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Trade Life Cycle

Introduction to Market Participants

  • Stock exchanges
  • Investors
  • Agents
  • Regulators
  • Clearing banks
  • Custodians
  • Others data providers

Securities Trading Organization

  • Departments in a Securities Trading Organization

Phases of Trade Life Cycle

  • Pre-trade and Post-trade (trading, transaction management, and clearing & settlement)
  • Flowchart of the trade process
  • Introduction to front office, middle office and back office

Trade Execution & Trade Capture

  • What is a trade, and why a trade is done
  • Types of trading (Exchanges vs. OTC)
  • Order vs. Quote-Driven
  • Role of front office with example of a trade capture

Straight Through Processing (STP)

  • What is a Straight Through Process
  • Benefits of Straight Through Process
  • Cost savings potential using Straight Through Process

Static Data

  • What is static data
  • Importance of static data in STP process
  • How is static data captured (Example for a bond and equity instrument)
  • Sources of static data
    • Internal
    • External
  • Costs of incorrect static data
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Trade Enrichment and Validation

  • Information flow from front office
  • Trade enrichment done by middle and back office teams
  • Trade validation process

Trade Confirmation/Agreement

  • Trade matching
  • Trade affirmation

Instruction/Agent Matching

  • Trade instruction
  • Settlement instructions
  • Contents of a settlement instruction
  • Instruction communication methods
  • SWIFT example

Clearing and Custody

  • Types of custodians
  • Role of a custodian
  • Clearing corporation and interaction with participants of the market
  • Core functions of a clearing corporation

Trade Settlement

  • Settlement terminology
  • Settlement considerations
  • Types of settlement
  • Settlement cycles
  • Plans to change settlement cycles
  • Challenges for shorter settlement cycles

Position/Inventory Management

  • Methods of inventory management
  • Inventory & funding management
  • Automated lending & borrowing
  • How do trades & positions get updated

Fails & Fail Management

  • Why trades fail
  • Failing trades and their impact
  • Importance of managing fails

Auctions

  • Why conduct auctions in the stock market

Reconciliations

  • What are reconciliations (internal & external)
  • Types of reconciliation

Trade & Position Accounting

  • Recording details
  • Controlling responsibilities
  • Control reports

Regulatory & Compliance Responsibilities

  • Why are regulators required
  • Financial regulatory authorities
  • Reporting methods
  • Compliance

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