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FINANCIAL MARKET COURSES

Securities Lending – Structures, Risks, & Documentation

Securities loans are collateralized instruments, with borrowers permitted to post cash or non-cash collateral to secure loans. This course describes the two types of securities loan structure. It also discusses the main types of risk associated with securities lending, in addition to the loan documentation and codes of practice used to mitigate some of those risks.

  • OBJECTIVES

    On completion of this course, you will be able to:

    Describe the differences between securities lending transactions that are backed by cash collateral and those backed by non-cash collateral

    Explain the key risks associated with securities loans

    Outline the main documentation requirements for securities lending transactions

  • COURSE OUTLINE

    Topic 1: Lending Structures

    Collateralization of Securities Loans

    o Non-Cash Collateral

    o Cash Collateral

    Topic 2: Risks of Securities Lending

    Counterparty Credit Risk (CCR)

    Collateral Risk

    Operational Risk

    Legal Risk

    Topic 3: Documentation of Securities Loans

    Global Master Securities Lending Agreement (GMSLA) 2010

    Master Securities Loan Agreement (MSLA)

    European Master Agreement (EMA)

    Stock Borrowing and Lending Code of Conduct

  • PREREQUISITE KNOWLEDGE

  • ESTIMATED COMPLETED TIME

    50 Minutes

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