Margin trading, short-selling, and securities lending & borrowing have become core building blocks of modern capital markets. They support price discovery, market liquidity, and hedging, but also create leverage, interconnectedness, and potential channels for market stress.

This program provides a deep, practitioner-oriented view on how margin trading and short-selling actually work in practice, how securities lending & borrowing underpins short activity and market-making, and how these activities are governed, risk-managed, and supervised. The focus is on mechanics, legal and operational structures, risk transmission channels, and control frameworks rather than introductory concepts.

 Key Learning Objectives

By the end of the program, participants will be able to:

1. Explain the full mechanics of margin trading, from client onboarding and eligibility through margin calculation, margin calls, and liquidation.

2. Differentiate between various forms of short-selling and their linkage to securities lending & borrowing, prime brokerage, and market-making.

3. Analyse how margin, haircut, and collateral frameworks transmit market and liquidity shocks through the financial system.

4. Evaluate the risk, regulatory, and conduct issues associated with leveraged trading, short-selling, and securities lending.

5. Design or challenge advanced risk limits, stress tests, and control frameworks for margin and short-selling books.