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Securities Operations: A Guide to Trade and Position Management, by Michael Simmons
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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.
- Sales Rank: #510975 in Books
- Published on: 2002-04-15
- Original language: English
- Number of items: 1
- Dimensions: 9.90" h x 1.22" w x 6.92" l, 2.16 pounds
- Binding: Hardcover
- 486 pages
Review
"…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)
From the Inside Flap
As the securities industry becomes increasingly automated, understanding of the start-to-end operational processes and the underlying reasons as to why the tasks are performed is likely to diminish. Yet, knowledge of the 'bigger picture' is essential for implementing efficiencies and benefits. In this book, Michael Simmons clarifies the operational process from start to finish, highlighting appropriate risk management strategies.
The book:
* Introduces the reasons for the existence of securities and describes the roles of the various participants within the industry
* Develops the reader's knowledge of the trade lifecycle and other operational activities in a logical sequence
* Describes real-life events to illustrate topics
* Conveys both the risks inherent in the various activities and the necessary controls to minimise such risks
* Provides descriptions of typical automation in today's operational processing environment
* Describes securities industry objectives and the initiatives being developed to achieve them.
From the Back Cover
" A much needed work in the field. Simmons' book should become compulsory reading for those working in securities operations and settlements. This book is certainly one of the best references in the area." Dr Marcelo Cruz, CEO, RiskMaths
"A thorough and long overdue insight into the world of securities processing written in everyday language which will appeal to everyone from operations professionals to executive management. The book will find itself on many bookshelves in offices around the world." Kevin Milne, Executive Managing Director, Omgeo
"By applying a clear considered approach that draws upon the author's own experiences and offers real-life examples of the costs and risks of getting it wrong', this book gives the reader a solid foundation in all operational aspects of a high-profile and evolving industry." David Tarling, WestLB
The operational activities that follow a trade are an important and essential part of the securities industry's business. Written by an author with many years experience within this sector, Securities Operations: A Guide to Trade Position Management sets out to demystify the subject and provides a thorough, step-by-step introduction to securities operations.
Securities Operations: A Guide to Trade and Position Management is a comprehensive source for understanding operational processing of securities. Explaining in detail both the individual components their relation to each other within the operations process, the reader will gain a clear and thorough understanding of the subject, and in particular the potential risks involved and strategies to mitigate them.
Securities Operations: A Guide to Trade and Position Management is essential reading for all those involved in the securities industry, from new recruits to those involved in both the day-to-day operations process and those within executive management. It will also be of value to those providing consultancy and software solutions to investment banks.
Most helpful customer reviews
5 of 5 people found the following review helpful.
Best Securities Operations Book - Simply Excellent!
By Mr. Bookish, Mild and Meek
Michael Simmons' Securities Operations: A Guide to Trade and Position Management is IMHOP the best Financial Securities Operations text {Back, Front, Middle office; tilts more towards the Back}, for a new or even seasoned developer, app support, bus/sys analyst or investment banker. I work with traders, back & middle office and IT staff implemeting & supporting financial software at a top global investment bank, and though I have a fairly good financial background this book does a lot for me. It is very much what happens on the ground and reflects the others rich experience! For those developing, using, training or supporting financial s/w [Equities, Futures, FX, Options, Risk, Operations, etc.] it is easily the best.
In 450 pages it clearly and succintly covers the full gamut of the operations cycle and instrument types with sufficient details of data strucures and workflows, to design and develop a reasonably complete productline of client prototypes and services kernel of investment banking software, even covering relatively obscure areas like primary market, lending & colllateral operations. You only need to flesh them out with product, algorithmic or customer-specific requirements. No other book on the market comes close; indeed it covers STP better than the dedicated STP books. Some reviewers - who may not have really read the book - say it is euro-centric, outdated, etc. and rate it poorly; I beg to differ! It is as error-free as any book can get and includes tables and diagrams that make it enjoyable reading. It does not adequately hit areas such as details of derivative products, pricing algorithms, etc. but it is simply impossible to cover such areas and still maintain focus on the fundamentals. In addition, it does not cover some of the latest developments, e.g continuous settlement [2nd edition is due, methink]; this should, however not detract from it's utility, accuracy or overall quality at all.
Having said this, finer details of certain topics are better obtained from Larry Harris' Trading and Exchanges: Market Microstructure for Practitioners, which I consider the second best; he goes deeper than Simmons into exchange/market & brokerage structures, operations, behaviour and arbitrage. Other very good books that are must-read: Yogesh Shetty's Practical .NET for Financial Markets (Expert's Voice in .Net) - lots of good source code; Alexander Kuznetsov's The Complete Guide to Capital Markets for Quantitative Professionals (McGraw-Hill Library of Investment and Finance) is quite recent with a basic introduction to derivatives, algorithmic trading and quantitatives with good references; Michael Simmon's other book Corporate Actions: A Guide to Securities Event Management (The Wiley Finance Series); Jeremiah J. O'Oconnell's Handbook of Global Securities Operatiions. Frankly, there are several others but IMHOP these are the best after reading and previewing several of them. If you must choose only two or three your best bet would be the first Simmons book, Larry Harris, and Shetty. [I do not know any of these authors; just saying it as I see it and giving a bit back for the helpful reviews I often read.]
8 of 8 people found the following review helpful.
Relevant to newcomers and experienced people - globally
By Mark Mulholland
Years ago I attended an operations and settlement course developed and run by the author, Mike Simmons. It is still the best business course I have been on. On other occasions he has been vital in explaining business concepts to project teams I have been involved in, so we could fully understand the business requirements behind the software solutions. He has a natural talent in making what is often seen as complex and boring seem straightforward and interesting. Others tend to overcomplicate to either hide the fact they don't really know what they are explaining, or try to look 'clever', or fear what will happen if they pass the knowledge on. Simmons is clearly very keen for others to learn and understand and this book gives a wider audience a chance to take advantage of this. Securities Operations explains business concepts that can be applied to securities markets anywhere in the world - essential reading for newcomers to the industry and those seeking a deeper understanding of operational activities.
8 of 10 people found the following review helpful.
Comment by the Author
By michael simmons
Unlike the situation 25-30 years ago where the majority of investors would trade only in securities issued in their domestic marketplace, in this day and age there is a growing trend among investors to buy and sell overseas securities.
Whether the investor is based in, for example, the Far East, North America, Australasia or Europe, and whether that investor trades in securities issued in New Zealand, the UK or the USA, many concepts of both trading and settlement absolutely apply.
The approach I have taken in this book is to explain first principles and concepts, all of which are applicable in all marketplaces to some extent, and then to quote examples from various marketplaces. I chose not to explain the specific workings of one marketplace, as this makes it more challenging for a reader to relate those specifics to other marketplaces.
Increasingly, those who work (or aspire to work) in the operations and settlement areas of brokerage houses, investment banks, institutional investors (etc.) will be required to have a broad outlook in terms of settlement and operational practices in numerous marketplaces. They will also be expected to apply known concepts to new marketplaces in which their organisation invests. In an operational sense, the modern investment organisation strives for commonality of approach across all marketplaces; by doing so its costs and risks are minimised, and its clients are serviced in a standard but efficient fashion.
The facts of the matter are that each marketplace has its own operational and settlement peculiarities; every marketplace differs from every other marketplace in some respects. No two European countries operate in the same way, and Japan's practices differ from Australia's, for example. However, investing in a new marketplace should hold no fears for an investment organisation, providing its staff are aware of the types of questions to which the organisation needs answers, the internal procedures that are necessary, and the deadlines and service levels it must provide to its clients. An awareness of the concepts is therefore essential.
Brokerage houses and investment banks (whether located in the US, Europe, Asia or Australasia) must be capable of responding to the needs of their client base; if their clients wish to invest overseas, the brokerage houses/investment banks must be fully aware of and in control of settlement procedures in those overseas markets. If not, operational costs can outweigh the trading profit or commission made on the trade. In these respects, all investment organisations that trade overseas are in precisely the same position.
Securities Operations breaks the operational process into bite-size pieces, and additionally connects the relevant pieces together to form a complete view.
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