Securities Operations: A Guide to Trade and Position Management

ISBN-13: 9780471497585 / Angielski / Twarda / 2002 / 496 str.

Simmons

Opis

The only comprehensive account of operational risk in securities settlements
Securities Operations focuses on the settlement aspects of a securities transaction. As financial analysts make a greater effort toward quantifying and managing operational risk, they are paying more attention to securities transactions in general and to the settlement phase in particular. While describing the practical issues, this book enumerates the different "back office" related risks potentially encountered throughout the settlement. Simmons also covers more advanced topics such as derivatives, trade compensation, internal allocation of funding costs, and operational performance measurement.
Michael Simmons (London, UK) is currently Head of Business Consultancy at Wilco International, a major software systems provider to the financial markets.
Over the years, financial professionals around the world have looked to the Wiley Finance series and its wide array of bestselling books for the knowledge, insights, and techniques that are essential to success in financial markets. As the pace of change in financial markets and instruments quickens, Wiley Finance continues to respond. With critically acclaimed books by leading thinkers on value investing, risk management, asset allocation, and many other critical subjects, the Wiley Finance series provides the financial community with information they want. Written to provide professionals and individuals with the most current thinking from the best minds in the industry, it is no wonder that the Wiley Finance series is the first and last stop for financial professionals looking to increase their financial expertise.

Recenzje

" Securities Operations provides an accessible and thorough review of the world of securities processing its language is clear and its structure is excellent Importantly, the author compliments this overview with useful worked examples and diagrammatic representations that add greatly to the readers understanding " (GSCS Benchmarks, Vol.10, No.5)

Spis treści

Essential Trading and Settlement Concepts.

The Securities Marketplace.

Bringing Securities to the Securities Marketplace.

Structure of a Securities Trading Organisation.

Transaction Types.

Security Forms.

Security Types

Trade Cash Value Calculation

Static Data

The Trade Lifecycle and Straight Through Processing

Trade Execution and Capture.

Trade Enrichment.

Trade Validation.

Trade Confirmation.

Trade Agreement

Transaction Reporting.

Settlement Instructions.

The Role of the Custodian

Pre–Value Date Settlement Instruction Statuses

Settlement Failure

Trade Settlement

Reflecting Trade Settlement Internally

Position and Trade Related Operations

Funding.

Securities Lending & Borrowing.

Safe Custody

Corporate Actions

Reconciliation.

Accounting

Objectives and Initiatives

O autorze

MICHAEL SIMMONS has spent the majority of his working life within the operational areas of stockbroking and international investment banking firms, most notably with the S.G. Warburg group in London. Having gained a detailed understanding of various back office tasks through many years of hands–on experience, he assumed managerial responsibility for a number of operational areas.

In recent years, Michael has worked for Wilco International in London (part of the ADP group of companies, headquartered in the U.S., suppliers of software systems to the global financial community), where he heads up a team of securities industry specialists. Michael′s area of expertise includes the analysis of the business needs of companies operating in various capacities within the securities industry and in different geographical locations. In addition, he has created and runs training courses on the workings of the securities industry and associated operational aspects to audiences around the world.

Blurb

" A much needed work in the field. Simmons′ book should become compulsory reading for those working in securities operations and settlements. This book is certainly one of the best references in the area." Dr Marcelo Cruz, CEO, RiskMaths

"A thorough and long overdue insight into the world of securities processing written in everyday language which will appeal to everyone from operations professionals to executive management. The book will find itself on many bookshelves in offices around the world." Kevin Milne, Executive Managing Director, Omgeo

"By applying a clear considered approach that draws upon the author′s own experiences and offers real–life examples of the costs and risks of getting it wrong′, this book gives the reader a solid foundation in all operational aspects of a high–profile and evolving industry." David Tarling, WestLB

The operational activities that follow a trade are an important and essential part of the securities industry′s business. Written by an author with many years experience within this sector, Securities Operations: A Guide to Trade Position Management sets out to demystify the subject and provides a thorough, step–by–step introduction to securities operations.

Securities Operations: A Guide to Trade and Position Management is a comprehensive source for understanding operational processing of securities. Explaining in detail both the individual components their relation to each other within the operations process, the reader will gain a clear and thorough understanding of the subject, and in particular the potential risks involved and strategies to mitigate them.

Securities Operations: A Guide to Trade and Position Management is essential reading for all those involved in the securities industry, from new recruits to those involved in both the day–to–day operations process and those within executive management. It will also be of value to those providing consultancy and software solutions to investment banks.