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About the Course
The UK gilt repo market plays a critical role in the functioning of sterling money markets, offering liquidity, facilitating monetary policy operations, and supporting gilt trading and investment strategies. Yet for many market participants, the way the gilt repo market operates — from settlement practices to clearing structures — can seem complex and unfamiliar compared to other repo markets like the US or Europe. This one-day live course, led by Glenn Handley, will provide a comprehensive and practical understanding of the gilt repo market. Glenn brings over 30 years of experience as a repo market practitioner, chair of documentation committees, and senior executive across global banking institutions. He will guide you through the full landscape: who participates, how trades are structured and cleared, how basis trading works, and how gilt repo is evolving in response to regulatory and market changes. Glenn built the Gilt Repo business for Barclays Bank when Gilt Repo began in January 1996. He negotiated repo documentation, built systems and developed trading counterparties. He built the client Gilt Repo Franchise for HSBC from 2006 and added LDI (Liability Driven Investment) Repo from 2013. He managed the risk and all aspects of the business over the Long Term Capital default (1998), Global Financial Crisis (2007-2008), COVID (from 2020), Cost of Living Crisis (2022) and Liz Truss premiership (2022). Glenn served on many influential Bank of England and London Clearing House Committees over the years and remains a Gilt Repo Trader at heart! A particular highlight of the day will be live guest interviews with market experts offering direct insights into how official sector operations and clearing services underpin and shape the gilt repo ecosystem. This course is essential for anyone working in trading, treasury, operations, legal, risk management, or client advisory roles linked to UK government bond markets.
Get Real-World, Practical Understanding
Understanding gilt repo isn’t just about learning definitions — it’s about seeing how the market truly functions day-to-day. This course goes beyond the textbooks: you’ll follow the full lifecycle of a gilt repo trade, explore how settlement and clearing really work, and understand why trading practices in gilts differ from other major markets. You’ll leave with a clear view of how front, middle, and back office functions interact — and how you can immediately apply that knowledge in your role to add value.
Hear Directly from Market Practitioners
You won’t just hear theory — you’ll hear directly from the people shaping the market. In exclusive live sessions, market experts will share insights into how monetary operations use and influence gilt repo, and a practitioner's view of clearing, netting, and compression. This is your chance to ask questions, gain insider perspectives, and understand market infrastructure from the inside out — perspectives that would normally take years to build informally.
Stay Ahead of Market and Regulatory Changes
The gilt repo market is evolving fast: post-Brexit clearing challenges, Basel capital pressures, new settlement discipline rules, and advances in trading technology are reshaping the landscape. This course equips you to anticipate and respond to these changes. Whether you’re trading, managing liquidity, overseeing legal risk, or optimising operational flows, you’ll gain actionable insights to stay compliant, competitive, and confident in a shifting environment.
What You Will Learn
By the end of this course, you will: - Understand the structure, participants, and flows in the UK gilt repo market - Identify what makes gilt repo different from other repo markets (e.g., settlement, clearing, regulatory framework) - Gain insights into LCH’s role in clearing, netting, and compression of gilt repo trades - Learn how basis trading between cash gilts and gilt futures creates trading opportunities - Explore the impact of Bank of England operations, including OMOs, SROs, and special facilities - Recognise how regulations such as CSDR, SFTR, and Basel rules impact the UK gilt repo landscape - Hear directly from market experts about current trends, challenges, and developments in the market - Build confidence in engaging with gilt repo transactions across front office, legal, operational, and risk perspectives
The Gilt Repo Market
The Lansdowne Club, Berkeley Square, Mayfair, Central London 3 October 2025 Includes Guest Speakers and Networking Drinks 09:00–09:15 Welcome and Introduction • Objectives for the day • Why the gilt repo market matters now more than ever 09:15–10:30 Session 1: Gilt Repo Market Structure • Key participants: Dealers, buy-side, CCPs, tri-party agents • Trade flow lifecycle for gilt repo • Types of gilt repo: general collateral vs. specials • Differences from other global repo markets (e.g., US tri-party, ICSD-cleared repos) 10:30–10:45 Break 10:45–12:00 Session 2: Clearing, Netting, and Settlement • The role of LCH RepoClear in the gilt market • How clearing and netting reduce balance sheet costs • CREST settlement: DBV (Delivery-By-Value) explained • Collateral substitution and margining in gilt repo • How LCH’s compression services enhance capital efficiency 12:00–13:00 Special Guest Interview #1: [guest to be confirmed] • The Bank of England's use of gilt repo in monetary policy (OMOs, SONIA maintenance, etc.) • Impact of Bank operations on repo market liquidity • Open Q&A 13:00–14:00 Lunch Break 14:00–15:15 Session 3: Trading Gilt Repo and Basis Strategies • Identifying trading opportunities: specials vs. GC • Cash vs. futures basis trading explained • How gilt repo underpins cash-futures arbitrage • Using term repo vs. overnight repo • Managing term structure risk in gilt repo trades 15:15–15:30 Break 15:30–16:30 Special Guest Interview #2: [guest to be confirmed] • How LCH margin models affect trading decisions • Innovations in repo clearing (compression, portability) • Clearing challenges post-Brexit and future developments • Open Q&A 16:30–17:00 Session 4: Regulatory and Market Outlook • SFTR reporting requirements for gilt repo • Impact of Basel III (NSFR/Leverage Ratio) on repo activity • CSDR Settlement Discipline Regime (SDR) implications • Technology and automation trends in the gilt repo market • Key takeaways and close 17:00 Wrap-Up and Open Questions 17:30 Networking Drinks
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About the Creator
Glenn Handley is a seasoned expert in global finance, with over 34 years of experience in securities financing, repo, and capital markets. He held senior leadership roles at HSBC, including Managing Director and Global Head of G10 Rates Cash Financing Solutions, where he played a key role in developing the UK gilt and emerging markets repo businesses. Glenn has also worked closely with regulators such as the Bank of England and the PRA on repo market structure and best practices. Through his consultancy, SecFin Solutions, Glenn has delivered the Advanced Repo and Securities Lending & Borrowing course to several consulting clients including Broadridge, and to a broader audience via ICMA in September 2024. Since November 2024, he has run the course four times under the SecFin Solutions banner, consistently receiving outstanding feedback. He has now added courses under the SecFin Education banner to lawyers, non-bank traders, Middle and Back Office professionals and Corporate Treasurers. Glenn’s combination of deep market knowledge, hands-on experience, and a passion for mentoring ensures that attendees gain both technical expertise and practical insight into the evolving world of securities financing.
Course Curriculum
Ready to Master Repo and Securities Financing?
Enroll now to gain access to exclusive sessions, expert interviews, and practical strategies that will enhance your understanding of Repo and Securities Financing.