Course 09 · Capital Markets Trading & Risk Academy

Repo & Securities Financing

Fund the position. Control the collateral. Price the special.

Course 01 introduced money markets and the funding cost of a sovereign bond book. Course 06 used financing as an assumption in a corporate bond-CDS basis trade; Course 07 considered the liquidity of securitized holdings; Course 08 introduced stock-borrow feasibility. Course 09 owns the actual securities-financing transactions that make those positions possible: repo and reverse repo, securities lending and borrowing, collateral eligibility and movement, haircuts and variation margin, special collateral, income events, recalls, settlement failures, close-out mechanics, liquidity and refinancing stress.

100 chapters · 10 modules · beginner to advanced · spreadsheet first, Python and SQL optional

Enrol or enquire See the 100 chapters
The continuous case

One book, carried through all ten modules

Meridian Securities Financing Desk funds a government bond from Course 01, an Aster bond from Course 06 and a securitized note from Course 07, while sourcing Helios shares for a short from Course 08. Aster's deterioration and a Helios corporate action trigger margin calls, refinancing needs, recalls, substitution and potential fails. All prices, rates, margin terms, eligible collateral and legal clauses are fictional training inputs.

The firm, positions, prices and counterparties are fictional teaching inputs. They do not describe any real institution or transaction.

Curriculum

10 modules · 100 chapters

Each module closes with an artefact, and the ten artefacts accumulate into the final pack the learner defends. Chapters build in order rather than standing alone.

M1 Securities-financing market and claim map Ch 1-10
  1. Why a Trading Desk Finances Securities
  2. Repo and Reverse Repo Perspectives
  3. Securities Lending Versus Repo
  4. Participants and Market Plumbing
  5. General Collateral and a Special Security
  6. Financing Tenor and Open Trades
  7. Cash, Securities and Legal Entity Inventory
  8. Settlement Date, Maturity and Income Calendar
  9. Reference Agreements and Confirmation Hierarchy
  10. Market Map Capstone: Meridian's Financing Chain
M2 Repo pricing and transaction cash flows Ch 11-20
  1. Purchase Price and Repurchase Price
  2. Dirty Security Value and Initial Cash
  3. Quoted Rate, Day Count and Holiday Crossing
  4. Overnight Roll Versus Fixed Term
  5. Floating and Resetting Repo Rates
  6. Sell-Buyback Economic Comparison
  7. Coupons During a Repo
  8. Effective Funding Cost of a Bond Position
  9. Independent Repo Quote Challenge
  10. Repo Economics Capstone: Finance Three Bonds
M3 Collateral selection, haircuts and margin Ch 21-30
  1. Eligible Collateral Schedule
  2. Haircut and Initial Margin Calculation
  3. Variation Margin After Price Change
  4. Thresholds, Minimum Transfer and Rounding
  5. Collateral Substitution Approval
  6. Concentration and Wrong-Way Collateral
  7. Margin Dispute and Independent Price
  8. Collateral Reuse and Chain Visibility
  9. Noncash Collateral and Haircut Mismatch
  10. Collateral Capstone: Aster Downgrade
M4 Special collateral, arbitrage and basis constraints Ch 31-40
  1. General-Collateral Rate Versus Special Rate
  2. Auction Supply and Collateral Scarcity
  3. Short Bond Delivery and Reverse Repo
  4. Cash-Futures Basis and Deliverable Bonds
  5. Bond-CDS Basis Funding Reality
  6. Agency MBS Versus Illiquid Tranche Financing
  7. Term Specialness and Implied Forward Scarcity
  8. Forward-Starting Repo and Inventory Planning
  9. Implied Carry Versus Actual Financing
  10. Basis Capstone: Special Bond Squeeze
M5 Equity securities lending and short-sale funding Ch 41-50
  1. Share Loan Ticket and Borrowed Quantity
  2. Beneficial Owner and Lending Agent
  3. Cash-Collateral Rebate and Loan Fee
  4. Easy-to-Borrow and Hard-to-Borrow Shares
  5. Lender Recall and Forced Short Cover
  6. Dividend and Equivalent Payment on Loaned Stock
  7. Voting and Corporate-Action Recall
  8. Rights Issue and Adjusted Borrowed Stock
  9. Stock-Loan Collateral Margin
  10. Securities Lending Capstone: Short Squeeze
M6 Legal form, settlement and default mechanics Ch 51-60
  1. GMRA Version, Annexes and Trade Terms
  2. GMSLA Title Transfer Versus Pledge Form
  3. Delivery Versus Payment Settlement
  4. Tri-Party Agent and Allocation Cycle
  5. Cleared Versus Bilateral Financing
  6. Security Fail at Repo Start
  7. Failure to Return at Maturity
  8. Close-Out Netting and Replacement Cost
  9. Income, Substitution and Open-Trade Notice
  10. Legal Capstone: A Defaulting Financing Counterparty
M7 Securities-financing risk and liquidity stress Ch 61-70
  1. Risk Taxonomy by Cash and Security Need
  2. Funding Gap and Liquidity Ladder
  3. Margin Spiral Under Bond Price Stress
  4. Double Stress: Rates and Collateral Haircut
  5. Counterparty Default and Gap Risk
  6. Same Collateral Across Several Obligations
  7. Concentration in Lenders and Borrow Sources
  8. Basis Trade Liquidity Before Maturity
  9. Risk Dashboard and Exception Thresholds
  10. Funding Risk Capstone: Three-Day Squeeze
M8 Funding strategy, market access and reporting Ch 71-80
  1. Matched-Book Repo Economics
  2. Funding Allocation Across Desks
  3. Scarce-Security Inventory Pricing
  4. Collateral Optimization Under Eligibility Rules
  5. Cleared, Tri-Party and Bilateral Choice
  6. Central Bank Repo Backstop Boundaries
  7. Dealer Balance-Sheet and Return on Capital
  8. Collateral Upgrade and Transformation Trade
  9. Securities-Financing Transaction Reporting
  10. Strategy Capstone: Fund the Whole Book
M9 Lifecycle, reconciliations and independent control Ch 81-90
  1. Repo and Loan Trade Capture Fields
  2. Price, Factor and Corporate-Action Data
  3. Margin Call Issuance and Response
  4. Settlement Fail and Market Remedy
  5. Stock-Loan Recall Workflow
  6. Coupon, Dividend and Equivalent-Income Ledger
  7. Independent Collateral Price Verification
  8. Documentation and Regulatory Change Log
  9. Reuse Rights, Client Assets and Audit Trail
  10. Control Capstone: Duplicate Government Bond
M10 Integrated Meridian financing desk defense Ch 91-100
  1. Opening Positions and Signed Agreements
  2. Government Bond Funding and Specialness
  3. Aster Bond Financing After Downgrade
  4. Securitized Collateral Valuation Dispute
  5. Helios Share Borrow and Rights Event
  6. Counterparty, Agent and Netting Exposures
  7. Three-Day Cash and Securities Ladder
  8. Joint Default, Recall and Settlement Stress
  9. Treasury and Risk Committee Decision Pack
  10. Financing Liquidity Defense and Sign-Off
How it is delivered

Three ways to take Repo and Securities Financing

Self-paced is a document-and-media programme with lifetime access - no live sessions. Cohort and enterprise add live instructor-led training. Mentorship is not offered in any tier.
Feature Self-paced Cohort Enterprise
Format Written chapters, video explainers and podcasts Everything in self-paced, plus scheduled live sessions Everything in cohort, delivered privately to your team
Live sessions None Scheduled, instructor-led Scheduled, instructor-led, private
Mentorship Not offered Not offered Not offered
Access Lifetime Lifetime Lifetime for every enrolled seat
Pace Entirely your own Guided schedule with a peer group Agreed with your desk
Tailoring Fixed curriculum Fixed curriculum Sequenced to your markets, systems and governance
Best for Individuals learning around a job Individuals who want structure and deadlines Desks building the same capability together
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Each course stands alone. Taken in order, the ten build one cross-asset trading and risk capability.

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