Lifecycle Of A Derivative Trade: Uncovering The Middle- And Back-Office Functions
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Once a derivative trade has been executed, middle- and back- office functions have always supported the trade capture and booking, confirmation, P&S, clearing and settlement of the trade.
As the financial industry undergoes a seismic shift in derivatives operations because of regulatory changes such as the Dodd-Frank Act, it has become more important than ever to understand what exactly are the functions performed after the trade execution and how, if not performed with stringent controls in place, can result in substantial cost and risk to industry participants.
This one-day course takes you "behind the scenes" to explore how brokers and investors on the buy-side and sell-side of the industry perform these functions for both listed and OTC derivatives. Participants will explore the functional building blocks of middle and back office operations that support trade lifecycle activity, from the inception of an order or request for quote (RFQ) through clearance and settlement of payments.
The infrastructure or "plumbing" that links together these functions, and the points of failure representing operational risk will be highlighted throughout the program. Particular attention is paid to the lifecycle of both a cleared and uncleared swap.
After the course you will be able to:
Class Size: Registration is limited to approximately 15 participants to promote student participation and interaction.
- Analyze the functional building blocks of the trade for account set-up, client on-boarding, master agreements, confirmation, clearing and settlement, and collateral management
- Identify the participants and their roles, including the investment managers, end-users, swap dealers, FCM's, interdealer brokers, exchanges and SEF's (Swap Execution Facilities), clearing houses and CCP systems, custodians and prime brokers
- Explain the links and plumbing that connect industry participants in the trade lifecycle, including standards and protocols and books and records systems
- Distinguish the role of clearinghouses and CCP systems
- Analyze the collateral management process in mitigating counterparty credit risk
- Understand protections in place for customer collateral and assets
- Be able to explain why novations are done and how they are processed
- Consider throughout the program, the impact of industry regulatory changes, such as Dodd Frank regulation on derivative trade processing
Who Should Attend: Anyone who is interested in learning about the front-to-back functions of the trade lifecycle for listed and OTC derivative trades, from the inception of an order through clearing and settlement. Content is focused on middle- and back-office operations. Attendees include operations, technology, audit, legal and compliance staff, as well as, third-party vendors and regulatory personnel.
Level: Basic/Intermediate. A prior understanding of derivatives is helpful.
Instructor: Charlotte Scott
|About The Provider:
||The Institute for Financial Markets, founded in 1989, is an industry-supported, nonprofit educational foundation and an affiliate of the Futures Industry Association.
The IFM is particularly known for its educational materials in print and Web-based formats, as well as seminars and customized, in-house training. The Institute offers materials to prepare candidates for futures industry exams, as well as books that provide general knowledge on the futures and options markets to investors, regulators and public-policy makers.
Recognized as a leading provider of ethics training, the IFM has trained more than 900,0000 financial industry professionals and international regulators. In addition to our futures ethics and AML Web-programs, we provide customized professional conduct programs to the New York Stock Exchange, the Securities Industry Association, as well as firms.
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