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Securities Operations: A Guide to Trade and Position Management

ISBN: 978-0-471-49758-5
486 pages
April 2002
Securities Operations: A Guide to Trade and Position Management (0471497584) cover image


The only comprehensive account of operational risk in securities settlements
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.
Michael Simmons (London, UK) is currently Head of Business Consultancy at Wilco International, a major software systems provider to the financial markets.
Over the years, financial professionals around the world have looked to the Wiley Finance series and its wide array of bestselling books for the knowledge, insights, and techniques that are essential to success in financial markets. As the pace of change in financial markets and instruments quickens, Wiley Finance continues to respond. With critically acclaimed books by leading thinkers on value investing, risk management, asset allocation, and many other critical subjects, the Wiley Finance series provides the financial community with information they want. Written to provide professionals and individuals with the most current thinking from the best minds in the industry, it is no wonder that the Wiley Finance series is the first and last stop for financial professionals looking to increase their financial expertise.
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Table of Contents

Essential Trading and Settlement Concepts.

The Securities Marketplace.

Bringing Securities to the Securities Marketplace.

Structure of a Securities Trading Organisation.

Transaction Types.

Security Forms.

Security Types

Trade Cash Value Calculation

Static Data

The Trade Lifecycle and Straight Through Processing

Trade Execution and Capture.

Trade Enrichment.

Trade Validation.

Trade Confirmation.

Trade Agreement

Transaction Reporting.

Settlement Instructions.

The Role of the Custodian

Pre-Value Date Settlement Instruction Statuses

Settlement Failure

Trade Settlement

Reflecting Trade Settlement Internally

Position and Trade Related Operations


Securities Lending & Borrowing.

Safe Custody

Corporate Actions



Objectives and Initiatives
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Author Information

MICHAEL SIMMONS has spent the majority of his working life within the operational areas of stockbroking and international investment banking firms, most notably with the S.G. Warburg group in London. Having gained a detailed understanding of various back office tasks through many years of hands-on experience, he assumed managerial responsibility for a number of operational areas.

In recent years, Michael has worked for Wilco International in London (part of the ADP group of companies, headquartered in the U.S., suppliers of software systems to the global financial community), where he heads up a team of securities industry specialists. Michael's area of expertise includes the analysis of the business needs of companies operating in various capacities within the securities industry and in different geographical locations. In addition, he has created and runs training courses on the workings of the securities industry and associated operational aspects to audiences around the world.
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"…Securities Operations provides an accessible and thorough review of the world of securities processing…its language is clear and its structure is excellent…Importantly, the author compliments this overview with useful worked examples and diagrammatic representations that add greatly to the readers understanding…" (GSCS Benchmarks, Vol.10, No.5)
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Securities Operations: A Guide to Trade and Position Management (US $163.00)

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