Clearing Settlement and Custody 3rd Edition by David Loader – Ebook PDF Instant Download/Delivery: 0128186909 ,9780128186909
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Product details:
ISBN 10: 0128186909
ISBN 13: 9780128186909
Author: David Loader
Clearing, Settlement, and Custody, Third Edition, introduces the post-trade infrastructure and its institutions. Author David Loader reduces the complexity of this environment in a non-technical way, helping students and professionals understand the complex chain of events that starts with securities trading and ends the settlement of cash and paper. The Third Edition examines the roles of clearing houses, central counterparties, central securities depositories, and custodians. The book assesses the impact on workflow and procedures in the operations function at banks, brokers, and institutions. In consideration of technological and regulatory advances, this edition adds 5 new chapters while introducing new case studies and updating examples.
Clearing Settlement and Custody 3rd Edition Table of contents:
Chapter 1: The structure of clearing and settlement
Abstract
What is clearing and settlement?
The clearing house
Changes in clearing
Development of the clearing structures
Objectives of clearing houses
Chapter 2: The role of the clearing house, trade repositories and central securities depositories
Abstract
The role of the CCP
The role of securities depositories
The role of trade repositories
Summary
Chapter 3: Bond settlement and the role of treasury
Abstract
Introduction
International bonds
Domestic bonds
Fixed-rate bonds
Floating-rate notes
Zero coupon bonds
Maturity
Lead manager
Co-lead manager
Market-maker
Trade confirmation
Settlement instruction
International bonds, global bonds and convertible bonds
Government bonds and domestic bonds
Summary
Chapter 4: Equity clearing and settlement
Abstract
Introduction
Issuing and trading equities
Settlement
Corporate actions
Record date
Pay date
Ex-date
Repayment of capital
Stock benefits
Capitalization
Scrip dividends
Stock situations
Summary
Chapter 5: Clearing and settlement of derivatives
Abstract
Introduction
Exchange traded futures and options
Futures and option contract specifications and diversity
Basic trading and hedging strategies
Market structure
Basics of futures fair pricing theory
Settlement and margining
Variation margin (settlements)
Treasury management
Use of futures and options in investment management
OTC derivatives
Products
Common OTC option types
Settlement of OTC products
Other settlement issues
Derivatives pricing, valuation and accounting
Regulatory environment for OTC derivatives post 2008
Summary
Further reading
Summary: Useful reference websites
Disclaimer
Chapter 6: Custody services
Abstract
Instruction from client to global custodian
Reporting requirements
Pooled nominee system (omnibus)
Individual designation (segregation)
Corporate actions
Dividends on shares
Interest payments
Repayment of capital
Rights issues
Capitalization
Scrip dividends
Stock situations
Take-overs, mergers and de-mergers
Conversions
Warrant exercise
Pari passu lines of a security
Redemptions and maturity
Share suspension and liquidations
Proxy voting
Asset and cash management
Single-currency accounts
Multi-currency accounts
Interest-bearing accounts
Sweeping
Banking services
Withholding tax
Double-taxation agreements
Investment accounting
Pricing and valuation reporting
Investment analysis
Summary
Chapter 7: Securities lending
Abstract
Introduction
The characteristics of securities lending
Uses of securities lending
Securities lending precautions and controls
The role of the prime brokers/global custodians
Non-discretionary program
Discretionary (or managed) program
Benefits and entitlements
Lenders’ rights
Role of the custodian or intermediary
Actions required
Implications for collateral
Repurchase agreement
Summary
Chapter 8: Settlement of portfolio transactions and subscription/redemption of shares and units in investment funds
Abstract
Introduction
Investment fund administration and support
Portfolio administration and fund records
Assets of the fund
Administration workflow
Subscriptions and redemptions
Asset trades
General ledger
Pricing and valuation
Reconciliation
Margin and collateral
Other activities affecting the portfolio administration
Capturing data
Subscription and redemption of shares and units in investment funds
Summary
Chapter 9: Risk and regulation
Abstract
Contents
Risk
Clearing and settlement risk
Regulation
Operational risk management
Risk components
Risk analysis
Approach to risk management
Summary
Glossary of risk terminology
Other risks
Summary
Chapter 10: Developments in clearing settlement and custody—SWIFT, CLS bank, T2S, the development of distributed ledger technology (DLT), Brexit
Abstract
SWIFT
Payments
SWIFT global payments innovation (GPI)
T2S
Milestones in blockchain and DLT
ASX DLT system
2018–2019—SWIFT & DLT
Brexit
Summary
Some useful websites & links
Operations training
Suggested reading
Glossary
Index
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