Clearing and Settlement Systems for Securities and Derivatives

The post-trade infrastructure for securities and derivatives markets—encompassing Central Counterparties (CCPs), Central Securities Depositories (CSDs), and settlement systems—is essential for mitigating counterparty risk and ensuring market integrity. This comprehensive course provides a detailed analysis of the operational flows, risk management techniques, and regulatory standards for these critical systems. Participants will gain expertise in the principles of **Delivery-versus-Payment (DvP)** and the novation process of CCPs, focusing heavily on margin and collateral requirements, default management, and compliance with the **CPMI-IOSCO Principles for FMIs (PFMIs)** in a global context.