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Financial Markets Operations Management
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Table of Contents

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

About the Author

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.

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