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Financial Markets Operations Management (2 page)
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Authors:
Keith Dickinson
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Financial Markets Operations Management
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List of Illustrations
Chapter 1
FIGURE 1.1
Investment organisation â structure
FIGURE 1.2
Investment organisation â structure
FIGURE 1.3
Investment organisation â structure
Chapter 2
FIGURE 2.1
Summary of ICMA accrued interest rules
FIGURE 2.2
Long futures contract purchased at a price of 100
FIGURE 2.3
Short futures contract purchased at a price of 100
FIGURE 2.4
Long call option
FIGURE 2.5
Short call option
FIGURE 2.6
Long put option
FIGURE 2.7
Short put option
FIGURE 2.8
Comparison of the risks of futures and options
FIGURE 2.9
IRS plumbing diagram
FIGURE 2.10
Swap Bank as agent
Chapter 3
FIGURE 3.1
Reference data â bonds
FIGURE 3.2
Reference data â equities
FIGURE 3.3
The global LEI system structure
Chapter 4
FIGURE 4.1
Borrowers, lenders and intermediaries
FIGURE 4.2
Market structure
Chapter 5
FIGURE 5.1
Clearing house model
FIGURE 5.2
Central counterparty model
Chapter 6
FIGURE 6.1
CSD participation
FIGURE 6.2
Inter-CSD links
FIGURE 6.3
Custodian bank's access to foreign CSD
FIGURE 6.4
Local CSD's access to foreign CSD
FIGURE 6.5
Direct links
FIGURE 6.6
Relayed links
FIGURE 6.7
Linkages in the USA
FIGURE 6.8
Linkages in Europe
Chapter 7
FIGURE 7.1
Trade capture
FIGURE 7.2
Trade enrichment
FIGURE 7.3
Trade reporting
FIGURE 7.4
Trade confirmation/affirmation
FIGURE 7.5
Clearing instructions
FIGURE 7.6
Cash forecasting
FIGURE 7.7
Securities forecasting
FIGURE 7.8
The completed clearing phase
FIGURE 7.9
Dealer's blotter
FIGURE 7.10
Dealing sheet
FIGURE 7.11
Trade ticket
FIGURE 7.12
Transaction ticket
FIGURE 7.13
Outgoing trade confirmation
FIGURE 7.14
Incoming trade confirmation
FIGURE 7.15
Trade affirmation/confirmation
FIGURE 7.16
Receive versus payment
FIGURE 7.17
Delivery versus payment
FIGURE 7.18
Clearing house instructions v1
FIGURE 7.19
Clearing house instructions v2
FIGURE 7.20
Clearing house matched report to T01
FIGURE 7.21
Clearing house matched report to T02
FIGURE 7.22
Cash forecasting
Chapter 8
FIGURE 8.1
Physical settlement
FIGURE 8.2
Gridlock with ABC securities transactions
FIGURE 8.3
Multilateral netting
FIGURE 8.4
Fails management (a)
FIGURE 8.5
Fails management (b)
FIGURE 8.6
Fails management (c)
FIGURE 8.7
Buy-in
FIGURE 8.8
Buy-in pass on
FIGURE 8.9
Sell-out
Chapter 9
FIGURE 9.1
Clearing before regulatory intervention
FIGURE 9.2
Clearing after regulatory intervention
FIGURE 9.3
Exchange-traded derivatives
FIGURE 9.4
Give-Up Agreements
FIGURE 9.5
Answer to margin question
FIGURE 9.6
Trade and post-trade OTCD environment
FIGURE 9.7
Central clearing of interest rate OTCDs
FIGURE 9.8
Central clearing of credit OTCDs
Chapter 10
FIGURE 10.1
Holding securities â summary
FIGURE 10.2
Local market
FIGURE 10.3
Local markets in the same region (the brokers have been removed for reasons of clarity)
FIGURE 10.4
Global custody structure: sub-custodian network
FIGURE 10.5
Institutional client appoints global custodian
FIGURE 10.6
Investment manager appoints global custodian
FIGURE 10.7
Links with the ICSDs
FIGURE 10.8
Fragmented European landscape
FIGURE 10.9
Integrated model â T2S and Target2
Chapter 11
FIGURE 11.1
Communication chains between issuer and investor
FIGURE 11.2
Cum- and ex-dividend timeline
FIGURE 11.3
Normal cum-benefit and normal ex-benefit trading
FIGURE 11.4
Communication via global custodian
FIGURE 11.5
Communication via local custodian
FIGURE 11.6
ICSD communication with depository, global custodian and fund manager
Chapter 12
FIGURE 12.1
Summary of securities financing transactions
FIGURE 12.2
Loan commencement
FIGURE 12.3
Loan completion
FIGURE 12.4
Nominal amount of bonds required
FIGURE 12.5
Repurchase agreement
FIGURE 12.6
Sell/buy-back
FIGURE 12.7
Tri-party repo
FIGURE 12.8
HIC repo
FIGURE 12.9
Initial purchase
FIGURE 12.10
Exposure on purchase date
FIGURE 12.11
Exposure on a forward date
FIGURE 12.12
Exposure after margin call
Chapter 13
FIGURE 13.1
ABC â Profit & Loss Statement
FIGURE 13.2
ABC â Balance Sheet
FIGURE 13.3
Settlement entries
FIGURE 13.4
Sale of 3,500 Jardine Cycle & Carriage shares
FIGURE 13.5
Final position of Jardine Cycle & Carriage shares
FIGURE 13.6
Bonds purchased at par
FIGURE 13.7
Bonds purchased at a premium
FIGURE 13.8
Bonds purchased at a discount
FIGURE 13.9
Transactions in Carrefour shares
FIGURE 13.10
Index futures contract
Chapter 14
FIGURE 14.1
Securities Reconciliation Report
Guide
Cover
Table of Contents
Preface
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