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ICMA educational workshops
ICMA Workshop: Professional Repo and Collateral Management

London, 1-2 June 2017

The ICMA European Repo and Collateral Council presents its 2017 Professional Repo and Collateral Management Course in London on 1-2 June 2017. This industry-run course caters to the needs of professional repo market participants and is provided at subsidised rates to ICMA members, underlining the association's commitment to education and the development of this financing product.

This annual event has established itself as the repo industry’s principal educational forum. Although designed for new repo market practitioners, the breadth and depth of the course attracts a wide range of delegates, including legal, compliance, accounting and operations staff, analysts, staff from market infrastructures, rating agencies, regulators, central bankers and others.

The course is built around a core of regular topics, supplemented by presentations on developments in market conditions, infrastructure and regulation, which are delivered by experienced practitioners and major service-providers. It starts with a thorough introduction to the repo instrument and market, which looks at the essential mechanics of the instrument, and its legal and economic foundations. The main types and variants of repo are also reviewed. Other core topics include the methodology of the risk and operational management of repo, with specific reference to the provisions of the Global Master Repurchase Agreement (GMRA) and the new Guide to Best Practice, as well as accounting and taxation treatment. The roles of key infrastructures such as CCP and tri-party agents are also examined and there is an overview of the pivotal role of repo in the markets for cash securities and derivatives.

At this event, topical issues include developments in the infrastructure of the repo market, including progress towards affirmation services and the implications of T2S, and assessments of the likely impacts of the mounting wave of regulatory changes such as the Leverage Ratio, LCR, NSFR, CSDR and FSB proposals plus industry initiatives such as a new repo index.

This event will be hosted by UBS.

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ICMA Workshop: European Regulation: An Introduction for Capital Market Practitioners

London, 6 June 2017

Capital Adequacy and Basel, CRD IV, MiFID, the Prospectus Directive, the Transparency Directive ... and many more

How much do you know about the new regulations that are already in force and impacting your daily work  in the capital market and the ones that are still in the pipeline?

How do the institutions of Europe work together to develop new regulation?

Against a background of far-reaching regulatory change ICMA’s one-day, fast-track course on European regulation for capital market practitioners gives a overview of the new regulatory landscape for financial institutions in  Europe. It puts the major European regulatory initiatives into the context of the global reforms agreed by the G20 and explains the European legislative process, while taking a look at specific regulations affecting the capital framework of banks, investor protection and disclosure.

Global regulation of the banking industry and the wider financial services industry continues to dominate the agenda as authorities introduce measures intended to prevent a future crisis, resulting in more extensive regulation of financial institutions and markets and greater emphasis on enforcement.

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ICMA Workshop: Ethics and the Capital Markets

London, 13 June 2017

For the financial markets, the period since the millennium may unfortunately be largely remembered for the corporate collapses of major companies such as Enron, WorldCom and Parmalat due to fraud, then by the excesses of the global financial crisis.

Inevitably this prompted a robust global regulatory response covering every area of the financial markets with waves of new regulations, corporate governance rules, increased legislation and litigation. Everywhere and in every institution the compliance function has grown both in importance and in size to ensure adherence to the new regulatory environment.

But are we in danger of relying too much on a compliance-driven culture to protect the financial markets, rather than re-establishing a clear ethical culture – both at the individual and the corporate level?

This ICMA Workshop looks at the balance and raised awareness of ethics and bringing ethical values to bear in the financial markets. The course defines what ethics is about and the development of ethical values. It looks at the principal ethical theories from moral philosophers to economists using examples along the way to enhance understanding.

The workshop considers the purpose of business and how moral values play a key role in the modern business environment. Finally, it  looks at ethical issues in the financial markets by working on case studies drawn from today’s international debt markets.

If trust and integrity are to return to centre stage in the capital markets then mere compliance with the rules is not enough. This workshop aims to help market participants re-establish and redefine their moral compass.

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ICMA Workshop: Bond syndication practices for compliance professionals and other non-bankers

London, 14 June 2017

This workshop aims to give compliance professionals an in-depth and thorough understanding of the practices that are involved in launching a deal in the international debt capital market.

The course explains precisely how the deal is done, starting with first steps in the pre-launch process - looking at the pitch book, the mandate, the roadshow and the prospectus - through syndication, including book building and allocation, up to and including the final public launch of the issue.

At each point in the progress of the deal through to launch, the interaction of current regulation with the process, was considered (including the Market Abuse Directive and the Prospectus Directive). The session will interactive, giving participants the opportunity to raise and discuss queries from their own experience.

An introductory session on the role and characteristics of the international bond market and the expectations of bond investors features in the seminar, as well as an explanation of role and scope of the ICMA’s Primary Market Handbook, the internationally recognised guide to best practice in this area.

The workshop is delivered by a former capital markets professional with direct experience of deal management, who is also a reviewer for the ICMA Primary Market Handbook.

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ICMA Workshop: Repo and securities lending under the GMRA and GMSLA

London, 28 - 30 June 2017

This workshop is organised by the International Capital Market Association (ICMA) and the International Securities Lending Association (ISLA). It analyses how repo and securities lending transactions operate within the framework provided by the Global Master Repurchase Agreement (GMRA) and the Global Master Securities Lending Agreement (GMSLA), and highlights the issues that need to be addressed by users. These two separate but increasingly overlapping master agreements are the essential underpinnings of the cross-border repo and securities lending markets.

In order to provide a clear practical context to documentation and underlying issues, the workshop starts with a rigorous introduction to the fundamental legal and operational characteristics of repo and securities lending instruments, transactional uses and markets. The main body of the workshop is a detailed review and comparison of both legal agreements (including the new GMRA 2011) and how they structure risk and operational management. The workshop also examines the role of and special issues posed by key market infrastructures such as electronic trading venues, triparty collateral management and central clearing through CCPs, as well as the impact of accounting and tax treatments, and new regulation.

The workshop uses the GMRA and GMSLA as a framework to provide a structured approach to understanding instruments, usage and markets. No legal expertise is required. The workshop can therefore be useful, not just for legal and documentation staff, but also for front office, risk management, operational, compliance, audit and regulatory personnel.

The workshop is introduced and co-ordinated by Richard Comotto, who is the author of ICMA’s European repo survey, its Guide to Best Practice in the European Repo Market and its Repo FAQs. Other speakers are legal and documentation professionals, and operational specialists, from ICMA, ISLA, Ashurst Partners, Citigroup, LCH-Clearnet, Deloitte and Euroclear.

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