Clearing, Settlement and Custody

Four new chapters and updates throughout help this 2e of Clearing, Settlement and Custody summarize worldwide changes in the process of concluding a financial transaction. Noted consultant David Loader provides a highly detailed analysis of the central clearing counterparty concept, the drivers behind it, and its effects on operations teams. He also clearly illustrates the life cycle of a series of transactions to broaden the comparison process.

Emphasizing changes in the regulatory environment stemming from the 2008 market crash and liquidity crisis, this edition uses new case studies and end-of-chapter quizzes to explore the transaction value chain of trading, clearing, settlement, and custody. Students and professionals in the financial field will benefit from the book's description of the industry and the details of financial innovation and regulatory response, with their many implications.

• Supplements theoretical insights about risk with empirical data from current cases
• Provides the first algorithmic risk management technique that spans multiple asset classes
• End-of-chapter questions reinforce primary and secondary points

Autorentext

David Loader is the cofounder of DSC Portfolios Ltd., which specializes in global training and consultancy services for the financial industry. He has worked in the debt, equity, and derivatives markets, and his expertise in back-office dynamics is unparalleled. He has written widely on operations management, derivatives, fund administration, and operational risk.

Inhalt

1 - The structure of clearing and settlement

2 - The role of the clearing house, trade repositories and central securities depositories

3 - Bond Settlement

4 - Equity clearing and settlement

5 - Clearing and Settlement of Derivatives

6 - Custody services

7 - Securities Lending

8 - Settlement of Portfolio Transactions and Subscription/Redemption of Shares and Units in Investment Funds

9 - Risk and Regulation

Glossary