SECURITIES OPERATIONS, PROCESSING & ACCOUNTING
Fairmont Hamilton Princess Hotel
Hamilton, Bermuda
September 12 & 13, 2005
$795 US Per Person
14 CPE Credit Hours
14 CSOP Credit Hours
14 CCTS Credit Hours
1.4 CEU

This program was created to address securities operations, processing and accounting for both buy side and sell side participants in the financial marketplace. We begin with an examination of the types organizations that make up the “market” and then review the major products and their related processing requirements. The transaction lifecycle is followed in its entirety from order management through to portfolio management. Since the United States and Canada continue to push for a one-day settlement cycle, there will be a thorough review that includes issues such as risk management and straight through processing issues on the road to T+1.

This two-day seminar is specially designed for participants ranging from new hires to those desiring to broaden their understanding of securities operations and processing with a special focus on the accounting and reporting topics that effect institutional investors. All functions in the processing of securities will be discussed beginning with the brokerage and the custodian perspective all the way to the final settlement of a transaction at a buy side firm. This foundation seminar starts with a macro view of the products, where they trade, where they settle, and outlines the function of the depositories and clearing houses; and concludes with a discussion of the global systems and the outlook for the future.

How the Buy Side of the Business is Structured

• Types of Buy Side Businesses: Investment Managers and Advisors, Hedge Funds, Pension Plans, Corporations, etc. Who are the Sell Side Firms
• The Brokers and Investment Bankers Custodians and Depositories
• DTC (Depository Trust Company)
• The Stock Markets
  • NYSE, ASE, NASDAQ and Global Markets
• The Bond Markets
  • Government
  • Corporate
  • Municipal
  • Mortgage Backed
• Structured Products (CMO, ABS, CMBS, CBO, CDO)

The Derivative Markets

• Options
• Futures
• Forwards
• Swaps

Trade Processing Requirements

• Order/Trade Management
• Order Routing
• Trade Execution
• Confirmation
• Affirmation
• DK’s and Replacements
• Pair Offs
• Fail Control

Straight Through Processing

• The Road to T+1
• Definitions
• Principles and Concepts
• Virtual Matching Utilities
• Regulatory and Compliance Issues

Securities Borrowing and Lending

• Internal and External Management

Valuation Accounting and Sources of Market Values

• Data Sources (Bloomberg, Telerate, etc.)
• Pricing Vendors
• Internal Modeling and Pricing Matrices

Investment Performance Measurement

• Total Return
• Benchmarking

Corporate Actions

• Definition of a Corporate Action
• Stock Splits
• Tender Offers

Income Processing

• Interest Accruals
• Anticipate Expected Income
• Dividend Processing

Accounting Issues and Concerns

• Amortization and Accretion
• Book Value
• FAS 91
• FAS 115
• FAS 133

Risk and Control Issues

• Broker Master Agreements
• The Back Office
• Segregation of Duties
• Policies and Guidelines

DAY ONE

• Introduction
• The Buy Side
• The Sell Side
• Custodians and Depositories
• The Stock Markets
• The Bond Markets

DAY TWO

• The Derivative Markets
• Trade Processing
• Straight Through Processing and T+1
• Securities Borrowing and Lending
• Valuation and Performance Measurement
• Corporate Actions
• Income Processing
• Accounting Issues
• Risk Management

Registration is closed for this seminar.
Please see our current course offerings.