CISI Global Securities Operations study plan
CISI Global Securities Operations · Give each week a clear focus.
8 weeks · About 7 hours per week
Clearing, settlement and the settlement cycle
Map the full post-trade lifecycle from execution to final settlement, naming each intermediary and its responsibility in sequence
Explain the difference between gross and net settlement, DVP, FOP and free-of-payment delivery, and state which model applies to which market type
Describe the standard T+1 and T+2 cycles, the role of the central securities depository and central counterparty, and where fails and buy-ins arise
Calculate settlement date, exposure date and cash value date for a set of trade scenarios across two cycles
Your checkpoint
A one-page settlement lifecycle diagram annotated with T+1/T+2 timing, plus 10 settlement-date calculations checked against a model answer
Custody, asset servicing and corporate actions
Distinguish custody models (global custodian, sub-custodian, direct/CSD participant) and describe the duties owed by each party
Classify corporate action event types by mandatory, voluntary and mandatory-with-choice, and state the entitlement and election deadlines for each
Trace the asset servicing chain for a dividend: record date, ex-date, entitlement calculation, withholding tax, payment and reconciliation
Identify the operational risks in proxy voting, rights issues and takeovers, including the consequences of missing an election deadline
Your checkpoint
A corporate action event matrix covering at least 8 event types with entitlement basis, deadline, cash or stock impact and the operational control that prevents loss
Trade execution, confirmation and affirmation
Sequence the trade lifecycle from order capture through allocation, confirmation, affirmation and matching to clearing submission, naming the systems and counterparties at each step
Compare affirmation, confirmation and matching models (including central matching utilities) and explain how each reduces settlement risk
Explain the causes and operational treatment of unmatched, unaffirmed and DK (don't know) trades, including escalation and cancellation procedures
Describe straight-through processing benefits and the manual intervention points that break it
Your checkpoint
A written walkthrough of a cross-border equity trade from execution to clearing submission, with every message type, matching step and exception path identified
The financial services industry and the securities market environment & Payments, cash management and foreign exchange in securities operations
Outline the structure of the financial services industry: buy side, sell side, exchanges, MTFs, CCPs, CSDs, custodians, transfer agents and regulators, and the function of each
Explain the role of cash management in securities operations, including nostro/vostro accounts, intraday liquidity and funding of settlement obligations
Describe FX transaction types used in securities operations (spot, forward, swap) and how FX is linked to settlement of cross-currency trades
Calculate a currency conversion for a securities settlement, including value date alignment and the effect of a mismatched FX value date
Your checkpoint
A market-participant map plus 5 worked FX and funding calculations showing value dates, rates and the settlement cash movement
Regulatory and compliance framework for securities operations
Summarise the regulatory objectives and supervisory approach of the main securities regulators and the purpose of the standards set by IOSCO and the Basel Committee
Explain the core obligations arising from AML, market abuse, client money and asset segregation rules as they affect operations staff
Describe reporting and record-keeping duties for trade reporting, transaction reporting and regulatory returns, and the operational controls that support them
Distinguish the regulatory treatment of retail, professional and eligible counterparty clients and how classification affects operational handling
Your checkpoint
A regulation-to-control table mapping at least 10 operational controls to the specific regulatory obligation each one satisfies
Reconciliation, controls and operational risk management
Design a reconciliation framework covering positions, cash, stock and Nostro/Vostro, including frequency, break classification and ageing
Explain root-cause analysis for reconciliation breaks and the escalation and write-off approval process
Apply the operational risk toolkit: risk and control self-assessment, key risk indicators, incident capture and loss data
Describe the three lines of defence model and where operations sits within it
Your checkpoint
A reconciliation and break-management procedure for a stock and cash reconciliation, including break categories, ageing thresholds, escalation path and a sample RCSA entry for one key process
Client onboarding, KYC and anti-money laundering in operations
Sequence the client onboarding process from initial contact to account opening, naming the documents, checks and approvals at each stage
Apply the KYC framework: customer due diligence, enhanced due diligence, simplified due diligence and the treatment of PEPs and high-risk jurisdictions
Identify money laundering red flags relevant to securities accounts, including unusual settlement patterns, third-party funding and rapid asset movement
Describe the operational workflow for sanctions screening, transaction monitoring alerts and suspicious activity reporting, including tipping-off restrictions
Your checkpoint
An onboarding and KYC checklist for a new corporate client with 15 or more checkpoints, plus a red-flag list of at least 10 indicators tied to securities operations
Technology, data and operational resilience & Reconciliation, controls and operational risk management
Explain how core operations systems fit together (order management, clearing, settlement, custody, accounting) and the role of messaging standards and reference data
Describe operational resilience requirements: impact tolerances, business continuity, disaster recovery testing and third-party dependency management
Identify technology and data risks in securities operations, including cyber risk, data quality, access controls and change management
Consolidate weak areas from earlier weeks and rehearse exam technique on timed mixed-domain questions
Your checkpoint
A full timed mock exam across all 9 domains with a scored review sheet listing every wrong answer, its domain and the corrective action for each
Milestones
Week 2: Can explain the settlement cycle and the full custody and corporate action chain from memory, and score 80% or higher on a 20-question settlement and asset servicing quiz
Week 4: Can walk through a trade from execution to settlement submission and complete all 5 FX and funding calculations correctly without notes
Week 6: Can map 10 operational controls to their regulatory obligations and describe the reconciliation and RCSA process end to end; scored review of weeks 1-5 topics shows no domain below 70%
Week 8: Timed mock exam completed across all 9 domains with a score of 75% or higher and every incorrect answer logged with a corrective action