Online Self-Study
Start date: 1 August
Course access period: 3 months

Online Self-Study
Start date: 1 September
Course access period: 3 months


The Collateral Management course is designed to provide a an solid understanding in the secure and controlled processing of collateral, with a focus on the operations aspects. Based on an element-by-element walk through of  various stages of trade and collateral management processing the participants gains knowledge of and the ability to process trades such as Repo and Derivates transactions while managing the required collateral.

Learning Outcomes

The objective of the Collateral Management course is to ensure participants with limited exposure to collateral management will be able to:
  • Describe collateral & the purpose it serves
  • Identify the various transaction types requiring collateral
  • Describe the causes of exposure for financial institutions
  • Identify the different types of collateral & their characteristics
  • Describe the reasons for legal protection & associated documentation
  • Identify the components in collateral call calculation
  • Understand the rationale for making & receiving collateral calls
  • Describe the handling of collateral substitution & income payments
  • Identify the primary risks and mitigating controls throughout.

Who should attend?

This course is intended to provide a solid foundation for all individuals wanting to gain understanding of collateral management either because they are pursuing employment in collateral management departments or wanting to expand their knowledge while already working with collateral management.

Certification and Programme Recognition

ICMA is a member of the CPD® Certification Service, an FCA-approved qualifications provider and approved by the Securities & Futures Commission of Hong Kong as provider of Continuous Professional Training (CPT).
This course is certified by ICMA and the ICMA Centre, Henley Business School, University of Reading and accredited by CPD® Certification Service.

ICMA recommends that 20 learning hours can be associated with this course, based on attended/undertaken hours of study required to successfully complete the learning outcomes.

A Certificate of Attendance will be awarded to those who meet the minimum attendance requirements for this course.

Please note that your course certificate of attendance or completion should be sufficient to satisfy any professional development requirements – if you require further evidence, please contact us at


Hasse Brandt

The course content is divided into several topic areas, which are then broken down into multiple subtopics:

  • Fundamental Collateral Concepts
    Definition and purpose of collateral
    Why the increased focus on collateral?
    Overview of the collateral life-cycle
  • Types of Collateral
    Collateral impact on Regulatory Capital: Overview
  • Transaction Types Necessitating Collateral: Repo
    A. Repo: An Introduction
            The Repo Market Place
            Trade Execution
            Rate Format
            Interest Calculation
            Trade Tenure

    B. Repo: Eligible Collateral
            Single and Multiple Collateral
            General and Speicla Collateral

    C. Repo: Confirmations and settlement
            Trade confirmation
            Settlement Method
            Settlement Failure
            Updating books and records

    D. Repo; Valuation and Exposure
             Revaluation of Collateral
             Exposure Calculation
             Making and receiving Margin Calls
             Ownership of securities collateral
             Holding securities collateral

    E. Repo; Collateral Ownership - return and income events
            Reuse of securities collateral
                  i. SFT Regulation
            Return of Equivalent Assets
            Collateral Substitutions
            Income Events

    F. The Global Master Repurchaser agreement: Overview
            The Repo Trade Lifestyle

  • Trasaction Types Necessitating Collateral: OTC Derivatives
    A. Introduction to OTC Derivatives
            Initial Derivatives Concepts
            Structural Aspects of OTC Derivatives
            Legal Documentation - Ask risk mitigation component

    B. OTC Products and Processing
            Interest Rate Swap (IRS)

    C. OTC Products and Processing
            Credit Default Swaps (CDS)

    D. Collateral Management for OTC Derivatives
            Collateral Concepts for OTC Derivatives
            Collateral Lifecycle: An Overview
            Credit Support Annex

    E. The OTC Derivative collateral Lifecycle
            Throughout Lifetime of Trade
             Derivative Collateral Calculation

    F. Central Clearning and impact of collateral
             Central Clearning overview
             Capital Requirements: An Overview
             Central Clearning Primary Concepts

    G. Central Clearing and Operational Impacts
            Risk Management
            Netting oppurtunities

Online Course

Delegates who sign up to online courses will have access for 6 months to enable them to take advantage of the additional online resources, discussion boards and other functions of our new digital learning platform.

Online courses start at the beginning of each month – please note that payment must be received BEFORE access to these courses are provided.

Online course fees

ICMA Members: EUR 1,300 (VAT not applicable)
Non Members: EUR 1,900 (VAT not applicable)

Costs include full access to the online campus, associated learning materials and the examination fee.

Please note that:

  • Payment for online courses must be received before the start of the course.
  • All payments must be made in Euro.

As an indicative guide, we would recommend a total of 20 study hours is required to go through the material. Please note this is an approximate guide only.


Should you have any queries, please contact

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