Training Courses

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Cash Equities
Course Objective This one-day course enables delegates to gain a comprehensive understanding of clearing securities (fungible, negotiable financial instruments that represent some type of financial value).
Clearing for EquityClear
This course assumes that delegates have an understanding of equity products. If required, introductory training on the products in which LCH offers central counterparty services is provided on Understanding the Markets. A tailored training programme will be designed for your organisation's specific requirements, which could include the sessions detailed on the below training programme:
Clearing for ForexClear
This course assumes that delegates have an understanding of foreign exchange products. If required, introductory training on the products in which LCH offers central counterparty services is provided on Understanding the Markets. A tailored training programme will be designed for your organisation's specific requirements, which could include the sessions detailed on the below training programme
Clearing for LCH EnClear Services
This course assumes that delegates have an understanding of products traded on the LCH EnClear Services: Freight and Emissions markets and the role and function of LCH. If required, introductory training on the products in which LCH offers central counterparty services is provided on Understanding the Markets. As a supplement to the Risk Management session, further margining detail is provided on the London SPAN Margining course. A tailored training programme will be designed for your organisation's specific requirements, which could include the sessions detailed on the below training programme:
Clearing for Listed Rates
This one day course assumes that delegates have an understanding of short-term interest rate (STIRs) and long-term interest rate (LTIRs) euro-and sterling-based listed derivatives. If required, introductory training on the products in which LCH offers central counterparty services is provided on Understanding the Markets. Information on margining and the default management process is provided on the Risk Management and Margining for NLX  course. A tailored training programme will be designed for your organisation's specific requirements, which could include the sessions detailed on the below training programme.
Clearing for London Stock Exchange Derivatives
This course assumes that delegates have an understanding of London Stock Exchange Derivatives products. If required, introductory training on the products in which LCH offers central counterparty services is provided on Understanding the Markets. As a supplement to the Risk Management session, further margining detail is provided on the London SPAN Margining course. A tailored training programme will be designed for your organisation's specific requirements, which could include the sessions detailed on the below training programme:
Clearing for RepoClear
This course assumes that delegates have an understanding of repo instruments. If required, introductory training on the products in which LCH offers central counterparty services is provided on Understanding the Markets. A tailored training programme will be designed for your organisation's specific requirements, which could include the sessions detailed on the below training programme:
Clearing for SwapClear
This course assumes that delegates have an understanding of interest rate swap products. If required, introductory training on the products in which LCH offers central counterparty services is provided on Understanding the Markets. A tailored training programme will be designed for your organisation's specific requirements, which could include the sessions detailed on the below training programme.
Derivatives
Course Objective Explore the role and function of the clearing house as a CCP Examine the different markets and major products which are included in the clearing service of LCH Get an overview of delivery management for Commodities physical deliveries Find out how transaction and position management for listed derivatives works Know the current account structure Post EMIR
Introduction to the CCP
Course Objective The aim of this course is to present to future Clearing Members an introduction of the CCP’s role . This training will also enable Clearing Members to understand the on-boarding process and LCH SA rules that manages the connection to the CCP. This training aims also at facilitating Clearing Members future on boarding.

London SPAN Margining

Course Objective

This full-day introductory course enables delegates to gain a comprehensive understanding of the methodology for London SPAN (Standard Portfolio Analysis of risk) and aims to aid those who wish to broaden their knowledge of the related margining process.

The benefits to delegates are:

 - Improving knowledge and understanding of margining

 - Understanding the differences between margin methodologies

 - Gaining insight into margin calculation and risk management

 - Receiving information on LCH's Default Management Process
 

Intended Audience

Attendance on the London SPAN Margining course is optional for Clearing Members.
 

Testimonials[OT1] 

"Lays important foundation that enabled me to understand the way SPAN works"

"Very good explanation of need for margining. Clear explanation of constituent parts of SPAN methodology."

"I really enjoyed the course. [The speaker] was great and explained concepts clearly and keeps you entertained."
 

Prior Knowledge Required

A basic understanding of Exchange-traded derivative products.

Content

  • History and role of LCH Group Ltd
  • Understanding counterparty risk and margining
  • Comparing and understanding futures versus options risk
  • Understanding London SPAN margining

Cost

£500 plus VAT per delegate.

 

Charges for training cover the cost of the training material and administration only and must be paid in full at least two weeks prior to each course date. Cancellations received within 24 hours prior to commencement of any course will carry a cancellation fee equivalent to 50% of the total cost of the course. Please note that training fees will not be refunded if delegates are unable to attend on the day, although alternative delegates will be accepted.

New Clearing Members and those extending their Clearing Member status to the following markets/exchanges are allocated free places, as part of the application process:

  • LCH EnClear OTC Services
  • London Stock Exchange Derivatives

Training Programme

Time:

08:50 – 17:00

Location:

LCH Ltd Training Facility
Aldgate House
33 Aldgate High Street
London
EC3N 1EA
United Kingdom

 

Please note that the timings listed below are an approximation and actual session times may vary.

08:50

Registration and Coffee

09:00

History and Role of LCH Group Ltd

09:10

Understanding Counterparty Risk and Margining

10:05

Comparing and Understanding Futures versus Options Risk

10:25

Break

10:40

Understanding SPAN Margining

11:55

Margining for Futures on London Stock Exchange Derivatives

12:50

Lunch

13:50

Margining for Options on London Stock Exchange Derivatives (except Equity)

15:50

Break

16:05

Margining for LME Futures

16:20

Margining for LCH EnClear OTC Services - Tiered Margining

16:30

Margining for LME and London Stock Exchange Derivatives

16:45

Questions and Answers

17:00

Close

 

Listed Rates Synapse System Workshop

Workshop Objective

 

This half-day workshop provides operational staff at Listed Rates Clearing Member firms with an understanding of the functionality of the clearing system for contracts traded on the NLX and CurveGlobal market.

Attendance on this course helps Clearing Members to fulfil the requirement for operational capability outlined in section 1.3.1 of the Rulebook. The benefits to delegates are:

  • improving understanding of LCH's operations to make using the system easier
  • establishing relationships with key people in LCH
  • the opportunity of open forum to ask questions relating specifically to your firm or job role
  • minimising risk of loss or inconvenience to your firm caused by operational errors
     

Intended Audience

Attendance on the Listed Rates Synapse System workshop is mandatory for:

  • Back office operational staff at new Listed Rates Clearing Member firms
  • Back office operational staff at firms extending their Clearing Member status to include Listed Rates business

Attendance on the Listed Rates Synapse System workshop is recommended for:

  • New back office operational staff within existing Listed Rates Clearing Member firms
  • Back office operational staff at existing Listed Rates Clearing Member firms who require refresher training

Prior Knowledge Required

This workshop requires a good understanding of the role and function of LCH and listed derivatives products. 

Content

  • Overview of Synapse System
  • Technology and System Requirements
  • Trade Flow
  • User Admin and Passwords
  • Synapse System Functionality: Practical Exercises
  • Reporting

 

Training Programme

Time:

09:00 – 13:00

Location:

LCH Ltd Training Facility
Aldgate House
33 Aldgate High Street
London
EC3N 1EA
United Kingdom


Please note that the duration of each module is an approximation and actual session times may vary.

Registration and Coffee

Overview of the Synapse System

  • Technology and System Requirements
  • Overview of the Synapse System

System Demonstration and Practical Exercises (I)

  • User Admin
  • Option Exercise Limits
  • Option Exercise and Abandon
  • Authorising Option Exercise and Abandon Instructions
  • Early Delivery Instructions
  • Bond Nominations

Break

System Demonstration and Practical Exercises (II)

  • Viewing Results of Option Expiries
  • Viewing Results of Early Delivery
  • Reports
  • Give Ups
  • Splits

Break

System Demonstration and Practical Exercises (III)

  • Position Transfers and Take Ups
  • Trade Modifications
  • Close Outs

Questions and Answers

Close

 

Cost

£250 plus VAT per delegate.

Charges for training cover the cost of the training material and administration only and must be paid in full at least two weeks prior to each workshop date. Cancellations received within 24 hours prior to commencement of any workshop will carry a cancellation fee equivalent to 50% of the total cost of the workshop. Please note that training fees will not be refunded if delegates are unable to attend on the day, although alternative delegates will be accepted.
 

Additional Information

Further information regarding NLX can be obtained by visiting www.nasdaqomx.com. For specific queries, please email:

Email: onboarding@nlx.co.uk

Further information regarding CurveGlobal can be obtained by visiting www.lseg.com. For specific queries, please email:

Email: membership@lseg.com

 

 

Associated training

In addition to the training detailed above, the following reference guide is available:

Synapse System User Reference Guide

New Clearing Members and those extending their Clearing Member status to include the clearing of Listed Rates business are allocated free places on this course as part of the application process.

Risk Management and Margining for Listed Rates

Course Objective

This full-day course enables delegates to gain a comprehensive understanding of VaR (value-at-risk) margining methodology and aims to aid those who wish to broaden their knowledge of the margining process.

The benefits to delegates are:

  • improving knowledge and understanding of margining
  • understanding the differences between margin methodologies
  • gaining insight into margin calculation and risk management
  • receiving information on LCH's Default Management Process

Intended Audience

Attendance on the Risk Management and Margining for Listed Rates course is recommended as optional training for risk management staff within Listed Rates Clearing Member firms.

Testimonials

"Well presented and relevant, up-to-date, and fitting with the current business".

"I have been in the industry for more than twenty years, but taking a ‘back to basics' approach at the beginning of the course ensured my mind was engaged."

Prior Knowledge Required

This workshop requires a good understanding of the role and function of LCH, and listed derivatives products. 

Content

  • Overview of VaR margining
  • Example of historical VaR
  • Statistical terms used in VaR
  • Risk factors and mapping
  • VaR margining methodology

 

Cost

£500 plus VAT per delegate

Charges for training cover the cost of the training material and administration only and must be paid in full at least two weeks prior to each workshop date. Cancellations received within 24 hours prior to commencement of any workshop will carry a cancellation fee equivalent to 50% of the total cost of the workshop. Please note that training fees will not be refunded if delegates are unable to attend on the day, although alternative delegates will be accepted.

Training Programme

Time:

08:45 – 17:00

Location:

LCH Ltd Training Facility
Aldgate House
33 Aldgate High Street
London
EC3N 1EA
United Kingdom


Please note that the timings listed below are an approximation and actual session times may vary.

08:45

Registration and Coffee

09:00

Welcome and Introduction

09:10

Overview of VaR Margining

  • Explanation of VaR
  • Advantages and Disadvantages of VaR Types
  • Overview of NLX Margining Methodology (VaR)

09:45

Example of Historical VaR

  • Example of Historical VaR
  • Historical Prices and Risk Factors
  • Historical VaR Single Portfolio Example
  • Mixed Asset Portfolios Example

12:30

Lunch

13:15

Statistical Terms Used in VaR

  • Mean
  • Variance
  • Volatility
  • Covariance
  • Correlation
  • Diversified and Undiversified VaR

15:00

Break

15:15

Risk Factors and Mapping

  • NLX Contracts
  • Short Term Interest Rates (STIRs)
  • Fixed Income
  • Calculating Risk Factors
    • Mapping
    • Duration
    • Cash Flow
  • Option Pricing Theory

15:45

VaR Margining Methodology

  • VaR Margining Methodology
  • Synthetic Risk Factors
    • Long Futures
    • Short Futures
    • Spread Positions
    • Option Portfolios
  • Reports Using the NLX Margin Simulator

16:45

Summary

16:50

Questions and Answers

17:00

Close

LSE Academy Training

Further courses are offered via the London Stock Exchange.