Capital Markets & Securities Operations Track

Track Overview

This free, self-directed track teaches the operational mechanics of securities markets. Students learn how exchanges, broker-dealers, trading systems, clearinghouses, settlement infrastructure, and custodians coordinate to move securities and capital through global markets.

The through-line is simple: securities markets function through highly coordinated infrastructure that matches orders, records trades, transfers ownership, settles obligations, and maintains accurate records of securities ownership. Without reliable operations, markets cannot function safely or efficiently.

Students gain practical literacy in brokerage operations, trading infrastructure, clearing systems, settlement workflows, custody records, operational controls, and institutional governance.

Track Units

• Layer 1: Foundations

  How securities markets function as financial infrastructure.

• Unit 1: Financial Foundations for Capital Markets

  Securities pricing, liquidity, order flow, settlement timing, and transaction economics.

• Unit 2: Structure of the Securities Market

  Exchanges, broker-dealers, market makers, institutional investors, custodians, and clearing organizations.

• Unit 3: Securities Instruments and Market Participants

  Equities, bonds, ETFs, derivatives, institutional investors, asset managers, hedge funds, and trading participants.

• Unit 4: Market Structure and Trading Venues

  Primary markets, secondary markets, exchanges, alternative trading systems, and electronic market structure.

• Layer 2: Securities Products and Market Activities

  What securities markets support.

• Unit 5: Equity Market Operations

  Stock issuance, secondary trading, order types, market liquidity, and exchange mechanics.

• Unit 6: Fixed Income Market Operations

  Government bonds, corporate debt, dealer markets, pricing conventions, and bond settlement processes.

• Unit 7: Derivatives Market Operations

  Options, futures, swaps, exchange-traded derivatives, and OTC derivative infrastructure.

• Unit 8: Exchange-Traded Funds and Structured Products

  ETF creation/redemption processes, authorized participants, structured notes, and hybrid securities.

• Unit 9: Securities Issuance and Capital Formation

  Initial public offerings, debt issuance, underwriting syndicates, and primary market infrastructure.

• Layer 3: Operational Infrastructure

  Systems that record, route, clear, and safeguard securities.

• Unit 10: Brokerage and Order Management Systems

  Order management systems, client instructions, execution routing, and broker-dealer trading infrastructure.

• Unit 11: Execution Management and Smart Order Routing

  Electronic execution systems, algorithmic routing, and venue selection.

• Unit 12: Exchange Matching Engines and Market Infrastructure

  Exchange matching systems, order books, market data generation, and trade matching.

• Unit 13: Market Data and Trading Information Systems

  Market feeds, trade reporting systems, consolidated tapes, and market data distribution.

• Unit 14: Clearinghouses and Central Counterparty Infrastructure

  CCPs, trade novation, netting systems, margining, and clearing risk management.

• Unit 15: Central Securities Depositories and Ownership Records

  CSDs, securities registration systems, and centralized ownership tracking.

• Unit 16: Settlement Systems and Securities Transfer Infrastructure

  Delivery-versus-payment systems, settlement cycles, settlement instructions, and securities transfer.

• Unit 17: Custody and Safekeeping Infrastructure

  Custodian banks, asset segregation, safekeeping systems, and reconciliation processes.

• Layer 4: Execution Workflows

  How securities transactions move from order to final ownership transfer.

• Unit 18: Order Entry and Trade Execution Workflows

  Order capture, routing, execution confirmation, and trade reporting.

• Unit 19: Trade Capture and Post-Trade Processing

  Trade validation, trade enrichment, operational confirmation, and processing workflows.

• Unit 20: Trade Allocation and Account Assignment

  Block trades, institutional allocations, account-level trade distribution.

• Unit 21: Clearing Submission and Netting Processes

  Trade submission to clearinghouses, position netting, and clearing confirmation.

• Unit 22: Settlement Processing and Fails Management

  Settlement instruction processing, failed settlements, and settlement resolution workflows.

• Unit 23: Corporate Actions Processing

  Dividends, stock splits, mergers, tender offers, rights issues, and lifecycle event processing.

• Unit 24: Securities Lending and Financing Operations

  Securities lending markets, collateral management, and securities financing workflows.

• Layer 5: Risk & Controls

  How securities institutions manage operational risk and protect market integrity.

• Unit 25: Trade Controls and Market Surveillance

  Order limits, surveillance systems, compliance monitoring, and market abuse detection.

• Unit 26: Operational Breaks and Reconciliation Controls

  Trade breaks, settlement mismatches, reconciliation processes, and operational investigations.

• Unit 27: Counterparty Risk and Clearinghouse Safeguards

  Margin requirements, counterparty exposure monitoring, and CCP risk controls.

• Unit 28: Operational Resilience and Infrastructure Continuity

  Exchange outages, trading halts, failover systems, and operational continuity.

• Unit 29: Security, Data Integrity, and Market Protection

  Access controls, infrastructure security, data integrity standards, and system protection.

• Layer 6: Institutional Management / Governance

  How securities organizations manage operational scale and infrastructure oversight.

• Unit 30: Operations Teams and Market Infrastructure Roles

  Brokerage operations, clearing operations, exchange infrastructure teams, and custody operations.

• Unit 31: Operational Reporting and Market Metrics

  Trading volumes, settlement performance, reconciliation rates, and operational dashboards.

• Unit 32: Vendor, Exchange, and Infrastructure Relationship Management

  Exchange connectivity, clearing relationships, technology vendors, and service providers.

• Unit 33: Regulatory Reporting and Market Supervision

  Trade reporting obligations, regulatory oversight systems, and market transparency frameworks.

• Unit 34: Governance, Policy, and Institutional Control

  Operating policies, internal governance structures, escalation frameworks, and institutional accountability.