course design document is438: financial services t&o … · it will be open to all students...

Course Design Document

IS438: Financial Services T&O Study Mission to Leading Financial Center of the World

Version 1.02

28 Sep 2014

SMU School of Information Systems (SIS)

FS TOPS Study Mission Design Document 140928.docx Page 3 of 18

Table of Contents

I. Version History ............................................................................................................ 4 II. Overview ...................................................................................................................... 5

A. Synopsis .............................................................................................................................. 5 B. Prerequisites ....................................................................................................................... 5 C. Objectives ........................................................................................................................... 5 D. Why London ........................................................................................................................ 6 E. Visual Representation of the Course .................................................................................. 6 F. Course Instructor/Teaching Assistant ................................................................................. 6 G. Course Partner .................................................................................................................... 6

III. Special Notes ............................................................................................................... 7 IV. Output and Assessment Summary* ........................................................................... 7

A. Group Assignments/Group Led Sharing (40%) ................................................................... 7 B. Group Term Project/Final Report (25%) ............................................................................. 7 C. Pre-trip Class Participation (25%) ....................................................................................... 8 D. Contribution to the Planning and Organization of the Field Trip (10%) ............................. 8

V. Group Allocation for Assignments ............................................................................ 8 VI. Learning Outcomes, Achievement Methods and Assessment .............................. 10 VII. Academic Integrity .................................................................................................... 11 VIII. Classroom Planning .................................................................................................. 12 IX. Course Schedule Summary*..................................................................................... 12 X. Reading List* ............................................................................................................. 13

A. Downloadable from the web ............................................................................................ 13 B. Available from LKS library ................................................................................................. 13 C. Others ............................................................................................................................... 13

XI. Tooling ....................................................................................................................... 14



I. Version History

Version Description of Changes Author Date

V 0.1 First draft Enoch CHNG 7 Dec 2013

V 1.0 Learning outcomes, itinerary, costing, readings.

Enoch CHNG 23 Jan 2014

V1.01 Target audience, subsidies scheme, language.

Enoch CHNG 28 Jan 2014

V1.02 Scheduling, itinerary, costing

Enoch CHNG 28 Sep 2014



II. Overview

A. Synopsis

This course will examine the importance of financial centers and attributes needed for a financial center to remain competitive in the digital age. It seeks insights from London’s long history as the leading global financial center, its unique financial ecosystem, and the dense network of legal, financial, and social institutions that support it. It will compare and contrast Singapore’s and London’s value propositions as a financial center and the role of technology and operations will need play in order for Singapore to remain among the world's money elite. This course is offered on a Pass/Fail basis during Term 2 of the Academic Year. Term 2 in AY2014 runs from 5 Jan to 26 Apr 2015. It will be open to all students Singapore Management University (SMU). However priority would be given to students from School of Information Systems (SIS) who are enrolled in the financial services technology, operations, processes and service innovation related programs. The course will meet 3 hours a week in SMU classroom during the term for in-class activities (e.g. lecture, industry talk, planning/research, discussion/debate, consultation.) Some sessions will be replaced by visit to Marina Bay Financial Center, Changi Business Park and key stakeholders. The course will conclude with a week-long (27 Apr – 4 May 2015 barring any unforeseen circumstances) study mission featuring company visits, networking sessions, and cultural activities. Participants will contribute to the preparation of discussion material for classroom sessions, and produce a final joint report based on field observations and independent research. This course will benefit especially those who seek to pursue a career in financial services T&O and want to understand the need for and the needs of a financial center. Such knowledge is especially useful when the students move to management position. The number of participants will be limited to 30 participants. The group is kept small to maximize face-to-face time with professors and guest speakers thus providing our participants with an excellent learning environment.

B. Prerequisites

Familiarity with the following subjects will be useful:

Banking products and processes

Banking technology

C. Objectives

Upon completion of the course, participants will be able to:

Explain what a financial center is and how it affects the world.

Describe the factors that influence the development of London to become the leading global financial center.

Recognize the differences and similarities in business environment for financial institutions in London and Singapore.



Establish a view on what it would take for financial center to sustain its competitiveness in a digital world.

Develop and maintain network with T&O professionals in the financial community of London and Singapore.

D. Why London

London has been a top international financial center for over the past two centuries. The city is the largest center for cross-border banking in the world and has more foreign banks than New York or any other financial center. The United Kingdom (UK) accounts for around 60% of the primary market and 70% of the secondary market for the international trading of bonds. More companies are listed on the London Stock Exchange (LSE) than on either the New York or Tokyo stock exchange. The City of London is a major center for issuing and trading equities and shares, accounting for 45% of global turnover in cross border foreign equity trading. In Europe, London is the leading center for hedge fund management, with over 70% of Europe’s hedge fund assets managed in the UK in June 2004; it is estimated that managers authorized to operate in the UK manage 15% to 20% of global hedge funds’ assets. The UK private equity industry is the largest and most developed in Europe, accounting for 47% of total annual European private equity investment in 2003. The UK is the leading center for over-the-counter derivatives, accounting for 43% of world turnover in 2004. The UK has one of the largest Real Time Gross Settlement systems in the world. The UK is the world’s leading center for foreign exchange transactions with 31% global market share in April 2004, compared with 19% in New York. The UK insurance industry is the third largest in the world after those in the US and Japan in terms of gross insurance premiums, accounting for 8% of all premium worldwide income. The course will provide participants with the rare opportunity to explore the World’s leading Financial Center as rated by the Global Financial Centers Index 2014. Participants will be able to understand first-hand the importance of international finance to the city of London and will be able to see how the theories are implemented in practice.

E. Visual Representation of the Course

To be added

F. Course Instructor/Teaching Assistant

Enoch CHNG, SIS Rm 4003, [email protected], +65 68085155 Henry TANG, [email protected]

G. Course Partner

Team Journey

mailto:[email protected]



III. Special Notes

Annex B is the detail itinerary of the study trip. The tentative company visits are indicated in the itinerary. The list will be firmed up at a date nearer to the travel date. Students who are unable to make it on the travel dates (27 Apr - 5 May 2015) are advised not to take this course. The study trip as per itinerary in Annex B will cost ~S$3,800. This amount excludes meals and local transport not indicated on the itinerary and personal expenses. Those who require a visa to enter UK will pay an additional $200 for visa application. Students at their own expense are to prepare a memento for each company visited to express our appreciation for hosting the group. TA will coordinate. Participants will be required to pay a deposit of approximately $1,000 for the cost of boarding, lodging and the airfare differential to confirm their participation upon selected. Participants at their own expense are to prepare a memento for each company visited to express our appreciation for hosting the group. TA will coordinate. Participants can apply for the following Financial Assistance Schemes, subject to eligibility:

Post-Secondary Education Account (PSEA) Scheme

SMU Overseas Student Educational Program Subsidy

IV. Output and Assessment Summary*

A. Group Assignments/Group Led Sharing (40%)

Participants will work in group on a topic assigned to the group. Each group will submit written reports on their assignments. The group will also be required to share their findings in class and facilitate the discussion. This is to demonstrate learning-to-learn abilities. Assignments will include developing briefs, interview questions and discussion topics for the companies during the visits. Participants will link their findings to the mission of the course and the trip. Group-led sharing on selected topics.

B. Joint Term Project/Final Report (25%)

Each group will submit a final Report in word format to the course instructor. Research should cover the following:

Financial center history

The benefits to the city & country

The attributions of the financial center

Analysis of advantages and disadvantages of this financial center

The trends analysis of the financial center The report should include:



The key takeaways from pre-trip classes and the findings during the trip.

The recommendations with supporting arguments.

A separate discussion on how the course can be improved.

Structure, Quality, Clarity of Report

Analysis & Design

Rational and Implications for each Major Design Decision

Learning Points & Conclusion

C. Pre-trip Class Participation (25%)

For contribution to active learning, meaningful discussions and sharing of ideas as well as class activities relating to case studies and special topics of interest. Students are expected to complete required readings before class/trip.

D. Contribution to the Planning and Organization of the Field Trip (10%)

*May subject to minor changes

TOTAL COURSE GRADING: 100%

V. Group Allocation for Assignments

Participants will work in groups of four or five. Assignments include group investigation and presentations on the following topics:

The definition for a global financial center o What makes a Financial center ? o The core participants in a financial center. o The benefits of being a financial center. o The global financial centers today.

What’s the most important competitive factors for financial centres? o One of the top factors is the availability of skilled Personnel

How is Singapore regarding this area? Are SMU doing enough in this area? Suggest improvements.

o Another is the environment (Personnel tax regime, culture & language, quality of life and so on) How about the environment in SG? Can SG attract the best foreign talent in this area? Suggest improvements.

How to boost the efficiency of Singapore workers & Singapore financial industry? o Processes Singapore banks can learn from London. o Processes UK banks can learn from Singapore.

The role of T&O in financial industry.

The critical attributes necessary for a global financial center to succeed.

What’s the influence of compliance/regulation/business to the financial centre? How the financial center can prevent the scandals like banks abusing their clients by selling unneeded insurance, manipulation of financial benchmarks and trading losses and etc.

Are financial centers still relevant in a digital world? If so, how do existing centers maintain its competitiveness?



Key trends of the financial centres o Assess how much the competitive position of the city had changed over the

past five years. o Assess how much the competitive position of the city was likely to change

over the next five years.

The key lessons for Singapore from all these comparisons.

The objective is to create an awareness of the unique identities of these 2 financial centers and the importance they play in their respective economy and the world. A secondary objective is to impress upon participants the importance of T&O in financial industry and the T&O career opportunities that exist in these 2 centers.

Assignments/Project How groups are formed? No of Students in a group

Group-led sharing and assignments

Either instructor assigned groups or students forming the groups

5

Term Project

Instructor assigned groups 5



VI. Learning Outcomes, Achievement methods and Assessment

Learning Outcomes (IS430 – E-Payment Processes and Solutions)

Outcome Emphasis in Course

Course-specific core competencies which address the Outcomes

Faculty Methods to Assess Outcomes

1 Integration of business & technology in a sector context

1.1 Business IT value linkage skills YY Grade Term

Project

1.2 Cost and benefits analysis skills

1.3 Business software solution impact analysis skills

2 IT architecture, design and development skills

2.1 System requirements specification skills

2.2 Software and IT architecture analysis and design skills

2.3 Implementation skills

2.4 Technology application skills

3 Project management skills

3.1 Scope management skills Y Managing scope creep as part

of the Term Project.

Grade Term Project and feedback

3.2 Risks management skills

3.3 Project integration and time management skills

3.4 Configuration management skills

3.5 Quality management skills

4 Learning to learn skills

4.1 Search skills

YY Research, understand, and choose technologies to deploy in the project.

Research and use concepts on banking products and technology solutions to complete group led sharing assignments.

Grade Term Project and Group Sharing

4.2 Skills for developing a methodology for learning

5 Collaboration (or team) skills:

5.1 Skills to improve the effectiveness of group processes and work products

YY

Effectively communicate and resolve conflicts while working in teams with peers of various abilities and attributes

Grade Term Project and Group Sharing

6 Change management skills for enterprise systems



Learning Outcomes (IS430 – E-Payment Processes and Solutions)

Outcome Emphasis in Course

Course-specific core competencies which address the Outcomes

Faculty Methods to Assess Outcomes

6.1 Skills to diagnose business changes

6.2 Skills to implement and sustain business changes

7 Skills for working across countries, cultures and borders

7.1 Cross-national awareness skills YY

7.2 Business across countries facilitation skills

YY

8 Communication skills

8.1 Presentation skills Y

Prepare and deliver an effective presentation on pre-assigned topics on banking technology and for term project

Grade Group Sharing and Term Project Presentation

8.2 Writing skills Y

Write concise assignment reports and term project reports

Grade Assignment 1and Term Project Report

Y

This sub-skill is covered partially by the course

YY This sub-skill is a main focus for this course

VII. Academic Integrity

All acts of academic dishonesty (including, but not limited to, plagiarism, cheating, fabrication, facilitation of acts of academic dishonesty by others, unauthorized possession of exam questions, or tampering with the academic work of other students) are serious offences. All work (whether oral or written) submitted for purposes of assessment must be the student’s own work. Penalties for violation of the policy range from zero marks for the component assessment to expulsion, depending on the nature of the offense. When in doubt, students should consult the instructors of the course. Details on the SMU Code of Academic Integrity may be accessed at http://www.smuscd.org/resources.html.

http://www.smuscd.org/resources.html



VIII. Classroom Planning

Seminar sessions held in Singapore before the field trip provides participants with an understanding of the importance of financial centers and in particular the role of T&O, the business and social, regulatory environment of Singapore and the UK. They will be devoted to research and discussion of issues confronting the industry. Business leaders along with industry and government representatives will also be invited to give presentations and interact with students during these sessions.

There will be one 3-hour classroom session each week. It is split into two 1.5-hour sessions as follows:

1st Half: 1.5 hours

Break : 15 minutes

2nd Half: 1.5 hours Each class may comprise one or more of the following:

Lectures

Classroom Discussions - Feedback & review of assignments

Group Led Sharing sessions

Guest Speaker sessions

Company Visits

IX. Course Schedule Summary*

Week Classroom Lectures and Activities

Remarks Lectures Activities

Week 1

Course Introduction & Organization: Team formation

Week 2

Understanding financial landscape Literature review Presentation

Week 3

Company visit preparation Finalization of interview questions Company review

Week 4

Singapore Financial Trail 1/3 Visit to MBFS

Week 5

Competitive strategies and approaches Center review Presentation

Week 6

Challenges in financial industry

Cyber security

Week 7 Singapore Financial Trail 2/3 Visit to MAS and SGX

Other stake holders

Week 8 The critical role of T&O Presentation

Week 9 Singapore Financial Trail 3/3 Visit to CBP

Week 10



Week Classroom Lectures and Activities

Remarks Lectures Activities

Week 11

Week 12

Week 13 Briefing Trip preparation

Week 14

Week 15 Exam week No exam

27 Apr – 5 May 2015

Visit to London Financial Center

Trip reflection journal

Validation of research findings

To be advised

Debrief Final Report Submission

Final report deadline

* May subject to minor changes

X. Reading List*

A. Downloadable from the web

Hines, J. R. (2009) STEP Report 2009: International Financial Centers and the World Economy, The Society of Trust and Estate Practitioners (STEP), London. _____ (2013) The Global Financial Centers Index 14, The Z/Yen Group, London, Sep. ISBN: 978-0-9573601-3-6 http://www.qfc.com.qa/Files/Reports/Global%20Financial%20Center%20Index%2014.pdf _____ (2013) Keynote address by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the Investment Management Association of Singapore’s (IMAS) 14th Annual Conference, Singapore, March 13. http://www.bis.org/review/r130313c.pdf _____ (2008) The Future of Asian Financial Centers – Challenges and Opportunities for the City of London, Research Republic, Manchester, October. http://www.cityoflondon.gov.uk/business/economic-research-and-information/research-publications/Documents/research-2008/The%20Future%20of%20Asian%20Financial%20Centers%20%E2%80%93%20Challenges%20and%20Opportunities%20for%20the%20City%20of%20London.pdf

B. Available from LKS library

Duran, R.E. (2013) Financial Services Technology: Processes, Architecture, and Solutions. Cengage Learning Asia Pte Ltd, Singapore. ISBN: 978-981-4416-12-2

C. Others

* May subject to minor changes

http://www.qfc.com.qa/Files/Reports/Global%20Financial%20Centre%20Index%2014.pdf

http://www.qfc.com.qa/Files/Reports/Global%20Financial%20Centre%20Index%2014.pdf

http://www.bis.org/review/r130313c.pdf

http://www.cityoflondon.gov.uk/business/economic-research-and-information/research-publications/Documents/research-2008/The%20Future%20of%20Asian%20Financial%20Centres%20%E2%80%93%20Challenges%20and%20Opportunities%20for%20the%20City%20of%20London.pdf






XI. Tooling

Tool Name / Description

Purpose of Tool Remarks

Not applicable



Annex A List of Companies

Tentative Companies to Visit

Categories Singapore UK Remarks

Regulator

Monetary Authority of Singapore (MAS)

Bank of England (BOE)

Prudential Regulation Authority (PRA)

Financial Conduct Authority (FCA)

Banking

DBS Bank OCBC Bank UOB Bank

HSBC Barclays Standard Chartered

Capital Markets

Singapore Exchange (SGX)

London Stock Exchange (LSE)

London Metal Exchange (LME)

One of the very few remaining open-outcry exchanges in the world.

UBS Singapore

UBS London

Infrastructure

NETS National PIN Debit scheme

GIRO MEPS BCS (FAST)

VokaLink SEPA SWIFT http://www.citibank.co.uk/personal/banking/customerinfo/usingyouraccount/movingmoney/paymenttransfers.htm

National infrastructure operator

http://www.citibank.co.uk/personal/banking/customerinfo/usingyouraccount/movingmoney/paymenttransfers.htm





Annex B Tentative Itinerary

*Company visits subjected to change according to the list provided in Annex A. **All Breakfasts, Lunches will be provided. 2 Dinners will be provided only.

The Time Scheduler for the Company Visit

Day Time Activities Remarks

27/4/2015 Singapore/ London

0600 0800 0900 1700 1800 1900 2030

Meet at Changi Airport, Attendance Check, Check in Flight Flight to London via Doha (SIN/DOH/LHR) Arrival at London, Heathrow Airport, Clear Immigration and Customs Travel to London Hotel Arrival at Hotel, Check In, Personal Administration Welcome Dinner near Hotel (Cuisine: Good London Fish and Chips) Short walk back to Hotel (less than 300m), Early Rest

28/4/2015 London Focus: Overview of London Financial Markets

0700 0730 0830 0930 1230 1400 1700 1800

Morning Call Breakfast @ Hotel Travel for Study Visit *Study Visit 1: Bank of England, Prudential Regulation Authority Lunch @ Local Restaurant (Cuisine: Good Burgers) *Study Visit 2: London Stock Exchange – Trading Platform Technology & Operations Travel to Hotel, Day Reflection on the coach Arrival at Hotel, Free time, Early Rest

29/4/2015 London Focus: Technology & Operations of London Banks

0700 0730 0830 0930 1230 1400 1700 1800

Morning Call Breakfast @ Hotel Travel for Study Visit *Study Visit 3: Barclays Bank PLC or Standard Chartered Bank

- London Local Banks, Technology and Operations

Lunch @ Local Restaurant (Cuisine: German Schnitzel) *Study Visit 4: HSBC or DBS Bank

- London Asian Banks, Technology and Operations

Travel to Hotel, Day Reflection on the coach Arrival at Hotel, Free time, Early Rest





30/4/2015 London Focus: Technology & Operations of London Transactions Banking

0700 0730 0830 0930 1230 1400 1700 1800

Morning Call Breakfast @ Hotel Travel for Study Visit *Study Visit 5: CRS, eWay UK or Paypal

- Online Transactions, Technology and Operations

Lunch @ Local Restaurant (Cuisine: Italian Pizza or Pasta) *Study Visit 6: SWIFT UK Ltd

- Interbank Transactions, Technology and Operations

Travel to Hotel, Day Reflection on the coach Arrival at Hotel, Free time, Early Rest

1/5/2015 London Focus: Technology & Operations of Financial Information Providers

0700 0730 0830 0930 1230 1400 1700 1800

Morning Call Breakfast @ Hotel Travel for Study Visit *Study Visit 7: BBC Finance, Routers or Bloomberg

- Instant Financial Information Systems Lunch @ Local Restaurant (Cuisine: Asian Food) *Study Visit 8: Volta Data Center or Computacenter

- Data Centers, Technology and Operations Travel to Hotel, Day Reflection on the coach Arrival at Hotel, Free time, Early Rest.

2/5/2015 London Focus: Technology & Operations of Insurance Companies and Regulators

0700 0730 0830 0930 1230 1400 1700 1800 1900 2100

Morning Call Breakfast @ Hotel Travel for Study Visit *Study Visit 9: Lloyds Banking Group or CGNU Life Assurance

- Insurance, Technology and Operations Lunch @ Local Restaurant (Cuisine: Japanese Ramen) *Study Visit 10: Financial Conduct Authority

- Regulation, Monitoring and Auditing of Financial Information Systems

Travel to Hotel, Day Reflection on the coach Arrival at Hotel Finale Dinner near Hotel (Cuisine: Steakhouse) Short walk back to Hotel (less than 300m), Early Rest.





3/5/2015 London Focus: London Royal and Heritage Tours

0730 0800 0900 1200 1300 1700 1800

Morning Call Breakfast @ Hotel Guided London Royal Tours: Whitehall, Horse Guards Parade, Buckingham Palace, Change of Guards Ceremony Lunch @ Local Restaurant (Cuisine: Western) Guided London Heritage Tours: St Paul’s Cathedral, Tower of London, Tower Bridge Drop off at Mayfair Shopping District Free and Easy

4/5/2015 London/ Singapore Focus: Trip Conclusion and Debrief

0630 0700 0730 0830 0930 1200 1020

Morning Call Breakfast @ Hotel Study Trip Debrief and Conclusion Travel to Airport Arrival at Airport, Check In Flight Flight to Singapore via Doha (LHR/DOH/SIN) Arrival at Singapore Changi Airport, Home Sweet Home)

+1day, 5/5/14

PROPOSED ACCOMODATION

Hotel Details: (equivalent or better, subject to room availability upon confirmation)

London Accommodation: Ibis Budget – London Whitechapel 100 Whitechapel Road, London *4.69km from City Center *200m walk to the Nearest Subway Station*

*Subjected to change

PROPOSED FLIGHTs

Qatar Airlines, 1 Stopover Departure Flights: Singapore, Changi Airport – Doha, Doha – London, Heathrow Airport Return Flights: London, Heathrow Airport – Doha, Doha – Singapore, Changi Airport

*Subjected to change