Capital Markets Back-Office Certification Programme: CAMBOC

In cooperation with the House of Training Quality Circle Capital Markets and ICMA Luxembourg (International Capital Market Association).

Objectives

CAMBOC is a 7-day comprehensive programme that covers many aspects of securities back-office operations. The main objective of CAMBOC is to provide participants with a good understanding of the diverse activities that are carried out in a securities back-office, including settlement in the primary and secondary markets, custody for debt instruments and equities, securities financing, collateral management, tax processing and international payments. The programme also includes a section on managing operational risk in the back-office.

Methodology

The blended methodology used in CAMBOC is based on an optimal combination of theory and practice. Theoretical aspects are based on the latest market standards, while examples, case studies and exercises are used to present and reinforce the practical application of the material. Before starting the instructor-led part of CAMBOC, participants will take an E-learning course on international financial markets.

PART 1:

An E-learning course “International Financial Markets” with a final non-eliminatory test.

Participants are required to take this course and pass the test with a minimum recommended score of 60% a few weeks before the beginning of the second part.

PART 2:

An instructor-led training (ILT) given online.

Target group

The level of this course is intermediate to high. It focuses on improving the efficiency of middle and back-office staff in banks and other financial institutions by covering different aspects of securities and cash operations in detail. Participants should have a minimum of 3 years of experience in back-office operations or a similar area in financial services.

A good level of Engish is required.

Platform: Webex

Attendees must have working microphones and a webcam is mandatory to get the most from the workshop and to participate in the online exam.

Technical Requirements:

In order to join the course participants are requested to have:

a stable internet connection
a device (preferably a PC) with well-functioning microphone and webcam, which is mandatory to be able to interact with the trainer and their peers and to take the exam.

Location & duration:

Online course: from Monday 7 June to Wednesday 16 June 2021 (8 sessions of 4 hours each, from 09:00 to 13:00 Luxembourg time)
Online exam: Thursday 17 June 2021 from 09:00 to 12:00 Luxembourg time

Detailed programme

Part 1 - E-Learning: International Financial Markets

The objective of this part is to provide the participants with a good understanding of financial markets, the financial instruments traded in them, the key players in financial markets and the activities that they perform.

Participants will have access to the E-learning course on a 24/7 basis through the Internet for a period of 6 months from the selection date onward. They will be able to log-on and log-off the course as many times as they would like.

The instructor-led part will start where the E-learning finishes. Completing the E-learning course with a score of at least 60%, therefore, is a prerequisite for the ILT part of the programme.

The specific content of the E-learning course is the following:

Financial Markets
Financial Instruments: Securities
Financial Instruments: Derivatives and Investment Funds
Market Activities
Market Players
Future Trends

The last chapter of the E-learning course is a test, which participants are expected to pass to confirm the knowledge that they acquired before beginning the ILT course.

Part 2 - Online training from 7 to 16 June 2021

The programme covers the following topics:

Definitions
ISO standards, codes
Classification scheme for financial instruments (ISO 10962: 2015)
Players in financial markets
SWIFT as a back-office standard
Financial markets
- Primary market
- Secondary market
- Overview of the transaction chain of securities processing
- Front office (Pre-trade, Trading)
- Middle office (Functions, importance)
- Back-office (Operations, matching,...)
ICMA rules
Clearing
- Gross
- Net
- Central counterparties
Settlement
- Criteria
- Instrument types
- Payment methods
- Currency, multi-currency
- Settlement cycle
- CSDs vs. ICSDs
- Settlement models
- Role of central banks in settlement
- Target 2 Securities
Custody for equities
- Corporate actions
- Classification
- Events review
- Legal/regulatory issues regarding equities
Custody for debt instruments
- Corporate actions
- Classification
- Events review (interests, redemptions,...)
Tax processing for securities
- Withholding tax
- Capital gains tax
- Other types of taxes
- Tax reclaim
Custodian fees
- Transaction fees
- Custody fees
- Other types of fees
Treasury and Cash Management
- Placements, borrowing
- Foreign exchange
- Hedging, derivatives
- Reconciliation
- Cash correspondents
- Payments
- Payment systems
- Market practice
Securities Financing
- Securities lending and borrowing
- Repurchase agreements ("Repos")
- Sell/buybacks
- Collateral Management
- Uses of collateral
- Managing different types of collateral
- Haircuts and margins
- Marking to market
- Legal/regulatory issues
Fund custody
- Functions of a fund custodian/depositary
- Responsibilities of a fund custodian/depositary
- Variations for standard ("UCITS") and alternative funds
Managing risk in the Back-Office
- Types of risk in financial services
- Basics of risk management
- Risk in the back-office
- Counterparty/settlement risk
- Operational risk
- Processes
- People
- Systems
- External events
Regulatory Issues in the Back-Office
- International standards
- European regulations
- Prevention of money laundering and terrorist financing in the back-office
Technology in the Back-Office
Case Studies and group projects and simulations
Review and Exam

Exam

The knowledge acquired in the seminar will be validated through an online examination of 3 hours. Participants who pass the exam will receive a certificate issued by the House of Training and ICMA.

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Testimonial

Albulena Mustafa - Kosovo
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Risk Management: Liquidity Risk
2020-01-28 / Pristina

The seminar was excellent. The lecturer was very well prepared and he was able to explain the topics in a very clear way. He was able to combine very well the practice with academic learning.

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