Securities Operations Foundation Course

1. Securities Operations
Foundation Course (SOFC)
I C M A E X E C U T I V E E D U C AT I O N

2. Course Overview
The Securities Operations Foundation Course (SOFC) is an introductory level qualification intended for anyone
entering a career in the securities operations area of the financial markets.
The course has been specifically designed to impart essential information necessary for delegates to develop
a thorough understanding of securities (both equity and debt) markets and, in particular, securities operations
concepts. The course instructor will explain all topics from the perspective of how operational processing is
impacted, including the identification of processing risks and the internal and external controls employed to
mitigate such risks. The course conveys numerous conceptual points, which are combined with emphasis
on the practical aspects of securities operations, including day-to-day challenges.
In order to check that participants have fully understood the topics, numerous exercises are run throughout
the course by delegates working either independently or in small groups.
The course does not assume any prior study or work experience other than a general awareness of the financial
markets.
Being a Level I course within ICMA’s suite of operations courses, the SOFC is an ideal starting point for those
delegates who are new to securities operations, or for existing operations personnel looking to increase their
understanding of the business.
Course Structure
The structure of the SOFC comprises two main areas, initially generic operations concepts, followed by securities
operations concepts.
Generic operations concepts is covered on Day 1 in the morning and comprises a range of concepts that are
applicable across the spectrum of operations disciplines, including (but not limited to) securities operations.
Securities operations concepts is covered over two complete days (until lunchtime on Day 3), and utilises all the
concepts covered in Generic operations concepts, additionally focusing on numerous vitally important aspects of
securities processing. The carefully considered sequence of topics results in delegates gradually accumulating their
understanding in a series of linked building blocks.
The SOFC exam takes place on the afternoon of Day 3, following a ‘free’ revision period, during which the
delegates may choose to self-study; alternatively the instructor will be available to answer any questions and clarify
any doubts about the course material.
“Very useful course to help me better understand the challenges facing the world of securities operations.
The material was very high quality, which I have used regularly for reference in my role of designing new
solutions to improve Post Trade processes.”
Sam Romilly, Program Manager – Post Trade, SWIFT

3. Course Content
The content of SOFC is as follows:
Target Audience
Generic Operations Concepts
The SOFC is targeted at people entering the world of securities operations
• The Financial Services Environment
• Financial Products Overview
and personnel currently working within this field who wish to gain a broader view
on how their role relates to the bigger picture.
• Financial Markets Overview
• Major Participants
• Fundamental Banking Operations Concepts
The course is applicable to (amongst others), those working for investment banks,
brokers, buy-side institutions (e.g. mutual funds, pension funds, supranational
organisations), central securities depositories, custodians and regulatory bodies.
Securities Operations Concepts
In terms of responsibilities within such organisations, the SOFC is suitable for those
• Securities Products
working in the following areas; operations, middle office, compliance, risk, legal,
• Equity & Debt Issuance
IT and all other non-front office areas.
• Trade and Settlement Concepts
• External Trading Infrastructure
The course is open to ICMA members and non-members.
• Internal Trading Infrastructure
• External Settlement Infrastructure
• Internal Operations Infrastructure
• Trade Cash Value Calculation
• The Securities Trade Lifecycle: Overview
• Other Securities Transaction Types: Overview
“I found the course very interesting. The teaching method was excellent and explained many topics around a
security settlement, with plenty of opportunities for questions and feedback. I will not hesitate to recommend
this course to my colleagues.”
Nina Skansen, Markets Support & Clearing, DnB NOR Markets

4. Course Director
Mike Simmons: Mike is an operations specialist and the Programme Director
Mike is Course Director for ICMA’s Securities Operations Foundation Course (SOFC)
for ICMA’s Operations stream of training courses. He has been involved with
and the Operations Certificate Programme (OCP), and teaches various specialist
the capital markets and operations throughout his career, focusing originally
operations courses including Collateral Management and Corporate Actions.
upon securities settlement and more recently on the broader aspects of operations
(derivatives, trade finance, payments, corporate finance and corporate lending).
Mike is the author of two books on Operations – ‘Securities Operations: A Guide
to Trade & Position Management’ and ‘Corporate Actions: A Guide to Securities
Event Management’, both published by Wiley Finance.
“The course helped me update my existing business knowledge and analyse the differences between the UK
and German markets”
Alexander Lauterbach, Head of Finance, VEM Aktienbank AG

5. Course Information and Registration
Fees
The cost is GBP 1,875 for ICMA members and GBP 2,450 for non-members
with further discounts as follows:
Further Information and Course Registration
To register please use our online registration system:
www.icmacentre.ac.uk/exec_registration/
2 to 4 candidates – 5% discount each*
For any questions about the course, please contact:
5+ candidates – 10% discount each*
David Senior
*Please note that discounts are applied by way of a refund to the organisation when registration
Business Development Director
has closed and the final number of candidates from the firm has been determined.
Email: david.senior@icmagroup.org
Payment can be made by secure online credit card or by invoice. Please note that
Tel: +44 (0)20 7213 0329
selecting the invoice method will add GBP 50 (administration fee) to the course price.
Note that anyone requiring accommodation to take the course will be required to
arrange this on their own; it is a class-based but non-residential certificate programme.
“The course provided me with a full insight into the securities settlement process.”
Amel Marzoug, Operations Manager, Ikano Fund Management

6. ICMA Executive Education
For many years ICMA Exective Education has made investment in executive
• Operations Certificate Programme (OCP)
education for the financial markets a priority. Its courses are administered and
• Primary Markets Certificate (PMC)
overseen by the ICMA Centre at Henley Business School, University of Reading.
All are recognised as certificates of competence in the capital markets and are
Five Certificate Programmes are offered:
successfully completed by large numbers of international participants each year.
• Financial Markets Foundation Course (FMFC)
• Securities Operations Foundation Course (SOFC)
• International Fixed Income and Derivatives (IFID) Certificate
ICMA Centre
The ICMA Centre, University of Reading has an international reputation for providing
facilities including two dealing rooms. In 2008, ICMA enabled an expansion
quality teaching programmes tailored to the capital markets industry. Established in
to the building that now includes an additional 50 seat dealing room, 170 seat
1991 with funding provided by the International Capital Market Association (ICMA),
lecture theatre as well as new seminar rooms and a dedicated research area.
the Centre is housed in a purpose-built modernist building with state-of-the-art
The International Capital Market Association
The International Capital Market Association (ICMA) is a unique organisation and
banks, as well as asset managers, exchanges, central banks, law firms and other
an influential voice for the global capital market. It represents a broad range of
professional advisers. ICMA’s market conventions and standards have been the
capital market interests including global investment banks and smaller regional
pillars of the international debt market for over 40 years.
International Capital Market Association
(ICMA)
Talacker 29
PO Box CH-8022 Zurich
Switzerland
International Capital Market Association Limited
(ICMA Ltd)
23 College Hill
London EC4R 2RP
UK
ICMA Centre
Henley Business School
University of Reading
Whiteknights
Reading RG6 6BA, UK
Tel: :+41 (0)44 363 4222
Fax: +41 (0)44 363 7772
Email: education@icmagroup.org
www.icmagroup.org
Tel: +44 (0)20 7213 0310
Fax: +44 (0)20 7213 0311
Email: education@icmagroup.org
www.icmagroup.org
Tel: +44 (0)118 378 8239
Fax: +44 (0)118 931 4741
www.icmacentre.ac.uk