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Program Overview and Operating Model Foundations

Course Orientation: COO Mandate in Metals-Focused Hedge Funds

Target Operating Model (TOM): Front-, Middle-, and Back-Office Integration for Metals

Investment Lifecycle Build-Out for Metals Strategies

Front-Office Enablement: Strategy Coverage and Pre-Trade Controls

Execution to Settlement: Metals Trade Flow Deep Dive

Reconciliations, Valuation, and NAV for Metals Portfolios

Risk, Compliance, and Governance for Metals Hedge Funds

Regulatory Readiness and Controls in Metals Markets

Vendor Strategy, Outsourcing, and Operating Resilience

Treasury, Collateral, and Financing Optimization

Treasury and Collateral Management for Metals Books

Change Leadership and Implementation

Executing the COO Change Agenda

Knowledge Checks and Capstone

Quiz 1: Operating Model and Stakeholders

Quiz 2: Front-Office Controls and Trade Capture

Quiz 3: Execution, Settlement, and Collateral

Quiz 4: Reconciliations, Valuation, and NAV

Quiz 5: Regulation, Vendors, and Resilience

Capstone Survey: Confidence and Implementation Priorities

COO Operating Models for Metals Hedge Funds: Lifecycle to Governance is a practical, end-to-end program designed for operating leaders who need to build, scale, and govern metals-focused investment platforms. From base and precious metals to physical logistics and derivatives, the course translates complex front-to-back requirements into a cohesive Target Operating Model (TOM). You’ll learn how to enable portfolio managers with robust pre-trade controls, streamline trade capture and settlement across exchanges and OTC markets, and deliver accurate, audit-ready NAVs in partnership with administrators. The program dives into treasury and collateral optimization—including warrants as collateral—while sharpening risk, compliance, and vendor oversight across LME, COMEX, and global regulatory regimes. Expect detailed guidance on data models for metals (assay, grade, location basis), pricing hierarchies, reconciliations, and performance attribution. You’ll also master operating resilience through BCP/DR, cyber controls, and KPI/KRI dashboards, and drive lasting change with a clear roadmap, program governance, and cutover strategies. Built for COOs, operations heads, and cross-functional leaders, this course provides frameworks, checklists, and decision criteria that shorten cycle times, reduce total cost of ownership, and improve control effectiveness—so your metals strategies can scale with confidence and transparency to investors.

COO Operating Models for Metals Hedge Funds: Lifecycle to Governance

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            <p>COO Operating Models for Metals Hedge Funds: Lifecycle to Governance is designed for senior operators who must translate investment ambition into scalable, well-controlled, and cost-efficient reality across metals strategies. The course begins by clarifying the COO mandate in a metals-specific context—enabling strategy while balancing risk, control, cost, and investor transparency—and maps the unique stakeholder ecosystem spanning portfolio managers and traders, risk, treasury, operations, compliance, IT/data, brokers and FCMs, warehouses, assay labs, logistics providers, administrators, custodians, auditors, and regulators. Participants will differentiate the operating demands of base versus precious metals, physical versus derivatives, and systematic versus discretionary approaches, while aligning on measurable success metrics: scalability, total cost of ownership, cycle-time, error rate, NAV accuracy, funding efficiency, counterparty utilization, and audit-readiness.</p>
<p>The program then constructs a metals-focused Target Operating Model that integrates front-, middle-, and back-office processes from idea capture and pre-trade checks through execution, confirmation, clearing and settlement, collateral and margin, valuation, NAV, and investor reporting. Technology architecture is examined in depth—OMS/EMS, risk and treasury platforms, data lake/warehouse, reference and pricing data, collateral tooling, reconciliation engines, workflow, and document management—alongside a rigorous vendor strategy for FCMs, primes, administrators, custodians, warehouses, surveyors, logistics, commodity trade finance, KYC/AML utilities, and market data. A robust control framework underpins the TOM, incorporating segregation of duties, maker-checker controls, SOX-like standards, KRIs, incident management, and BCP/DR.</p>
<p>From there, the course builds the full investment lifecycle for metals portfolios. Front-office enablement covers instrument scope across LME/COMEX/SHFE futures and options, OTC swaps and forwards, TRS, structured notes, ETFs, and physical bullion and concentrates. You will implement pre-trade controls such as position limits, credit checks, sanctions screening, ESG and sourcing constraints, and mandate eligibility; establish specialized market data including curves, spreads, vol surfaces, assay and impurity adjustments, warehouse queues, and freight/insurance inputs; and codify rigorous trade capture standards with metals-specific tags for grade, warrants, incoterms, and location basis. A deep dive into execution-to-settlement details best execution across exchange and OTC channels, RFQ and voice workflows, confirmations with metals-specific fields, clearing and novation differences, delivery versus cash-settlement mechanics, warehouse warrant transfers and off-warrant movements, as well as funding, liquidity, and FX management for multi-currency books.</p>
<p>Middle- and back-office mastery is reinforced through daily reconciliations of trades, positions, cash, collateral, fees, and warehouse warrant balances, with break classification and SLAs tuned for metals’ nuances. Valuation and PNL are addressed via pricing source hierarchies—exchange settles, broker quotes, evaluated pricing, assay adjustments, basis differentials, and forward curves—plus detailed attribution across spot, curve, carry/storage, basis, volatility, execution slippage, and multi-commodity spreads and shapes. NAV production with administrators covers valuation policies, pricing override governance, fee mechanics, side pockets, and investor equalization, ensuring audit-ready, investor-grade outputs.</p>
<p>Risk, compliance, and governance form a dedicated pillar, mapping the applicability of CFTC, SEC, EMIR, MiFID II, MAR, position limits, large trader reporting, and exchange-specific rules (LME, CME). You will operationalize trade reporting (UTI/USI, SDR/ARM/RTS 22 flows, lifecycle events) and collateral reporting under EMIR; implement sanctions, KYC/AML, and responsible sourcing controls including country-of-origin checks and ESG attestations; and strengthen recordkeeping, communications surveillance, algorithmic governance, and best execution documentation. Vendor strategy and operating resilience extend to build/buy/outsource decisions, nearshore/offshore models, administrator oversight, cyber and BCP/DR controls, key-person risk mitigation, runbooks, tabletop exercises, and KPI/KRI dashboards with continuous improvement cycles.</p>
<p>Treasury, collateral, and financing optimization equips COOs to forecast cash and collateral across exchanges, FCMs, brokers, and bilateral CSAs with stress and what-if analytics; optimize eligible collateral schedules, concentration limits, haircuts, substitutions, and tri-party mechanics; and leverage inventory and warrants as collateral with the right legal, operational, and valuation controls, including access to repo and borrowing markets for metals. Funding costs are attributed to strategies and traders, while liquidity buffers and contingency funding plans are calibrated to market stress and margin volatility.</p>
<p>The course culminates in practical change leadership and implementation. Participants will develop a transformation roadmap from current-state assessment through business case and TOM delivery with milestones and OKRs; establish a metals-centric data strategy spanning reference/master models, golden sources, data quality, and lineage; and implement program governance including steering, RACI, risk/issue/change control, and benefits tracking. Cutover planning, parallel runs, and post-implementation stabilization are reinforced with control attestations. Knowledge checks throughout and a closing capstone survey help solidify confidence and prioritize implementation steps, preparing COOs to lead high-performance metals hedge fund operating models from lifecycle execution to enterprise governance.</p>
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