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Securities Lending and Borrowing
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Click here to register now!
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DATES & LOCATIONS
FOR THIS 1 DAY EVENT
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Feb 19
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London
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Background
This course gives an overview of Securities Lending and Borrowing for those with no prior knowledge in the field. It outlines the different L & B markets with their specific processes, opportunities, and risks; it explores the motivations of different players in the market; and it describes the different circumstances in which institutions lend or borrow securities.
Delegates
· Fund Managers
· Brokers & Market Making Staff
· Settlement and Back Office staff
· Custodians
· Institutional Salesmen
· Trustees
· Compliance and Middle Office Executives
· Accountants & Lawyers (CPD Credit)
· IT executives operating or designing systems in this area
Anyone contemplating using Securities Lending or Securities Borrowing or who is entering an existing Securities Lending or Securities Borrowing operation and has no or only a partial knowledge.
Content
Overview
What is Securities Lending?
Brief history.
Market Size in geographical regions asset classes
GC vs specials
Lending Options and Features of Programs
Why lend securities?
Who Lends
Lender considerations
Counterpart selection
Lending arrangements
- Custodian programs
- Third party programs
- Exclusive arrangements
- Self managed programs
Borrowing Securities Outline
Why borrow securities?
Understanding demand drivers
- Fail coverage
- Yield enchancement strategies ("Tax arbitrage")
- Inventory Finance
- Shorting
- Financial strategies
Who are the borrowers?
The relationship between prime brokers and hedge funds
The loan cycle expWhy lend?
Who are the lenders?
Factors affecting the supply of securities
Management of Loans and Collateral
Recalls v returns. Timing issues
Sales and Purchases of securities on loan
Mark-to-market
Margin calls
Monitoring entitlements: manufactured dividend payments
Voting rights
Corporate Actions
Fee and rebate accruals
The Risks in Securities Lending
Counterparty risk
Market risk (collateral)
Liquidity risk
Operational risk
Legal and Regulatory risk
Mitigants
Legal and Regulatory Environment
Agreements and Documentation
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Click here to register now!
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United States
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