Keith Dickinson

Financial Markets Operations Management (eBook, ePUB)

• Format: ePub

Produktbeschreibung

A comprehensive text on financial market operations management Financial Market Operations Management offers anyone involved with administering, maintaining, and improving the IT systems within financial institutions a comprehensive text that covers all the essential information for managing operations. Written by Keith Dickinson--an expert on the topic--the book is comprehensive, practical, and covers the five essential areas of operations and management including participation and infrastructure, trade life cycle, asset servicing, technology, and the regulatory environment. This comprehensive guide also covers the limitations and boundaries of operational systems and focuses on their interaction with external parties including clients, counterparties, exchanges, and more. This essential resource reviews the key aspects of operations management in detail, including an examination of the entire trade life cycle, new issue distribution of bonds and equities, securities financing, as well as corporate actions, accounting, and reconciliations. The author highlights specific operational processes and challenges and includes vital formulae, spreadsheet applications, and exhibits. * Offers a comprehensive resource for operational staff in financial services * Covers the key aspects of operations management * Highlights operational processes and challenges * Includes an instructors manual, a test bank, and a solution manual This vital resource contains the information, processes, and illustrative examples needed for a clear understanding of financial market operations.

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Produktdetails

• Verlag: John Wiley & Sons
• Seitenzahl: 472
• Erscheinungstermin: 20. Januar 2015
• Englisch
• ISBN-13: 9781118843901
• Artikelnr.: 42155345

Autorenporträt

KEITH DICKINSON is Director of The Settlement & Management Research Consultancy Limited, Principal of Financial Markets Training Limited and a Senior Teaching Fellow at the International Business School Suzhou at Xi'an Jiaotong-Liverpool University, Suzhou. His career has spanned twenty years as an industry practitioner in operations and over twenty years in executive education and academia.

Inhaltsangabe

Preface xix Acknowledgements xxiii PART ONE CHAPTER 1 Introduction to
Operations 3 1.1 Introduction 3 1.2 Organisational Structure of an
Investment Company 5 1.3 Operations' Relationships 10 1.4 Other Business
Functions 13 1.5 Summary 15 CHAPTER 2 Financial Instruments 17 2.1
Introduction 17 2.2 Why Do We Issue Financial Instruments? 18 2.3 Money
Market Instruments 19 2.4 Debt Instruments 26 2.5 Equity Instruments 38 2.6
Derivative Instruments 47 2.7 Exchange-Traded Derivatives 52 2.8 OTC
Derivatives 71 2.9 Summary 81 CHAPTER 3 Data Management 83 3.1 Introduction
83 3.2 Importance of Reference Data and Standardisation 84 3.3 Types of
Reference Data 86 3.4 Data Management 94 3.5 Legal Entity Identification 95
3.6 Summary 99 CHAPTER 4 Market Participation 101 4.1 Introduction 101 4.2
Market Players 102 4.3 Market Structure 131 4.4 Summary 137 PART TWO
CHAPTER 5 Clearing Houses and CCPs 141 5.1 Introduction 141 5.2 Overview of
Clearing and Settlement 142 5.3 The Clearing House Model 143 5.4 The
Central Counterparty Model 145 5.5 Features of CCPs and Clearing Houses 148
5.6 Summary 150 CHAPTER 6 Securities Depositories (CSDs and ICSDs) 151 6.1
Introduction 151 6.2 Historical Context 151 6.3 Definitions 154 6.4 Central
Securities Depositories 154 6.5 International Central Securities
Depositories 163 6.6 Linkages - Exchanges, Clearing Systems and CSDs 167
6.7 CSD Associations 171 6.8 Summary 173 CHAPTER 7 Securities Clearing 175
7.1 Introduction 175 7.2 Generic Clearing Cycle 176 7.3 Trade Capture 182
7.4 Trade Enrichment and Validation 184 7.5 Regulatory Reporting 186 7.6
Confirmation and Affirmation 188 7.7 Clearing Instructions 194 7.8
Forecasting - Cash 199 7.9 Forecasting - Securities 203 7.10 Summary 205
CHAPTER 8 Settlement and Fails Management 207 8.1 Introduction 207 8.2 The
Different Types of Settlement 208 8.3 Delivery versus Payment 211 8.4 Free
of Payment Settlement 215 8.5 Settlement Fails 217 8.6 The Move to Shorter
Settlement Cycles 228 8.7 Summary 229 CHAPTER 9 Derivatives Clearing and
Settlement 231 9.1 Introduction 231 9.2 Regulatory Changes 232 9.3
Exchange-Traded Derivatives Contracts 234 9.4 Cleared OTC Derivatives
Contracts 240 9.5 Non-Cleared OTC Derivatives Contracts 245 9.6 Summary 255
PART THREE CHAPTER 10 Custody and the Custodians 259 10.1 Introduction 259
10.2 Custody 260 10.3 Holding Securities 263 10.4 The Custodians 267 10.5
Target2Securities (T2S) 279 10.6 Summary 283 CHAPTER 11 Corporate Actions
285 11.1 Introduction 285 11.2 Types of Corporate Action Event 286 11.3
Participation in Corporate Actions 287 11.4 Entitlements, Key Dates and
Claims 289 11.5 Corporate Action Event Processing 294 11.6 Information
Flows 315 11.7 Corporate Action Risks 320 11.8 Industry Initiatives 323
11.9 Corporate Governance and Proxy Voting 328 11.10 Withholding Tax 333
11.11 Impact on Other Departments 337 11.12 Summary 340 Appendix 11.1:
Corporate Action Event Type Categories 340 Appendix 11.2: Voluntary and
Mandatory Events for Equities and Bonds 341 CHAPTER 12 Securities Financing
343 12.1 Introduction 343 12.2 Types of Securities Financing 344 12.3 The
Players and Their Motivations 346 12.4 Intermediaries 352 12.5 Agreements
and Code of Guidance 354 12.6 Securities Lending Lifecycle 356 12.7
Repurchase Agreement Lifecycle 370 12.8 Collateral and Margin 379 12.9
Default and Close-Out Provisions 384 12.10 Central Counterparty (CCP)
Services 386 12.11 Summary 389 Appendix 12.1: Credit Ratings - Long Term
390 Appendix 12.2: Delivery by Value (DBV) Class List 391 Appendix 12.3:
Technology Vendors 392 PART FOUR CHAPTER 13 Accounting for Securities 395
13.1 Introduction 395 13.2 The Accounting Equation 397 13.3 The Accounting
Lifecycle for Securities 400 13.4 Gains and Losses 405 13.5 The Accounting
Lifecycle for Derivatives 411 13.6 Summary 416 Appendix 13.1: Closing
Prices for Singapore Equities (SGX) 416 CHAPTER 14 Reconciliation 417 14.1
Introduction 417 14.2 Importance of Reconciliation 418 14.3 Types of
Reconciliation 421 14.4 Automation of Reconciliations 427 14.5 Summary 428
About the Author 429 Index 431