|Course Code: 100
|Duration: 1 day
|CPE Credits: 6
|Prerequisite: No Prerequisite Required
This one-day course provides participants with a basic level introduction to the securities industry. In the post-Lehman era, as the financial markets and participants experience a sea change as a result of recent regulatory changes, it is increasingly important for new entrants to the industry to understand the "big picture". This program is intended for an audience who is interested in receiving an overview of the industry fundamentals, including products, participants, and markets.
Participants will be introduced to the main product types including equity and fixed income. Derivatives and alternative investments will also be discussed.
The role of institutions, investment managers, broker/dealers, custodians, prime brokers and industry infrastructure such as clearing houses and centralized securities depositories will be examined.
The program will also provide insight into the structure of where these products are traded, cleared, and settled for both the exchange-based and OTC (over-the-counter) markets. Participants will receive an overview of the regulatory environment of the industry, including the Federal Reserve, the Securities Exchange Commission, the Financial Industry National Regulatory Authority and the Commodity Futures Trading Commission.
Topics for Discussion Include:
Introduction to the Products of the Securities Industry
- Fixed Income
- Fund Products
- What motivates the issuers and investors
- How these products are issued and distributed in the primary markets
Introduction to the Participants of the Securities Industry
- Categories of Investors: Retail and Institutional
- Asset Managers
- Investment Advisors
- Global Custodians
- Prime Brokers
- Characteristics of each participant type
- Role in the Securities Industry
- Relationships among participants
Industry Infrastructure for Trading and Clearance and Settlement
- Marketplaces: Exchanges and OTC
- How trades are executed
- What happens after a trade is executed
- How trades are cleared and settled
- Interfaces among market participants
- How is the industry regulated?