Legal Risk | Pierpoint Securities Finance Academy

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Introduction to Securities Lending

Welcome

Welcome from the Instructor
What to expect in this course
Curriculum overview
ISLA Video - Securities Lending Explained
About the Instructor

Basics of the business

Recommended pre-lesson and post-lesson material
Curriculum (6:04)
Securities Lending - a part of your life? (7:57)
Key Characteristics and Why do Lenders lend? (16:23)
Why Borrowers borrow and key market statistics (12:28)
Lecture recap (2:37)

Participants, Stakeholders and Structure

Market participants and stakeholders with examples (20:31)
Legal relationships between participants (3:13)
Transaction flow overview (1:49)
Routes to market (7:58)
Lecture recap (1:22)
Recommended reading

Pre-trade and Post-trade Lifecycles and Processes

Introduction (0:37)
Commentary on Short Selling and Naked Short Selling (7:49)
Locates - Instruction Flows - Failed Trades (33:59)
Buy-ins (8:20)
Books and Records (5:44)
Mark to Market (12:32)
Dividend and Interest Payments (4:57)
Voting (5:41)
Fee Billing (4:19)
Lecture Recap (2:22)

Trading and Performance Benchmarking

Hedge Fund Strategies (27:43)
Securities Lending Trading (24:47)
Performance benchmarking (10:10)
Lecture recap (3:12)

Collateral - Alpha generator or safety net?

Introduction (5:35)
Why Collateral? (8:13)
Preferences (8:13)
Collateral Transformation (7:41)
Collateral Types and Two Models (16:39)
Triparty Structure (6:19)
Statistics (2:53)
Collateral Conundrum (3:56)
Collateral Summary (2:56)
Lecture Recap (2:42)

Securities Lending Risks

Securities Lending Risk Introduction (2:09)
Credit Risk (5:58)
Market Risk (14:16)
Legal Risk (7:38)
Operational Risk (4:11)
Reputation Risk (5:41)
Risks and Mitigants Summary (4:42)
Lecture Recap (2:28)

Relevant Regulations

Introduction to Regulations (1:33)
Reg SHO (8:34)
EU Short Selling (4:43)
Securities Finance Transactions Reporting (6:52)
Central Securities Depository Regulations (4:53)
Liquidity Coverage Ratio/ Net Stable Funding Ration (4:17)
Uncleared Margin Rules (5:29)
The Others ... (8:12)
Lecture Recap (4:00)

Review of Global Financial Crisis, Securities Lending & Lehman

Introduction (1:08)
Global Financial Crisis Causal Factors (9:10)
GFC Timeline & Policy Changes (8:59)
Capital and Leverage (5:13)
What Happened in Securities Finance (11:04)
Legacy and Aftermath (5:35)
Lehman Default Introduction (1:51)
How Lehman Interacted with Securities Lending (4:40)
Lehman Default Impact (4:24)
Lehman Default Losses (4:37)
Lecture Recap (3:20)

Final Lesson and Exam

Introduction to the Final Week (2:50)
Lesson 1 Review (15:39)
Lesson 2 Review (12:22)
Lesson 3 Review (11:29)
Lesson 4 Review (15:14)
Lesson 5 Review (17:00)
Lesson 6 Review (13:00)
Lesson 7 Review (10:13)
Lesson 8 Review (13:53)
Final Exam
What's next? (3:00)

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