Clearing, Settlement and Custody (Securities Institute Operations Management)
'Clearing, Settlement and Custody' focuses on the clearing, settlement and custody functions by analyzing how they work and the interaction between the organizations involved. The author examines the roles of clearing houses, central counterparties, central securities depositories and the custodians, as well as, assessing the impact on the workflow and procedures in the operations function at banks, brokers and institutions. The changes that are taking place in the industry are explored and the impact for operations managers and supervisors assessed.
Clearing, settlement and custody is at the heart of everything that happens in the financial markets. The evolution of clearing and settlement is one that is still happening and as such, it is impacting on the operations function through both new practices but also, increasingly, in terms of regulation, risk and reputation.
In essence the efficient clearing and settlement operation is managing risk, not because it is a direct part of the process but more because it is a bi-product. The routine procedures relate to reconciliation and record keeping. If these are performed efficiently and accurately it will result in accurate records of activity and profit and loss.
The settlement process is a key element in identifying and correcting errors made by dealers and traders. Failure to identify the error or act promptly will result in potentially serious financial loss, as well as worrying audit and the regulators.
In addition to these concerns the financial service sector is also undergoing a massive rationalization of the structure of clearing and settlement and seeking the twin goals of automation and shortening settlement cycles. The challenge for operations managers is considerable: manage costs, eradicate inefficiencies, create an environment to be competitive, and implement the procedures to meet future changes that will occur.
In this book the author looks at some of the different roles, the processes and procedures, and the key issues, in order to help those in operations meet the challenge.
The definitive series of professional references for those finance professionals concerned with "Back office" or operations management unique to this industry.Presents concise references on the essential management functions such as technology, client services, and risk management for financial operations management professionals.A comprehensive resource from a leading financial management consultant for global banks and institutions.
This book is a waste of your money
By V. Srivastava "Vish" - February 1, 2006
Buying this book is probably the worst purchase decision that I have ever made. This book is more like a small glossary of financial terms and entities. As far as diagrams and tables are concerned, there are none. Even the basics like confirms, trade matching, reconcilliation are not covered.
A book for beginners
By Cheng Lam - January 19, 2007
I have worked several years as an IT developer in the clearing and settlement area for a major firm in the securities industry. This book is not an encyclopedia nor a book written for specialists. Rather, it allows me to spend 5 minutes and learn enough on a subject so that I can have an intelligent conversation with a user. The book is an easy read for a non-expert and the layout is very comfortable. Several of my coworkers have been coming around and borrowing my book. So I guess they like it too. A more appropriate title for this book would have "An Introduction to Clearing, Settlement and Custody" or maybe "Clearing, Settlement and Custody for Dummies".
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