.png)
Unlock the Repo Market
Dive into the fundamentals of the repo market, exploring its role in short-term funding and liquidity management. This course is designed to educate middle and front office professionals on the mechanics and significance of repos in today’s financial landscape.
Build Expertise in Repo Operations
Understand the repo trade lifecycle, from execution to settlement, and gain insights into collateral management, margining, and regulatory reporting. Learn how to navigate operational challenges and support efficient, risk-aware repo transactions.
Stay Ahead in a Dynamic Market
Equip yourself with the knowledge to adapt to evolving repo market trends. This course emphasises real-world workflows, control frameworks, and best practices, ensuring you’re prepared to excel in this critical area of financial markets.
About the Course
Join a dynamic group of operations professionals for an engaging, six-hour course designed to elevate your expertise in repurchase agreements. Delivered over two days, the sessions will take place on 12 - 13 June 2025 at 12:00 UK, 1:00 PM EUR, 7:00 AM NY, and 7:00 PM HK. Led by Glenn Handley, a seasoned expert with over three decades in global finance, this course offers a comprehensive curriculum tailored for middle and back office professionals. This specialised program combines theoretical insights with practical application through real-world workflows and control frameworks. The course spans six focused modules, each 50 minutes long, allowing for a 6-hour delivery format with appropriate breaks. Topics include trade lifecycle management, operational risk, margining, settlement, fails management, reconciliation, and regulatory reporting. Participants will gain a deep understanding of the repo trade lifecycle, from execution to settlement, and learn to manage day-to-day processes such as margining, fails resolution, and collateral substitution. The course also covers operational and regulatory risk mitigation, enhancing controls, reconciliations, and reporting processes. By the end of the program, you'll be better prepared to support new repo structures and technologies, providing invaluable support to your organisation.
Repo for Middle Office and Back Office
A Practical 6-Hour Course for Operations and Middle Office Professionals This specialised training programme is designed to equip middle office and back office professionals with the technical, operational, and risk awareness they need to effectively support repurchase agreements. Spanning six modules of approximately 50 minutes each (allowing for breaks), the course covers trade lifecycle management, operational risk, margining, settlement, fails management, reconciliation, and regulatory reporting—placing particular emphasis on real-world workflows and control frameworks. Module 1: Repo Fundamentals and the Role of Operations This opening session provides an overview of repo markets from an operations perspective, establishing the context for the rest of the course. What is a repo? Quick recap of economic and legal basics. Why repo is different: collateralised, short-term, and operationally intensive. Trade structures: classic repo vs sell/buy-back, term vs open repo. The role of operations and middle office across the repo lifecycle. Key internal stakeholders: traders, risk, legal, compliance, and treasury. External players: counterparties, tri-party agents, custodians, CCPs, and vendors. Module 2: The Repo Trade Lifecycle – Start to Finish This session walks through the full trade lifecycle, with emphasis on control points and key operational actions. Trade booking: pre-trade checks, capture systems, trade attributes. Trade validation: economic terms, SSI checks, instrument data. Trade matching: platforms used (e.g., Bloomberg, MarkitWire, EquiLend). Collateral allocation: eligibility checks, haircut application, substitution workflows. Daily margining: variation margin process and threshold monitoring. Unwinding and settlement: ensuring correct end-of-term activity. Module 3: Collateral Management and Triparty Repo This module dives deeper into collateral operations—an essential function in repo markets. Collateral eligibility and haircuts: internal and external rules. Managing collateral schedules. Substitution processes and challenges. Collateral reuse and re-hypothecation: operational considerations. Triparty repo: how it works, who the agents are (e.g. BNY Mellon, Euroclear). Tri-party vs bilateral – from an operations perspective. Module 4: Settlement, Fails, and Exception Management One of the most operationally intense areas of repo, this module focuses on how to manage timely settlement and resolve common breaks. Repo settlement mechanics (cash and securities legs). CSDs and custodians – how settlement is instructed and confirmed. Common causes of settlement fails in repo. Penalty regimes (e.g., CSDR, UK equivalents) – implications for the back office. Lifecycle of a fail: investigation, resolution, escalation. Tools and best practices for exception management. Module 5: Reconciliation, Controls, and Regulatory Reporting This session focuses on controls, reconciliations, and reporting responsibilities specific to repos. Daily reconciliations: cash, collateral, and trade economics. Internal vs external recs – golden source issues. Understanding control frameworks for repo operations (including 3-lines of defence). Repo-specific regulatory reporting: SFTR, EMIR, MiFIR – operational implications. Trade Repository and UTI matching mechanics. Internal MI and audit trail responsibilities. Module 6: Risk, Change, and Operational Best Practices This final module ties it all together by addressing the evolving nature of the repo operations role and what best-in-class operations teams do. Operational risk in repo: trade breaks, collateral misallocation, funding risk. Change management: system upgrades, CCP clearing implementation, client onboarding. Technology in repo operations: trade capture, margin tools, collateral optimisation. Controls during market stress: Covid crisis, Gilt sell-off case studies. Best practices for operating models and team communication. The future of repo operations: automation, AI, and increasing regulatory complexity. Course Summary By the end of this course, participants will: Understand the repo trade lifecycle from execution to settlement. Be able to manage day-to-day processes such as margining, fails resolution, and collateral substitution. Identify and mitigate operational and regulatory risks linked to repo transactions. Improve controls, reconciliations, and reporting processes. Be better prepared to support new repo structures and technologies.
.png)
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.