Course Modules:

Module 1: Securities Market Infrastructure and Participants

• Overview of primary and secondary markets
• Market participants and institutional roles
• Trade life cycle and securities issuance process
  Case Study: Structure of the Nairobi Securities Exchange
  Workshop: Mapping your country’s securities market ecosystem

Module 2: Trading Mechanisms and Market Microstructure

• Order-driven vs quote-driven systems
• Types of orders: limit, market, stop, etc.
• Trading platforms and algorithmic trading
  Exercise: Simulate order placement and execution scenarios
  Case Study: Evolution of electronic trading platforms in emerging markets

Module 3: Clearing Processes and Central Counterparty Functions

• Netting vs gross settlement
• Role of clearing houses and margin requirements
• Central counterparties (CCPs) and default management
  Workshop: Calculate margin requirements for equity trades
  Case Study: Role of a CCP in managing systemic risk

Module 4: Securities Settlement Systems and Custody Services

• T+2 settlement cycle and fails management
• Delivery versus Payment (DvP) models
• Role of custodians and central securities depositories (CSDs)
  Exercise: Flowchart settlement of a government bond transaction
  Case Study: Implementation of DvP in African markets

Module 5: Regulatory Oversight and Risk Mitigation in Post-Trade

• IOSCO principles for FMIs
• Operational and credit risk in settlement
• Reconciliation, reporting, and transparency requirements
  Workshop: Develop a compliance checklist for a broker-dealer
  Case Study: Lessons from post-trade failures in global markets