Credit Default Swaps (CDS) - Operations

The course is aimed at developing a foundation in the secure and controlled processing of Credit Default Swaps within a financial institution. This course is equally relevant to the buy-side and sell-side of the business. The programme explores the life-cycle of a CDS transaction, the events that can occur during the lifetime of a CDS contract, the embedded risks associated with such events, and the methods employed to process such transactions in a secure manner. The course also focuses on current initiatives and trends in the processing of CDS transactions.

This course is provided through a partnership between ICE Education and the International Capital Markets Association (ICMA) Executive Education.

Course Information

Price £965.0 + VAT
Duration 1 day
Location London
Available Dates

Who Should Attend

This course is suitable for staff that are new to the subject of CDS operations, and for those that are currently working within a CDS operations function who require an understanding of the overall life-cycle (and associated events) relating to such transactions. The course is also suitable for anyone wishing to gain a thorough understanding of CDS processing, including regulators, clearing organisations, risk managers and lawyers.

Attendees of this course will possess a basic understanding of credit derivative products, in particular Single Name CDS

and Index CDS.

Booking Information

Tel: +44 (0) 20 7065 7706

Course Content

Session 1


  • Legal Documentation: Necessity, Coverage
  • Static Data: Purpose, Importance, Use

Session 2

The CDS Trade Life-cycle

  • Trade Execution
  • Trade Capture: Methods & Components
  • Trade Confirmation: Issuers & Receivers, Confirmation Terms
  • Trade Confirmation: Methods, Matching Status

Session 3

Post-Trade Events

  • Settlement of Premium
  • Trade Compression
  • Credit Events
  • End-of-Life

Session 4

Collateral Management for CDS

  • Collateral: Purpose & Importance
  • Collateral Management Processing Overview

Regulatory & Market-Practice Initiatives/Trends

  • T+0 Trade Processing
  • Centralised Clearing