This 1 day course is designed for delegates who are either new to the business of bond repurchase agreements (repos) or want to refresh their knowledge. You will learn how repos are priced, settled and why they are transacted by different participants in the market, including pension funds, hedge funds, market makers and derivatives users. You will also learn about bonds and key money market operations.
You will have a chance to explore applications of repos for risk management, speculation and arbitrage purposes with a particular emphasis on the relationship between the bond repo market and derivatives such as swaps and exchange traded bond futures.
Course Level: Introductory
What Will You Learn
By the end of this course you will:
- Understand the repo market, its main players and types of transactions
- Explore the cash flows associated with different repo transactions
- Learn about different repo applications including yield curve trading, matched book trading and basis trading with futures
- Be able to identify and assess the risks arising from using repo and how to minimise the exposure to those risks
- Explore the recent market trends, the impact of the crisis and future developments
Main Topics Covered During This Training
- The repo in the context of the money markets
- Bond market overview
- The repo market: main participants & market size
- Repo instrument explained
- The mechanics of repo agreements
- Pricing and settlement
- Use or repo by different market participants
Key Topics Covered:
- Introduction to EU AIFMD Legislation
- Key concepts
- Structuring AIFs
- Asset classes for AIF's
- Setting up AIFs
- FCA level 2 impact
- Subsistence requirements - no letter box entities
- Impact on regulatory capital for AIFM / portfolio manager
- AIFs Passports and EU Distribution
- Depositary liability - impact on cost to AIF
- What should we expect in the future
- Q & A Session
Paul has over 20 years experience of working and teaching in the financial and derivatives industry. Paul joined the London International Financial Futures and Options Exchange (LIFFE) in 1988, spending several years on the exchange trading floor before transferring to LIFFE's Business Development Department.
During his time at LIFFE, Paul worked in the fields of broker relations, product research and development, marketing, market automation and education. Paul was Head of Education at LIFFE, before leaving in Dec 1998 to pursue a freelance career in financial education and consultancy.
Paul is also a qualified teacher and has extensive speaking experience both in the UK and abroad, covering all the major aspects of financial markets. Paul has taught delegates from virtually all of the worlds leading investment banks, funds and trading houses. The list of clients includes JP Morgan, Goldman Sachs, Deutsche Bank, Barclays Capital, Morgan Stanley and Merrill Lynch among others.
For more information about this training visit https://www.researchandmarkets.com/r/4rjowe
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