruction Statuses
- Failed Settlement
- Trade Settlement
- Updating Books & Records
Securities Bookkeeping
- Double Entry Bookkeeping
- When Entries Must Be Passed: Trades and Settlements
- Application in Different Transaction Types
Reconciliation
- Types of Reconciliation
- Urgency and Frequency of Reconciliation
- Performing and Methods of Reconciliation
- Resolving Discrepancies
Securities Financing
- Repo
- Introduction
- Cash-Based Repo: Introduction
- Classic Bilateral Repo: Main Features, Regulation and Documentation
- The Repo Trade Lifecycle and Repo Trade Lifecycle Simulation
- Other Repo Structures
- Buy/Sell Backs
- Tri-Party Repo
- Securities Lending & Borrowing
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- Why Securities are Lent and Borrowed
- Characteristics of an SL&B Trade
- SL&B Market Participants
- Routes to Market
- Documentation
- Securities-Based Repo
- Securities Lending & Borrowing vs Repo
Corporate Actions
- Definition of Corporate Actions
- Fundamental Concepts
- Corporate Action Lifecycles: Overview
- Event Type Characteristics & Impacts
- The Generic (Mandatory Event) Lifecycle: Overview
Derivative Fundamentals
- Definition & Purpose
- The Derivatives Marketplace
- Basic Derivative Types
- Investment Appeal of Derivatives
- Structural Aspects of OTC Derivatives
- Legal Documentation
- Overview of ISDA Master, Schedule, Credit Support Annex
OTC Derivative Products & Their Processing Characteristics
- Interest Rate Swaps
- Credit Default Swaps
Collateral Management for OTC Derivatives
- Collateral Concepts for OTC Derivatives
- Collateral Impact on Regulatory Capital
- 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
Regulatory Change for OTC Derivatives
- Introduction
- Overview, Background and Organisations Initiating Changes
- EMIR and Dodd-Frank
- Trading on Exchanges
- Central Clearing
- Capital Requirements
- Trade Repositories
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
- Non-Centrally Cleared (Uncleared) Trades: Overview
- Legacy Trades
- Legal Documentation
- Central Counterparty Supervision
Central Clearing & Collateral Transformation
- Collateral Transformation Methods
- Operational Implications of Collateral Transformation
Course delivery details
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.
Classroom Course
Our classroom courses are delivered in-person at a confirmed location.
The OCP classroom sessions will be delivered in Brussels over 5 full days of training. Tea, coffee and light refreshments will be provided during the course but please note these courses are not catered. If you have any dietary requirements please let us know when you complete the registration form.
We are pleased to announce that on Thursday (September 28) at 12:00-13:00, Mr. John Berrigan, Directorate-General for Financial Stability, Financial Services and Capital Markets Union, European Commission will be the guest speaker at a lunch that is kindly being sponsored by Euroclear. All OCP attendees are invited to attend this event at Vlerick Business School where lunch will be provided – this is a great opportunity to network with professionals from the markets including Vlerick Business School alumni, ICMA members from Belgium and ACI members, all of whom have been invited to attend this event.
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.
Expenses
Livestreamed course fees
- ICMA Members: EUR 3,950 + VAT (if applicable)
- Non Members: EUR 4,950 + VAT (if applicable)
Classroom course fees*
- ICMA Members: EUR 4,850 + VAT (if applicable)
- Non Members: EUR 6,200 + VAT (if applicable)
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International Capital Market Association
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