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Planning Cost Effective Collateral Management to be in Compliance with New Regulations

The financial crisis of 2008-2009 has brought Collateral Management to the forefront of discussion within the financial industry. New regulations have been introduced requiring financial institutions to have higher minimum levels of capital and ostensibly safer forms of collateral. As a result there is a narrowing of what is considered to be an acceptable form of collateral. The ultimate costs of these reforms are not yet clear but it could result in increased difficulties in hedging bespoken risks or operating in a cost effective matter.   A failure to effectively implement standards to meet these new regulations in a cost effective manner could result in more and more entities finding difficulty in access to the market.

Turning 'Theory' into 'Practice'?

The implications of regulatory requirements proposed under  Dodd-Frank to Collateralization processs are still not entirely clear, but there is a strong feeling amongst financial institutions that they cannot afford to wait and must act now. Acting is not merely enough to either ensure compliance or cost effectiveness; financial institutions must first be able to clearly recognize the repercussions that these new rules will have for them and identify ways that they can adopt practices that adhere to these rules in a way that is cost effective.   This is an interactive instruction based format that allows for an interactive learning environment while focusing on real world, practical solutions that attendees can use to effectively plan their collateral management.  

Who should attend?

Investment and Retail Banks, Asset Management Houses, Hedge Funds, Pension Funds: Global Heads, Heads, Directors  and Managers of Collateral Management, Collateral Trading, Repo Trading, OTC Derivatives, Securities Lending, Credit Risk, Liquidity Management, Portfolio Management, Margin Valuation and Operations, Compliance and Legal Division.   From banks and asset managers: Managing Directors, EVPs, SVPs, VPs,  Directors, Heads and other Senior Executives working within the following areas:• Collateral Management• Collateral Trading• Risk Management• Operations• OTC Derivatives• OTC Clearing and Settlement• Securities Lending and Borrowing• Middle/Back Office• Legal and Regulatory Affairs


Key areas to be covered in the programme and documentation

Analyse the Repercussions of Newly Implemented and Proposed Regulations on Collateralization

o    Learn how the operation of Collateral Management has changed significantly in the wake of the 2008 Financial Crisis

o    Understand the impact of potential disparate margin treatment required by regulators in the United States and European Union


Identify the Emergence of new services derivative users  as required under Dodd-Frank

o    Establish the impacts of Dodd-Frank to Collateralization in  tangible terms

o    Review how Dodd-Frank is impacting those involved with collateral ranging from the regulators to, FCMs to  Custodians

o    Analyze the impact that the unbundling of services previously provided by banks and dealers

o    Identify the degree of choices players have in terms new regulations

o    Determine how Dodd-Frank presents potential new opportunities to new market participants

Determine Forms of Acceptable Collateral to counterparties  and CCPs in a Market requiring increased access for new forms of Liquidity

o    Understand the need to survey and understand what collateral is acceptable to CCPs and Clearing Houses

o    Use and implications of collateral upgrade, “Collateral transformation”

o    Discuss the impact of expanded requirements for  collateral will have on the market in terms of cost to participants and consumers

o    Identify the potential benefits and pitfalls of using  cash as collateral

o    Understand the growing integration of the collateral management function with liquidity and  treasury management  functions

o    Understand the relationship of  collateral  to Credit Value Adjustments and   

o    Determine how new regulations will impact the velocity of collateral



Establish What is Driving the Need for Additional Collateral

o    Recognize the factors  driving the increase in the amount of collateral  required to support both OTC and Cleared derivative trading

o    How will multiple CCPs Impact collateralization ?

o    Identify the driving forces behind requirements for additional margin required by CCPs

o    Determine how rule making under  Dodd-Frank has impacted the Operational  mechanics of CCPs and those who interact with CCPs


Distinguish the Differences in the Model For Centrally Cleared Swaps Compared to the Traditional Model

o    Determine the impact that new model for centrally cleared swaps will have on collateral

o    Understand the purpose and function of the proposed Standard Credit Support Annex

o    Distinguish how the standard Credit Support Annex addresses the number of variables within  OTC credit support documents

o    Understand the optional elements within the CSA for pledging collateral and the benefits/costs to removing variables from the  CSA

o    Effectively manage record and reporting requirements to be in compliance with regulations


Understand the CCP Model

o    Understand the characteristics of a CCP under  Dodd-Frank vs the traditional clearing model

o    Determine how the new CCP Model impacts the OTC market

o    Realize the potential impact that central clearing will have to management of exposure to the OTC market

o    Establish what happens to bespoke transactions that can’t be cleared by a CCP

o    Recognize what additional services that will be required to  manage  transactions that do not fit into the CCP transaction model

o    Determine the areas producing increased costs for uncleared transactions

o    Identify the areas producing additional costs to cleared swaps


Apply Effective Segregation Standards Comply with the CFTC’s LSOC Regulations

o    Understand the differences between segregation models proposed by Congress for swaps, the Futures segregation model, and the SEC model

o    Recognize the need for harmonization among the segregation requirements

o    Effectively utilize existing collateral frameworks established within the industry to comply with LSOC Regulations

o    Apply required customer protection requirements designed for a retail market within a non-retail market

o    Appreciate the drivers for new technology to meet regulatory requirements

Benefits to you

·         Identify how regulatory measures such as the Dodd-Frank Act and new rules by the Commodity Futures Trading Commission will impact the day-to-day and long term operation of a collateral management function

·         Recognize how Dodd Frank has impacted  roles of some market players while supporting the emergence of  new services from existing players

·         Understand  some of the drivers to broadening the assets considered to be acceptable forms collateral for OTC counterparts and clearing houses 

·         Analyze what the future holds for assets that were previously considered acceptable forms of collateral

·         Distinguish the driving factors in the need for additional collateral across the OTC and Centrally Cleared Market

·         Appreciate the new role of CCPs in the new Dodd-Frank driven  market

·         Understand what is required for institutions to be compliant with new transparency measures as required under  Dodd-Frank

·         Examine some of the differences in the model for Centrally Cleared Swaps vs OTC  

·         Understand  the impact of the mandate for central clearance and the knock on cost to  uncleared swaps

·         Explore some of the developments around the industry to develop standardized reporting in compliance with the requirements of Dodd-Frank

·         Understand existing industry frameworks to comply with the segregation standards required in Part 22 the Commodity Futures Trading Commission’s regulations

·         Gain insight to  proposed regulations that have yet to become final

Companies already benefiting include:

Duration of Course

2 days Day Course

Course details

August 28th-29th, 2013 Chicago IL

For more information about this course and how to register, please contact Emily Jones at or call 312.540.3000 ext 6714

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Further information

UK Enquiries: +44 (0) 203 002 3057

Non-UK Enquiries: +420 (0)2 5570 7246

North American Enquiries: +1 312 540 3000 X6714 or


"This course will allow my company to develop its existing strategies to a much greater and hopefully profitable level."

Managing Director, Tarmac