ICMA Executive Education newsletter

Welcome to the second ICMAExecutive Education newsletter

Credit and liquidity components of CDS spread changes

Medieval exchange rate manipulation

Issue No.2, January 2013

OPENINGS

3 Executive education – an essential investment in a changing market Martin Scheck, CEO of ICMA

John Board, Dean of Henley Business School

4 From the Acting Head of ICMA Executive Education David Senior looks at a review of 2012/2013

for ICMA Executive Education

COURSES

5 ICMA EE structure How all of the ICMA Executive Education courses

fit together

6 A ‘Dim Sum’ Primary Market Certificate Our popular PMC course tailored to the

offshore Renminbi market

PEOPLE

7 Featured Trainer Chris O’Malley, Course Director for the Primary Market

Certificate shares his views

8 Training faculty An introduction to all of ICMA Executive

Education’s trainers

NEWS

9 Recent news What’s been happening recently at ICMA EE

FEATURED ARTICLES

10 To start, press any key Neil Schofield comments on the courses he conducts

for ICMA Executive Education

11 Technical Analysis and inter-market trading Clive Corcoran, Course Director for the Technical

Analysis programme gives an overview of his course

12 Credit and liquidity components of CDS spread changes An article by Filippo Coro’, Alfonso Dufour and

Simone Varotto

13 Medieval Financial Engineering A group of academics examine medieval exchange

rate manipulation

14 The development of a global LEI Dan Kuhnel looks at a key regulatory change

PUBLICATIONS

15 Publications Two books published by ICMA’s trainers

Gail Rolland and Mike Simmons

CERTIFICATE HOLDERS

16-17 Recent certificate holders Congratulations to all those who

recently passed our examined courses

18-19 Diploma holders Meet two of our Diploma holders

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ICMA Executive Education is a joint venture between ICMA and the ICMA Centre at

Henley Business School, University of Reading. Covering technical securities/derivatives

and operations, the professional qualifications and training programmes are aimed at

market practitioners in the financial markets and delivered in the major financial centres.

We welcome feedback and comments on the articles which appear in this newsletter.

Please e-mail David Senior, Business Development Director, ICMA Executive Education:

david.senior@icmagroup.org

© ICMA Executive Education, 2013. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without permission from ICMA Executive Education.

contentsJANUARY 2013

3

Executive educationan essential investment in a changing market Welcome to this, the second ICMA Executive Education newsletter. It’s designed to highlight our new courses and locations

and to give you some in-depth insights into our existing programmes and the people who are responsible for delivering them.

We are also profiling our successful certificate holders, who are now using the skills they have learnt with us in their everyday

working lives in the financial markets. We would like to hear what you think about this edition and encourage you to contribute

to the next one, due for publication in July 2013. Contact us on education@icmagroup.org.

introduction

Foreword by John Board, Director of the ICMA Centre and Dean of Henley Business School

ICMA Executive Education has made

significant progress in its mission to provide

training and education for ICMA members.

Our portfolio reaches from basic “Level I” courses, introducing markets and

operations functions, to “Level II” programmes offering formal market recognised

qualifications, to “Level III” sessions that provide advanced, market relevant

CPD for experienced market participants. We all know that education is one

of ICMA’s core objectives and is, of course, at the heart of what any good

Business School “does”.

The ICMA Centre itself continues to perform well. It was ranked in the top 25

in the world in the recent Financial Times listing (which includes all major global

Business Schools). The Centre performed particularly well with high scores

related to careers, continuing its high employment rate with 94% of graduates

again finding jobs within three months of graduation, which is encouraging news

during a recession. We were also ranked in the top 10 worldwide (3rd in the

UK) for career progress of students when judged three years after graduation.

This year, the ICMA Centre has recruited some 330 Masters participants and

50 new Bachelors students. By the end of the year, the Centre will have over

4,000 alumni from 117 countries. The Centre now has one of the largest doctoral

programmes in the UK, and this provides the basis for academic and policy

oriented research – both of which are of benefit to the Investment Banking

and Financial Services industries.

Foreword by Martin Scheck, Chief Executive, ICMA

In the six months since the last ICMA EE

newsletter, it is evident that the reputation

of the financial industry, far from improving,

has been further damaged by the revelations

over the setting of LIBOR which emerged

during the summer. As a consequence,

public opinion and the political environment remain as hostile as ever to bankers

and to the industry as a whole. It is quite difficult to see at this point in time how

ordinary citizens can have their confidence in financial markets and financial

market participants restored.

ICMA, as a long established trade association, with a 40 year track record in

promoting best practice in cross border securities markets, has a role to play,

along with other market participants, in creating the conditions for restoring trust

over the longer term. We continue to support the use of best market practice in

international debt capital markets through our globally recognised standards and

guidelines for the primary and secondary markets and in the repo sector. This,

along with the work on our committees, councils and working groups, is directed

to maintaining robust and well functioning capital markets. The framework we set

out complements statutory regulation and provides essential clarity for market

participants in their day to day operations in the securities markets.

As the new regulatory and supervisory architecture of Europe is progressively put

in place, we make authoritative and well-researched input to the authorities to

ensure that markets can continue to function to the benefit of issuers and investors.

Increasingly however, it is our commitment to education which is becoming

a major focus for us. Our investment in high quality professional education

programmes is making an essential contribution to creating the pool of skilled

and principled individuals who are so crucial to the future development of sound

financial markets. In 2012 we have seen record numbers of young professionals

progress successfully through the extended range of courses which we offer in

locations across Europe. Building on this, we are planning further investment to

make sure that we continue to meet the changing market needs. The introduction

of an ethics element into our courses will be high on the agenda.

4

introduction

A review of 2012 and looking ahead to 2013 by David Senior

David Senior is Director of Business Development and the Acting Head of ICMA Executive Education. In this role David oversees the marketing and organisation of ICMA’s suite of financial training programmes.

2012 has been another challenging year for the financial markets industry. Against this backdrop, ICMA Executive Education has continued to see record numbers of delegates attend our courses. We have also been holding our programmes in different locations for the first time and have welcomed participants from a total of 47 countries on our courses.

The main objective of ICMA Executive Education is to provide high quality executive education courses to ICMA members and non members alike, in line with the association’s mission of improving standards and making markets more efficient. Access to subsidised education is seen as a key benefit of membership for our members and is one of the services ICMA offers that is of most interest to potential members.

I am often asked what differentiates ICMA Executive Education from that of other organisations that offer financial training programmes and the most obvious difference is that ICMA Executive Education is a unique partnership between ICMA and the ICMA Centre, Henley Business School, University of Reading. This gives us the advantage of being able to combine practitioner experience with the academic theory that underpins what we teach. We also place an equal weighting on both front office and operations courses, viewing both functions of the business as important as each other, whereas there can be a tendency to favour the former over the latter.

This year we expanded our course offering to add three new specialist two day courses to our portfolio: Trading the Yield Curve with Interest Rate Derivatives, Trading and Hedging Short Term Interest

Rate Risk and Fixed Income Portfolio Management. We also extended the global reach of our programmes by holding our Primary Market Certificate (PMC) for the first time in Dubai. This focussed on conventional bond and sukuk markets to take account of the needs of practitioners within the Gulf. Next year we will be holding the PMC in Hong Kong for the first time, looking at both conventional bond and offshore Renminbi issuance.

The University of Reading will be opening a new campus in Malaysia and we were delighted to be able to hold a week of Operations courses there, which commenced with our Securities Operations Foundation Course (SOFC) and concluded with a two day specialist Derivatives Operations course.

We have also seen many delegates successfully complete their Diplomas, either in Securities and Derivatives or in Financial Market Operations by following a pathway of courses in either the front office or operations areas of the business.

Even with the current uncertainty in the financial markets, organisations realise that people are their most important asset and it is imperative that employees are adequately equipped to carry out their roles. This means ensuring that staff have the necessary training and exposure to specialist subject areas. Our courses provide not just many practical examples and case studies to delegates, but are also a great opportunity to network and discuss common challenges the industry is facing.

Although I am sure that 2013 will present its own unique set of challenges, I am confident that the financial programmes offered by ICMA Executive Education will continue to meet the needs of the industry.

5

What is ICMA Executive Education?ICMA Executive Education is a joint partnership between the International Capital Market Association (ICMA) and the ICMA Centre, Henley Business School, University of Reading.

The main objective of ICMA Executive Education is to provide high quality executive education courses to ICMA members and non members alike in line with the association’s mission of improving standards and making markets more efficient.

We offer three levels of programmes: introductory, intermediate and specialist in both the front office and operations areas. These programmes are:

I N T R O D U C T O RY P R O G R A M M E S • Financial Markets Foundation Course (FMFC) • Securities Operations Foundation Course (SOFC) • Luxembourg: 11 - 13 March 2013 • London: 18 - 20 February 2013 • London: 8 - 10 May 2013 • Brussels: 25 - 27 March 2013 • Luxembourg: 23 - 25 September 2013 • London: 11 - 13 September 2013 • London: 6 - 8 November 2013 • Brussels: 13 - 15 November 2013

I N T E R M E D I A T E P R O G R A M M E S • International Fixed Income and Derivatives (IFID) Certificate Programme • Sitges, Barcelona: 21 - 27 April 2013 • Sitges, Barcelona: 27 October - 2 November 2013

• Operations Certificate Programme (OCP) • Brussels: 17 - 23 March 2013

• Primary Market Certificate (PMC) • London: 13 - 17 May 2013 • London: 18 - 22 November 2013

S P E C I A L I S T P R O G R A M M E SWe have a number of courses, held in different European locations, which are 1-2 days in length, which focus on single specialist topic areas. These are:

For further information on our programmes, please contact:David Senior, Business Development Director – ICMA Executive Education E-mail: david.senior@icmagroup.org Tel.: +44 20 7213 0329

For details on any of our courses, please see our website: www.icmagroup.org.

I C M A S K I L L S • Successful Sales • Mastering Mandates

C O R P O R A T E F I N A N C E C O N S U LT A N T ( C F C ) C E R T I F I C A T E • Corporate Finance Consultant (CFC) Certificate

Collateral ManagementManagement Commodities – An IntroductionCommodities – Trading and Investment StrategiesCorporate Actions – An IntroductionCorporate Actions – Operational ChallengesCredit Default Swaps (CDS) – Features, Pricing and ApplicationsCredit Default Swaps (CDS) – OperationsDerivative Credit Risk – Analysis and ManagementDerivatives Operations

Fixed Income Portfolio ManagementGlobal CustodyInflation-linked Bonds and StructuresSecurities Lending & BorrowingSecuritisation – Structuring and ValuationTechnical Analysis & Inter-Market TradingTrading and Hedging Short-Term Interest Rate RiskTrading the Yield Curve with Interest Rate Derivatives

courses

6

A “Dim Sum” Primary Market Certificate (PMC)

Hong Kong cityscape

courses

December 1979 marked the start of Deng Xiaoping’s Open Door policy of socialism with a Chinese touch. This paved the way for China’s explosive economic growth throughout the decades that followed and for its gradual integration within the global economy.

As China moves towards challenging the US as the

world’s largest economy, so the Chinese currency,

the Renminbi (RMB), moves towards convertibility.

The process began in 2004, when banks in Hong

Kong were allowed to take RMB deposits for the

first time and to offer some personal financial

services in RMB. In the summer of 2007, the

Chinese government authorised mainland banks

to issue RMB bonds in Hong Kong in order to mop

up some of the RMB liquidity in the Hong Kong

market. Amongst a series of liberalising measures

in July 2010, the authorities dictated that there

would be no restrictions on issuers, investors or

issuance volumes in the offshore RMB bond market,

or the “Dim Sum” market, as it had now come to

be known. In the year following these measures,

issues in the offshore RMB (CNH) grew by RMB 70bn

($11bn) or a five-fold increase in bonds outstanding.

ICMA Executive Education has taken a keen interest in the development of China’s securities markets, as evidenced by our initiative establishing a unique Corporate Finance Consultant (CFC) qualification on the mainland with the NDRCTC. ICMA has established Memoranda of Understanding with key trade associations in the bond markets in China and Hong Kong.

As a further natural step in supporting the development of the CNH bond market, we will present our first Primary Market Certificate (PMC) programme in Hong Kong next year targeting the Dim Sum market.

ICMA’s Primary Market Certificate has now been running for 10 years in London and is normally held twice a year, taking place over four and a half days, with a 90 minute multiple-choice exam on the final afternoon. The PMC is a second level qualification intended for those working in the origination, syndication and transaction management areas of investment banks or securities houses. It is also a valuable qualification for capital markets lawyers looking to expand their understanding of the workings of the primary markets and for those

employed in institutions that may be looking to raise

funds in the international, and in this case, Dim Sum

capital markets.

This certificate programme examines the entire

life cycle of bond issuance, from considering

the financing choices through to the closing of

transactions in the marketplace. While the course

examines the theoretical principles underpinning

the markets and the instruments and financing

techniques that are available, emphasis is placed

on interpreting and using that knowledge in practical

case studies. In addition, due to the dynamic nature

of the primary markets, the programme emphasises

current market practice and use is made of local

market practitioners to discuss key areas.

For the programme in Hong Kong, attention will

be paid to the development of the mainland and

CNH bond markets and the types of borrowers

who can best benefit from the growing market.

Documentation and regulatory modules will also

emphasise Dim Sum issuance.

Chris O’Malley

7

ICMA EE: How would you summarise your career in the financial markets?

Chris O’Malley: When starting my courses, I often like to say “I have been in debt all my life” and of course that is true – I joined a London Stock brokers after graduating in Economics in 1974. After learning my bond market fundamentals in the UK Gilt-Edged market, I moved to establish a business in the international bond market, or Eurobond market, in 1977. I have been intimately involved with this market over much of its life.

ICMA EE: Have you spent time in any particular area of the business?

Chris O’Malley: A large part of my career has been focussed on investor sales and then managing sales teams in the major financial centres.

ICMA EE: How important is the sales function and what makes a good salesperson?

Chris O’Malley:Sales is very much the ‘coal-face’ of a successful capital markets business, but good sales techniques take time to develop. I began my training career in 1999 in this sales area and am delighted that I am still working with young capital market salespeople through the ICMA Skills programmes.

ICMA EE: What did you do after working in sales?

Chris O’Malley: The latter half of my investment banking career was in the primary or new issue markets. I transferred to the origination desk of the bank, establishing a new issue business for the Middle East, India and Africa, successfully bringing many new issues to the loan and bond markets.

ICMA EE: When did your association with ICMA begin?

Chris O’Malley: I was approached in 1999 to join the International Primary Market Association (IPMA) to assist with the association’s work in promoting best practice in the markets. As part of that remit, the idea arose of establishing a training programme for young people in the primary markets.

ICMA EE: How did that role evolve?

Chris O’Malley: I set about developing a one week examined training programme, which would cover the whole life-cycle of debt issuance, from corporate finance principles through to completing a transaction in the market. The course was called the IPMA Diploma.

ICMA EE: How was the course received by the markets? Chris O’Malley: Fortunately it was well received by the industry and with the merger of IPMA and the International Securities Markets Association (ISMA) in 2005, it became the ICMA Primary Market Certificate (PMC). It is now one of the three core intermediate programmes in the ICMA Executive Education portfolio.

ICMA EE: What make the PMC unique? Chris O’Malley: The PMC has a number of distinguishing features. It is fundamentally a ‘market practice’ course. Whilst we review corporate finance theory, the emphasis is on bringing transactions in today’s markets, therefore it is not a static body of knowledge, but a dynamic ever-changing one.

ICMA EE: How do you ensure the course is kept up to date?Chris O’Malley: It would be impossible to run such a course if the trainer was not involved on a regular basis in the markets. Whilst no longer doing transactions myself, I am closely involved with the primary markets through my senior advisor role at ICMA and my involvement with the Primary Market Practices Committee. In addition, we take advantage of our role as the trade association of the international cross border bond markets to invite senior practitioners from our member banks to present on the course. On a typical programme as a result, there are at least eight expert presenters.

ICMA EE: How do you view the importance of the bond markets? Chris O’Malley: The bond markets have grown in importance for international financing as banks have had to preserve and build their capital, and so reduce lending. But as new issue sizes have increased, so have risks.

ICMA EE: How have banks sought to reduce their exposure?Chris O’Malley: They do this in the way they organise new issues, so that the method of launching new offerings has changed dramatically from 10 or 15 years ago. In addition, the regulators are taking an increasing interest in the whole new issuance process. The PMC keeps up to date with all developments.

ICMA EE: There must be a great deal of interest then in a course which addresses theses issues?Chris O’Malley: Certainly – interest in the PMC has grown internationally. In addition to being held twice a year in London, the programme is now held annually in Dubai, where both the conventional and sukuk primary markets are covered. In addition, in 2013, we will hold the inaugural PMC in Hong Kong with a focus on the “Dim Sum” market.

people

We feature one of our course directors in each of our newsletters. In this edition ICMA Executive Education (ICMA EE) speaks to Chris O’Malley

Chris O’Malley

Chris O’Malley is the Course Director for the Primary Market Certificate (PMC) and a Senior Advisor to ICMA. Based in the Market Practice and Regulatory Policy Department of ICMA, he focuses on primary market practices and, particularly, capital markets and skills-based training.

8

CLIVE CORCORANClive advises private clients on how to practise long/short market neutral strategies. He has written Long/Short Market Dynamics: Trading Strategies for Today’s Markets and his articles have appeared in Traders’ Magazine and Active Trader.

He has been a frequent contributor to CNBC’s European Closing Bell and a speaker at international trading expos and workshops. Clive is Programme Director for the Technical Analysis and Inter-Market Trading course.

KEITH DICKINSONKeith is a Visiting Fellow at the ICMA Centre, University of Reading and Programme Director for the Diploma in Financial Markets Operations.

Keith spent twenty years in the operations areas of the equities, fixed income and derivatives markets for securities houses and financial institutions in London, followed by twenty years preparing and delivering operational courses.

LINDSEY MATTHEWSLindsey is Managing Director, UBS Delta, in Securities Distribution at UBS London and was until 2012 Group Head of Risk Education at UBS. He is a Visiting Fellow at the ICMA Centre.

Previously, Lindsey built up the financial products and markets education team for Swiss Bank Corporation in London, expanding the remit to cover the education of clients across all asset classes. Lindsey is Programme Director for the Fixed Income Portfolio Management course.

DAVID OAKESDavid trained as an economist at the London School of Economics and was Lecturer in Finance at the University of Exeter and Warwick Business School before joining the ICMA Centre as Director of Academic and Professional Education.

David now delivers advanced financial markets training to investment banking clients in New York and around the world and is a speaker on the IFID Certificate Programme. David is also Course Director for two of our specialist programmes on Trading the Yield Curve.

GAIL ROLLANDGail has ten years of Fixed Income experience in London and New York in the areas of sales and trading and new product structuring. Since the mid-1990s, she has worked with ICMA Executive Education in addition to running her own financial markets training firm.

Gail has particular expertise in advising the insurance industry on capital markets investment strategies and is the online tutor for the IFID certificate programme.

NEIL SCHOFIELD Neil is a Visiting Fellow at the ICMA Centre and a freelance training consultant. Previously he was global head of financial markets training at Barclays Capital in London. He was responsible for the design and delivery of a large number of seminars in a variety of different asset classes.

Neil has over twenty years of experience in the financial markets. He has published two books: ‘Commodity Derivatives’ and ‘Trading the fixed income, credit and inflation markets’. Neil teaches a number of our specialist courses.

MIKE SIMMONS Mike has been involved with the capital markets and operations throughout his career, focusing originally upon securities settlement and more recently on the broader aspects of operations (e.g. derivatives, trade finance, payments, corporate finance and corporate lending).

Mike is the author of two books on Operations “Corporate Actions: A Guide to Securities Event Management” and “Securities Operations: A Guide to Trade & Position Management”. Mike is also a regular instructor on the ICMA Operations Certificate Programme and teaches some of our specialist operational courses.

MIKE SMITH Mike Smith is a lecturer in finance and dealing room director at the ICMA Centre, University of Reading, where he has been teaching the derivative securities module since 1994. He was formerly a city trader for 8 years where he made markets in cash equities before moving on to a variety of derivatives desks.

Mike specialises in teaching applied finance, in particular options trading, where his main area of interest is the use of trading simulations in the teaching process. He recently developed an advanced trading simulation, ICTrader.

ICMA Executive Education’s trainers

people

9

The Corporate Finance Consultant (CFC) certificate

of the Training Centre of the National Development and

Reform Commission (NDRCTC) has passed the first stage

of formal certification by the Ministry of Human Resources

and Social Security

(MOHRSS). When this

process of certification is

complete, the certificates

will be awarded uniformly

by the MOHRSS, giving

it a much higher level of

government accreditation.

NDRCTC and ICMA

Executive Education have

collaborated together

in the running of the CFC

certificate, and since it started two years ago, over 1,000 bankers

in China have completed the programme, with many more

registered for the coming months.

The IFID Certificate Programme was held for the first time in

Hong Kong, from 26 August to 1 September. The IFID Certificate

is accredited by the Treasury Markets Association (TMA) in Hong

Kong. There were 24 candidates on the course from Korea, Hong

Kong, the Philippines, Singapore, Turkey and Luxembourg. This

is the third consecutive year that the IFID has been run in Asia.

The University of Reading Malaysia hosted the first ever running

of financial markets operations courses in Asia from 11-15 June

this year at its campus in Johor Bahru. ICMA Executive Education

ran its three day Securities Operations Foundation Course,

followed by its two day Derivative Operations course. Over 20

candidates attended from Singapore, Hong Kong, Beijing and

Guangzhou. The training facilities are state-of-the-art and ICMA

Executive Education is looking to run courses there on a regular

basis, starting in 2013.

Based on the success of the Primary Market Certificate (PMC)

course which was held outside of London in Dubai for the first

time this year, we will be holding the programme in Hong Kong

in 2013. As with the Dubai programme, which looked at both

conventional bond and sukuk markets, the Hong Kong PMC

will be tailored to the needs of local practitioners and will focus

on both conventional bond and offshore Renminbi issuance.

Thomson Reuters and ICMA Executive Education held a foreign

exchange conference in Beijing on 26 June at the InterContinental

Hotel in Beijing. Over 125 bankers from all the major banks

attended. Keynote speeches on the FX market were provided

by dealers at the Bank of China, Bank of Communications and the

Agricultural Bank of China and were followed by a presentation

on the cross-currency swaps market by ICMA Executive Education.

Thomson Reuters / ICMA FX conference, Beijing

Alumni reception in Hong Kong

IFID course in Hong Kong

news

Latest news

10

To start, press any key by Neil SchofieldNeil is a visiting fellow at the University of Reading and a freelance training consultant. From 2001 to 2008, he was global head of financial markets training at Barclays Capital in London. Previous to that he was a director at Chisholm Roth training in London and has also held positions at Chase Manhattan Bank as well as Security Pacific Hoare Govett (now trading as Bank of America). Neil has over 20 years of experience in financial markets.

“Hey! Where’s the ANY key?” – Homer Simpson.

When designing a course for ICMA Executive Education, I am always mindful of three principles:

• What courses are topical and interesting?

• What courses are not available elsewhere?

• How can I create a meaningful classroom experience?

I have had a long association with ICMA education that dates back to 1997 and the General Certificate Programme (GCP). For the last 2-3 years, I have been running a series of Level III specialist courses, which have been aimed at the experienced market professional.

Arguably my best attended Level III course is Credit Default Swaps. Since its inception, the course has regularly attracted about 15 attendees and in 2012 we expanded its length to 2 days. The original one day course contained much challenging material and very often meant that some of the interesting content scheduled for the end of the day was rarely covered.

ICMA Executive Education offers two Level III Commodities courses. Commodities – An Introduction highlights how the market differs from traditional financial assets. Commodities - Trading and Investment Strategies, looks at some popular ways of investing in commodities, as well as a variety of different trading strategies. The courses are usually scheduled back-to-back, allowing participants to attend what is most relevant to them.

“More money has been lost because of four words than at the point of a gun. Those words are ‘this time is different’. Much has been documented about recent

central bank monetary policy and the possible consequences. Will it eventually lead to inflation? One of the benefits of the last couple of decades is that many people have never experienced inflation. Ask yourself a simple question: try defining inflation without using the words ‘basket’ or ‘index’. Better still, we expect to be offering our popular 2-day Inflation-linked Bonds and Structures course next year. This course is evolving and I will be updating the materials for 2013 to reflect new ideas I am developing for a new co-authored textbook on the subject.

Many of our training competitors suggest in their marketing literature that their courses are “practical” and “interactive”. However, these phrases are often overused and in the end the participant is faced with a dull lecture whose only purpose is to show how much the trainer knows. My training philosophy, is that what the participant learns is more important than what is taught by the trainer. Although lecturing has its role, the Level III courses are designed with good educational principles in mind. For example, I suspect most readers will have struggled with a technical concept at some time during their career. After ruminating on this for several days, a quick chat with a colleague leads to that “aha!” moment. All of our courses will give participants the chance to learn new subjects, make their own sense of the concept, make connections with prior knowledge and apply the principles through case studies. It’s not about me – it’s about you.

It wouldn’t be right to finish a piece on education without some further learning points from Homer (but not he of the Iliad fame): “I want to share something with you; the three little sentences that will get you through life. Number 1: Cover for me. Number 2: Oh, good idea boss! Number 3: It was like that when I got here.”

features

11

Technical Analysis & inter-market trading Clive CorcoranClive is an FSA Registered Investment Adviser and currently advises private clients on how to practise long/short market neutral strategies. As an author he has written Long/Short Market Dynamics: Trading Strategies for Today’s Markets which was published by Wiley in 2007 and his articles have appeared in Traders’ Magazine and Active Trader. In recent years he has been a frequent contributor to CNBC’s European Closing Bell and has also been a speaker at international trading expos and workshops.

aving presented a course on inter-market technical analysis and trading strategies for four years as one of the ICMA Executive Education programmes, there

are several pertinent observations regarding the value of the course that can be made from the feedback received from the delegates.

By way of clarification, the reason for describing the approach to Technical Analysis taken in the course as “inter-market”, is to place emphasis on the inter-connected nature of contemporary financial markets. In keeping with the further focus in the course on supplementing traditional Technical Analysis indicators with methods arising from statistics, correlation analysis for example, and other “quant” based techniques, the course adopts a cross-sectional view of markets and alignments, as well as divergences in the performance of all major asset classes. Rather than taking individual securities and considering their price patterns, valuations and expected returns in isolation, there is, in my estimation, a need for a more holistic emphasis which frames the analysis in terms of the interplay and co-movements of the full range of financial instruments. This is very much in accordance with contemporary markets, where questions about the appropriate valuation of, for example, the US equity market, is as much affected by developments in the European sovereign debt market or by the performance of the Euro in the Forex market, as it is by domestic US indicators regarding GDP growth, employment data and so on.

Many delegates with backgrounds in macro economics and what might be called a fundamental approach to securities valuation and investment decision making, have found that the tools provided by technical / statistical analysis provide novel and quite striking insights into the price behaviour of financial assets. My ICMA Executive Education course outlines a view of price development, which, somewhat surprisingly, has echoes with notions

from the efficient markets hypothesis (EMH) which holds that current prices have already discounted most of the fundamental macro and micro economic information available. Where Technical Analysis practitioners differ from EMH is in their view that there is a crucial further ingredient that can be deciphered from patterns of price development, as expressed in charts, and which relates to market psychology. In putting the spotlight on the behavioural and psychological dimension to asset price development, and the interpretation of chart patterns, many delegates have commented that one of the most enduring lessons they have taken away from Technical Analysis is that it enabled them to have a more “intuitive” grasp of markets. What might previously have been considered as uncoordinated and haphazard market behaviour, will become far more meaningful when placed in a Technical Analysis informed framework which considers cross-sectional correlations, areas of price support and resistance and key retracement levels.

With regard to the value of ICMA’s course within professional career development, I believe, and delegates attending the course have attested to this, that in today’s financial markets it is vital to have a good working knowledge of many of the tools from technical / quantitative analysis. Such tools and methods will undoubtedly provide a better understanding of the consequences of the proliferation of high frequency trading (HFT) and other algorithmic activity, the changing micro-structure of markets and other qualitative changes in the financial landscape since the 2008 financial crisis. In the aftermath of the 2008 crisis, financial markets have become more tightly coupled as correlations in returns across multiple asset classes have been at historically elevated levels. Making sense of the “new normal” in financial markets and enabling improved trading performance and enhanced asset allocation are very much the focus of ICMA’s course on inter-market Technical Analysis.

features

12

Credit and liquidity components of CDS spread changes by Filippo Coro’, Alfonso Dufour and Simone VarottoSimone is a Lecturer in Finance at the ICMA Centre and teaches undergraduate and postgraduate courses in risk management, credit risk and mergers and acquisitions. He has an active research interest in credit risk, liquidity risk and financial regulation.

The article that appears opposite is from an SSRN working paper “The Time Varying Properties of Credit and Liquidity Components of CDS Spreads” (2012), by Filippo Coro’, Alfonso Dufour and Simone Varotto.

From the start of the on-going financial crisis, credit spreads have become a key indicator of market conditions. Obtained primarily from corporate and sovereign bonds and credit default swaps (but also implied from stock and options prices), credit spreads are commonly deemed to capture default risk. However, in addition to a heightened risk of default, which has led to increased bankruptcies in the corporate world and bailouts at the sovereign level, the crisis was also characterised by severe illiquidity across several market sectors.

In this study, we aim to determine to what extent credit spread changes are driven by default risk or liquidity risk. This is important, because if liquidity risk plays a key role in credit spread movements, their interpretation as default risk measures may be impaired and, as a result, misleading. This could have serious implications, not only because credit spread variations are taken as signals of changes in the financial strength of corporations and governments, but because they are also often used for pricing financial assets. In our analysis, we use a sample of intraday corporate CDS trading prices and quotes from GFI, a prominent inter-dealer broker, for the period from January 2006 to July 2009. The sample period enables us to investigate the default and liquidity determinants of CDS price changes before and during the so called “Great Recession”. Our results are striking. We observe that CDS price movements are mainly driven by liquidity risk both before and during the crisis. As expected, the explanatory power of liquidity factors increases in the crisis period. Interestingly, when firm-specific liquidity risk and industry-wide liquidity risk are investigated separately, we observe that the latter only becomes statistically significant during the crisis. This suggests that illiquidity becomes systematic, i.e. not diversifiable, when the market is under stress. The implication is that liquidity risk may be very difficult to manage precisely when it hurts the most. Among the causes

of liquidity risk, we specifically investigate informed trading. Market makers tend to reduce potential losses from trading with better informed investors by adjusting their prices more aggressively and by increasing bid-ask spreads when the likelihood of informed trading is higher. We observe that the price impact of trades was noticeably higher during the crisis, a clear indication of stronger protective measures being taken by market makers against investors with superior information. This indirectly supports concerns of insider trading in the CDS market, often reported in the financial press and occasionally voiced by leading fund managers. Finally, we find evidence that the additional information provided by large companies through their higher disclosure standards, helps reduce the informational advantage of informed traders, but only in the pre-crisis period. During the crisis, on the other hand, that greater transparency vanishes, probably because in a fast moving market, official sources of information, such as financial statements, are too backward looking to present a meaningful picture of the future prospects of a firm.

To summarise, our main conclusion is that CDS spread changes are driven mostly by liquidity factors, regardless of market conditions. This means that price revisions in the CDS market are probably more of an indicator of broad market sentiment, rather than specific default risk. For this reason, CDS price movements should be used with caution in early warning systems and for valuation purposes. Clearly, international measures to achieve greater transparency in the CDS market, central clearing arrangements and standardisation of CDS contracts are likely to reduce liquidity risk in the CDS market which would improve their quality as a default risk barometer. However, the degree to which these measures will be effective liquidity boosters, especially in periods of pronounced turmoil, remains an open question.

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features

he financial news has recently been dominated by the LIBOR scandal, with allegations that leading banks have manipulated a key financial standard, determining the interest rates charged to millions of

borrowers and used in derivatives contracts worth hundreds of trillions of dollars. We have documented a medieval system of exchange rate manipulation similar to today’s events.

A major driver of financial innovation throughout history has been the desire to circumvent regulations and restrictions placed on financial activities. In the Middle Ages, a major obstacle was the religious disapproval of usury - the charging of interest or ‘making money from money’. Dante, indeed, condemned the usurer to the lowest level of the seventh circle of Hell. The usury doctrine posed a number of practical problems for the medieval financial sector that, with typical ingenuity, merchants and bankers soon found ways around.

The most sophisticated method of disguising interest, which dominated the international trade and financial markets for centuries, used bills of exchange. These were foreign exchange (FX) instruments, originally developed to transfer money for trade, but which also involved a credit element. The bill of exchange simply stated that the seller of the bill had received a sum of money in the local currency from the buyer in place A, to be repaid at a later date in place B, in another currency, at a set exchange rate. The seller of a bill of exchange was effectively a borrower, and the buyer the lender.

In order for the bill of exchange to function as a credit instrument however, there needed to be some way of compensating the lender for the time value of their money, i.e., of paying interest, but without appearing to violate the usury prohibition. This was achieved by manipulating the exchange rates at places A and B, with the rate of interest being determined by the difference, or spread, between the two exchange rates. The use of bills of exchange as credit instruments in this way thus required the systematic manipulation of exchange rates in all major financial centres in order to produce and maintain this differential or spread. The obvious modern comparison is with the recent allegations over the fixing of LIBOR.

But was the use of bills of exchange necessarily wrong? If there was no way of circumventing the usury prohibition by charging interest, then why would investors have lent to borrowers, including medieval governments, at all? Equally, without these exchange rate adjustments, it would have been much more difficult to profit from FX transactions. There would have been no incentive for the medieval bankers to engage

in FX, which would also have reduced the ability of merchants to fund their trading ventures, or to transfer money internationally. Although such techniques may have been essential for the functioning of medieval finance, and perhaps came to be viewed as normal business practice to those involved, the wider public was less understanding.

In fact, it can be argued that there is an important element of cognitive dissonance in attitudes towards financial practices, both in the Middle Ages and today. Although certain forms of financial engineering play a vital role within the financial system, when viewed from the outside, they may seem amoral or even illegal. In this way, revelations about the hiding of usury in the Middle Ages or the fixing of LIBOR today both reflect and contribute to a wider public suspicion of finance.

The research underpinning this article has been conducted as part of the ‘Medieval Foreign Exchange’ project. We are grateful to the Leverhulme Trust for funding this research under grant number RPG-193. For further details of the project, see www.icmacentre.ac.uk/medievalcredit/.

Prof. Adrian Bell is Head of the ICMA Centre.

Prof. Chris Brooks is Professor of Finance and Director of Research at the ICMA Centre.

Dr. Tony Moore is Research Associate on the ESRC-funded project “Credit Finance in the Middle Ages: Loans to the English Crown c.1272-1340 based at the ICMA centre.

Medieval Financial EngineeringAdrian R. Bell, Chris Brooks and Tony Moore – ICMA Centre, University of Reading

Pictured from l-r: Chris Brooks, Tony Moore and Adrian Bell

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The development of a global Legal Entity Identifier (LEI) Dan Kuhnel is a senior executive in the Primary Market Relationship Management group within Euroclear’s Commercial Division.

Mr. Kuhnel is also the Chairman of the Board of the Association of National Numbering Agencies (ANNA) and has held this role since 2005. He served as Chairman of the ANNA Service Bureau between 2001 and 2004.

Mr. Kuhnel is a guest speaker on ICMA’s Primary Market Certificate (PMC) course

Introduction

This past month marks four years since the collapse of Lehman Brothers, an event with impacts far beyond the offices of Wall Street as its impact could be felt by institutions and individuals worldwide. The events of 17 September 2008 are widely viewed as a trigger for the global economic downturn we have seen, and a key catalyst for the wide-scale regulatory change we see evolving across the financial services sector.

One of the key regulatory changes identified is the introduction of a Legal Entity Identifier “LEI”. The logic behind it is quite straight-forward, namely that in order to assess the overall systemic weight of any legal entity, you need to be able to aggregate all the information relevant to that legal entity.

What has happened so far?

The idea might sound simple enough, but implementation is far from straightforward. It has been attempted before, but this time it has the political backing of the G20 and, as a consequence, the regulatory community. For the time-being, the LEI is required for reporting under the Dodd-Frank Act and an interim identifier, known as a CICI (CFTC Interim Compliant Identifier) has been mandated as a reporting requirement by the Commodities and Futures Trading Commission (CFTC).

ISO (the International Organisation for Standardisation) and its members, e.g. the Association of National Numbering Agencies (ANNA), also recognised the need for standardisation to play a key role in assisting with solving this requirement. ISO and ANNA sought to advance past efforts to create a similar type of entity identifier and leverage the expertise of its members, resulting in the development of a new ISO standard, ISO 17442 – the Legal Entity Identifier.

The G20 appointed the FSB (Financial Stability Board) to define a framework of implementation. The FSB has been set a very tight timeline, to define a detailed process by the end of 2012 and be operationally functional by March 2013.

Who will need an LEI?

The scope has been largely agreed – any legal entity that enters into a financial transaction will need to have an LEI to identify themselves. For example:

- All financial intermediaries - Banks and financial companies - Any entity that issues financial instruments - Any entity listed on a stock exchange - All entities that trade stock or debt - Investment vehicles (including mutual funds, pension funds) and alternative investment vehicles constituted as corporate entities or collective investment agreements - Any entity under the purview of a financial regulator and their affiliates, subsidiaries and holding companies - Counterparties to financial transactions - Parent companies of any of the above

What are the key attributes of the LEI?ISO 17442 defines a 20 character alphanumeric code that:

- Will be a globally unique identification of entities that require an LEI - Defines an LEI code that contains no embedded intelligence - Defines an LEI code that is interoperable with other standards and existing reference data and can be applied globally to support the financial service industry - Leverages ISO expertise in defining and maintaining standards - Defines an LEI scheme that is reliable and a code that is persistent, and - Defines an LEI scheme that is extensible and free from limitation on use and redistribution

The structure of the code will consist of 18 alphanumeric characters and 2 check digits (making a total of 20 characters for the code).

What are the next steps?The FSB has set up three high-level workstreams, focusing on:

- Governance and Legal aspects - Operations (including LEI system adoption) - Ownership and Hierarchy reference data

Active and regular industry discussions continue within the sub-working groups that have been set up under each of the above umbrella categories, with initial recommendations made available to the G20 Ministers for their November 2012 meeting.

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15

publications

RECENTPublications

CMA Executive Education has always prided itself

on the quality of its instructors, with the best from both

academia and the industry. In this regard, several of our

instructors have published leading books in their area

of expertise through their respective publishers.

T W O R E C E N T P U B L I C AT I O N S BY O U R I N S T R U C T O R S A R E :

Market Players: A Guide to the Institutions in Today’s Financial Markets

Gail Rolland

Gail is involved with our FMFC, IFID and OCP courses.

Recent financial crises and instances of corporate malpractice

have prompted many questions about how companies

are run – and whether this tallies with how they should be run.

This book systematically explores the factors that shape corporate

governance, and discusses both those governance practices

implemented by companies and those imposed by regulators.

It also tries to determine how good corporate governance

can help companies to create value for their shareholders.

Securities Operations: A Guide to Trade and Position Management

Michael Simmons

Mike teaches on several of our Operations courses.

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.

These books are available to ICMA Members at greatly reduced

prices, compared to normal retail prices. Please see our website

for further details, as well as a list of our instructors’ publications.

16

List of recent Certificate HoldersICMA Executive Education is pleased to announce the following certificate holders in 2012.

FMFCTareq Al Musharaf

Hanan Aazri

Zhiger Atchabarov

Philippe Belche

Anna Berdinner

Jenniffer Elizabeth Bonilla Lozano

Stefano Bottai

Christophe Bouvy

Mark Cobley

Baptiste Dragon

Dunia Duarte

Harry English

Catherine Federspiel

Chris Feinen

Claudie Flamand

Sanne Fournier-Wendes

Mennatallah Gabal

Ljupcho Gjavochanov

Miguel Alfonso Gomez Cordero

Viviane Haas

Christian Huberty

Rauni Johtonen

Ilia Kekelidze

Jan Kuchta

Sophie Leissing

Reham Montaser

Laurent Nilles

Vincent Pellizzari

Karise Robinson

Oliver Robinson

Céline Salerno

Daniel Schaack

Tsend-Ayush Shagdar

Vanessa Tavan

Christen Thomson

Binderiya Tuvsanaa

Robert van Geffen

Serena Vecchiato

Lana Vukasinovic

Joe Welter

Alexandra Zakharova

PMCFawaz Amin Abusneineh

Josef Achmann

Shaikh Alawi Ahmed

Wael ALashqar

Mansoor Khalid Al Redha

Abdulla Hisham Al Shirawi

Martin Appiah

Mimoun Abdelkader Assraoui

Linus Asu

Omar Bin Shan

Russell Brandenburger

Kristina Dalgaard

Ilya Davydov

Maarten Delhez

Peter De Swart

Pierre-Yves Druenne

Marie Duflos

Sedef Gunsur

Marcos Gonzales

Roderick Gordon

Hitesh Shah

Peter Holmvall

Dirk Husnik

Jens Ismunden

Olga Kirichenko

Sebastian Klein

Sini Lansilahti

Mudzaffa Reza Mahmud

Oliver Mazur

Adnan Mirza

Tim Mohn

Pieter Noordzij

Tanja Oehmke

Andreas Raimchen

Ana Maria Vasquez Røsjø

Carol Sawaya

Leonie Schueller

Johannes von Selle

Shrishail Shetty

Marina Slutskaya

Fiona Watson

Thomas Westerhoff

SOFCRosila Ahmed

Shamma Almazrouei

Banu Apers

Ji Myung Bae

Valentino Baglioni

Siobhan Benrejdal

François Bertrand

James Cameron

Kin Keung Alex Chan

Sheau Ing Chan

Shiyun Esther Chen

Jing Chen

Martin Chong Yong Chuen

Niamh Crilly

Raija Grondahl

Ouidad Hachemi

Patrick Hess

Jiajia Lang

Chermaine Lee

Maggie Lee

Adelyn Leong

Michelle Leow Ee Wen

Kevin Leung Kwok Chu

Maria Litao

Abi Kanutin

Michelle Ng Pei Ching

Wicki Nielsen

Katarzyna Polubinska

Jaikrishnan Ramalingam

Blanka Regeny

Merlin Ryser

Patrick Schoeni

Renata Sušicová

Salvatore Talarico

Chin-Hao Tan

Sylvestre Tape

Grace Katrine Tarigan

Sze Ling Selina Tong

Shing Chi Steven Tse

Katarina Urdová

Anne Vaudois

Vsevolod Vinogradov

Jason Wang

Andrew Weeks

Jingqiu Yang

Katja Zehnder

Benjamin Zinnen

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Diploma in Financial MarketOperationsFrancisca Ariza Sanz

Annemieke Bax

Susann Becker

Ralf Bergemann

Peter Brouwer

Colin Groombridge

Helene Starklint Henriksen

Reimar Hillers

Wendy Hoffmann

Mughees Husain

Nicola Losito

Irene Katsalirou

Yvonne Kugelmeier

Daniel Stubbs

Andrew Tapsfield

Diploma in Securities& DerivativesIoana Alexopolou

Annette Decker

Mohamed El Aroussi

Andrew Brierley

Vincent Guerin

Christine Haralambous

Liza Jensen

Irene Katsalirou

Isabel Lopes Soares

Pascal Nicoloso

José Ramón Lasuen

Magnus Olsson

Hanne Schilling-Spurtzem

Alexander Schindler

Marc-André Schliewe

Holger Schroeder

Imma Segura Prat

Beatriz Sotomayor

Zoë Sprokel

Nabay Tekie

Serena Vecchiato

IFIDHakki Akdas

Stephanie Berg

Alexey Bezrukavnikov

Claudio Biagini

Marwan Abi Chaker

Sooyeon Cho

Byungdoo Choi

Jin Seok Choi

Moonsun Choi

Andrew Daly

Matthew Debrabant

Nils Denies

Claudio Domingues

Arnaud Dirassen

Adrian Dragan

Julius Enqvist

Amr El Margoushy

Yole Frejacques

Alvise Gini

Elliott Goldstein

Poul Gundersen

Morten Hansen

Mohamed Hamza

Sung Hoon Hwang

Christoffer Larsen

Stella SuHee Kim

Michal Klestinec

Sandeep Jain

Thomas Krabbe Jensen

Shin Young Kang

Leena Kassinen

Roland Kremer

Jeong Ho Kwon

Vytenis Lapinskas

Bibi Larsen

Cedric Lauener

Hyun Young Lee

Shane Sangbum Lee

Thies Lehmann

Jean-Remi Lopez

Andrew MacLeod

Erik Maletzky

Huub Messagie

Hyundoo Min

Gerard Moerman

Guido Müller

IFID (Continued)

Hee Chan Park

Darius Petrauskas

Arnaud Poelmans

Tjerk Ronner

Jong Ho Ryu

Je Ki Seong

Dain Sherborne

Oliver Sinnott

Jan-Joost Snijder

Sun Bum Song

Carmen Sturdy

Siok Shin Tan

Marcel Timmers

Virgil van Burken

Ural Ünsur

Serena Vecchiato

Ellen Vereycken

Sebastian Vogel

Jorgen de Vries

Leonard Wagner

Adriaan Wessels

Sander Wever

Yuxing Zhang

Sebastiaan Zitman

Romualdas Zove

OCPLynn Mitchell

List of recent Certificate HoldersICMA Executive Education is pleased to announce the following certificate holders in 2012.

SOFCRosila Ahmed

Shamma Almazrouei

Banu Apers

Ji Myung Bae

Valentino Baglioni

Siobhan Benrejdal

François Bertrand

James Cameron

Kin Keung Alex Chan

Sheau Ing Chan

Shiyun Esther Chen

Jing Chen

Martin Chong Yong Chuen

Niamh Crilly

Raija Grondahl

Ouidad Hachemi

Patrick Hess

Jiajia Lang

Chermaine Lee

Maggie Lee

Adelyn Leong

Michelle Leow Ee Wen

Kevin Leung Kwok Chu

Maria Litao

Abi Kanutin

Michelle Ng Pei Ching

Wicki Nielsen

Katarzyna Polubinska

Jaikrishnan Ramalingam

Blanka Regeny

Merlin Ryser

Patrick Schoeni

Renata Sušicová

Salvatore Talarico

Chin-Hao Tan

Sylvestre Tape

Grace Katrine Tarigan

Sze Ling Selina Tong

Shing Chi Steven Tse

Katarina Urdová

Anne Vaudois

Vsevolod Vinogradov

Jason Wang

Andrew Weeks

Jingqiu Yang

Katja Zehnder

Benjamin Zinnen

18

Diploma holder – Securities and DerivativesMarco Da Silva OliveiraName: Marco Da Silva Oliveira

Organisation: Banque de Luxembourg

Job title: Senior Trader (Structured Products & Fixed Income)

Name and date of courses completed:

• Financial Markets Foundation Course (FMFC) 2008

• International Fixed Income and Derivatives (IFID) Certificate Programme 2010

• Commodities – An Introduction 2012

• Commodities – Trading and Investment Strategies 2012

Describe what you do on a day to day basis in your job: I’m active on both the Fixed Income and the Structured Products Desks. My daily business consists in trading all kinds of papers regarding these two activities.

Our desk is also in charge of launching new structured products linked to equities and commodities.

Reasons for taking the courses you attended:The desk is active in launching new products linked to commodities, hence my interest in attending these courses.

Benefits of taking these courses:I think the most important benefit for me was all the features I learned about the physical delivery part of commodities, which are completely different compared to other underlyings, like equities.

At the beginning of 2011, ICMA Executive Education introduced two Diplomas: the Diploma in Securities and Derivatives and the Diploma in Financial Market Operations. Each Diploma can be attained by completing one introductory course, one intermediate course

and two specialist programmes in the relevant Diploma pathway.

19

Diploma holder – Financial Market Operations Reimar HillersName: Reimar Hillers

Organisation: Portigon

Job title: Head of Trade Support Equities and Derivatives

Name and date of courses completed:

• Securities Operations Foundation Course (SOFC) 2012

• Operations Certificate Programme (OCP) 2011

• Corporate Actions – Operational Challenges 2012

• Credit Default Swaps (CDS) – Operations 2012

Describe what you do on a day to day basis in your job: I am in charge of a team which supports our trading department in equities and derivatives. We assist our trading department in any operational part of the business in order to make trading more efficient for them.

Reasons for taking the courses you attended:In the role of a middle office it is essential to always have an up-to-date knowledge of the relevant markets and operations, as well as developing financial instruments.

Benefits of taking these courses:The courses are very helpful to get a better understanding of how the different processes fit together in the global securities operations world. It is a great opportunity to benefit from the experience of the tutors.

At the beginning of 2011, ICMA Executive Education introduced two Diplomas: the Diploma in Securities and Derivatives and the Diploma in Financial Market Operations. Each Diploma can be attained by completing one introductory course, one intermediate course

and two specialist programmes in the relevant Diploma pathway.

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