Securities Operations: A Guide to Trade and Position Management

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John Wiley & Sons, Jul 7, 2003 - Business & Economics - 486 pages
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.
 

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excellent book for introducing investment bank back office operations

Contents

1 Essential Trading and Settlement Concepts
1
2 The Securities Marketplace
9
3 Bringing Securities to the Marketplace
33
4 Structure of a Securities Trading Organisation
47
5 Transaction Types
71
6 Security Forms
89
7 Security Types
101
8 Trade Cash Value Calculation
113
18 PreValue Date Settlement Instruction Statuses
241
19 Settlement Failure
253
20 Trade Settlement
261
21 Reflecting Trade Settlement Internally
275
22 Position and Trade Related Operations
289
23 Funding
291
24 Securities Lending and Borrowing
317
25 Safe Custody
327

9 Static Data
129
10 The Trade Lifecycle and Straight Through Processing
145
11 Trade Execution and Capture
149
12 Trade Enrichment
165
13 Trade Validation
175
14 Trade Agreement
185
15 Transaction Reporting
203
16 Settlement Instructions
207
17 The Role of the Custodian
225
26 Corporate Actions
341
27 Reconciliation
365
28 Accounting
385
29 Objectives and Initiatives
409
Glossary of Terms
435
Recommended Reading
455
Index
457
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About the author (2003)

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.

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