CCM Equity Securities case studies
CCM Equity Securities · Put your knowledge to work in context.
Equity Securities is a unit of the CISI's Capital Markets Programme, delivered by the Chartered Institute for Securities & Investment, a UK professional body headquartered in London. It tests whether a candidate understands how equity markets work end to end: the instruments themselves, how shares are issued, how trades are cleared and settled, how equities are valued, and the rules that govern conduct. It suits people already working in, or moving into, capital markets roles - trading support, middle office, operations, settlement, compliance, investment administration, and client-facing staff who need to speak credibly about shares. Most candidates study alongside full-time work. The CCM Equity Securities case studies are 5 cases and about 3,152 words.
1ADR Premium and the Limits of Arbitrage
A London-listed semiconductor company trades at 418p per ordinary share. Its sponsored Level II ADR (one ADR represents two ordinary shares) is quoted at 11.10 in New York.
675 words, about 3 min2Rights Issue, TERP and a Cost-Limit Constraint
Nordwind AG has 120 million shares in issue at €12.40. It announces a fully underwritten 1-for-3 rights issue at €7.20 to fund a €300 million acquisition.
683 words, about 3 min3Settlement Fail, CCP Interposition and a Cash Buffer Breach
On Monday 3 June, a Dublin-based UCITS fund sells 4,000,000 shares of a FTSE 250 company at £2.10, gross £8.4 million, through its executing broker. Trade date is 3 June, settlement date 5 June (T+2).
621 words, about 3 min4Adjusted EBITDA, EV Bridge and a Misleading Sell-Side Multiple
Rheinwerk GmbH is a Frankfurt-listed industrial company. Its shares trade at €46.20.
543 words, about 3 min5IPO Allocation Quid Pro Quo and Analysts' MNPI
You are a portfolio manager at a €600 million European equity fund. A broker's syndicate desk offers you 200,000 shares in the hot IPO of a software company at €18.00 per share.
630 words, about 3 min