Programme

This course concerns a 1-day online workshop covering the following topics:

• Fundamentals of trading

• • Why does trading take place?
  • Where does trading take place?
  • When does trading take place?
  • Who does trading take place?
  • How does trading take place?

• On-venue versus off-venue trading

• • OTC deals versus exchange transactions
    • Brokerage agreements versus memberships
    • Brokerage services & direct market access
    • Discretion vs. a non-discriminatory basis
    • KYC procedures & rulebooks
  • Bilateral deal-making versus multilateral deal-making
    • Counterparty risk
    • Netting
    • Clearing
    • Margining

• The organisation  of trading

• • The role of brokers
  • The role of exchanges
  • The role of clearing houses
  • The role of clearing members

• The cost of trading

• • Fee structures
  • Cost of capital
  • Data & news