Requisition ID: 192555
Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.
Purpose
Contribute to the overall success of the FICC Middle Office ensuring specific individual goals, plans, initiatives are executed / delivered in support of the team’s business strategies and objectives. Ensures all activities conducted are in compliance with governing regulations, internal policies and procedures.
The incumbent will be responsible for a broad array of operational duties including, but not limited to, client trade life cycle support, trade administration, system enablement, mapping, client onboarding, and client services.
FI Middle Office is responsible for providing a focused and high quality post trade service to both our clients, our trading desks globally and our operational teams.
This position will be responsible for the Cash FI Business and the Derivatives FI business. The incumbent will have a L7 Manager reporting into them to assist with the FI Derivatives business but there is an expectation that the incumbent will learn both the FI Cash business and the FI Derivatives business to provide coverage for sickness/holidays and to better service the desk.
Cash FI Business – work globally with Asia, Toronto and NY middle offices to ensure our mandate is executed consistently in London with the other regions. Working closely with both the FICC MO lead and the EMEA MO lead to raise concerns or issues with the
FI Derivatives – Assist with allocating of Interest Rate and Inflation Rate Swaps within Markit Wire, track affirmation, deal with any issues relating to Swap bookings/processing and deal with the necessary teams where possible to ensure a high level of STP within the OTC Derivatives world.
CMF – Provide daily support to the CMF desk, operations and regulatory reporting by investigating and remediating any self-identified issues or client identified issues in a timely manner.
Accountabilities
Ensures a high level of support to both our clients and our trading desks to mitigate risk to the bank:
- Ability to provide Middle Office Support for Cash FI, CMF and FI OTC Derivatives and escalate issues where necessary.
- Operate effectively within the defined regulatory control framework and ensure inherent risks are timely reported, escalated and mitigated.
- Investigate/resolve and escalate where necessary any operational issues and problems in an efficient manner and collaborate with clients and other groups to reduce the risk of reoccurrence.
- Identify opportunities for improvements in productivity, control, cost effectiveness and client service delivery encouraging global processing consistency where applicable and work with your manager to delivery these improvements.
- Ability to prioritise two different business lines effectively to deliver consistent levels of service.
- Operating independently, identifying and resolving issues with minimal oversight. Capable and comfortable operating within tight deadlines, able to make quick decisions, and able to quickly learn about the business/issues, without necessarily having any prior direct experience with the subject matter.
- Perform daily operational activities in support of the FICC business lines with a focus on trade life cycle management and customer service.
- Documentation of new workflows and controls for training and audit purposes as well as new structured deal booking processes.
- Post Affirmation workflow/processing support, inclusive of allocations, affirmation issue resolution, trade admin queries (internal/external), K2/MarkitWire reconciliation and STP Management and issue resolution.
- Placeholder Deals, co-ordination of approvals and internal/external monitoring.
- MarkitWire on-boarding, Client on-boarding, trader on-boarding and associated book mapping, Bulk novation’s / affirmations and assist in the AML/KYC of new client onboarding & our ongoing remediation process.
Ensures and seeks to maintain delivery of high quality client service and contributes to promoting an overall excellent client experience by:
- FI Cash – Provide timely allocation of all trades via CTM and Email. Monitor PnL for the Sales desk ensuring any discrepancies are escalated in a timely manner. Monitor all book transfer bookings ensuring we are net flat throughout the day and escalate where necessary. Carry out reconciliations between our Scotia entities on swing trades to ensure no outages have occurred causing mis-bookings.
- FI Derivs – Provide timely allocation of all Derivative Swaps and ensure timely affirmation occurs. Ensures all downstream feeds occur in line with the expected trade flows and any issues are escalated immediately to the appropriate teams.
- CMF – Provide daily support to the CMF desk, operations and regulatory reporting by investigating and remediating any self-identified issues or client identified issues in a timely manner.
- Collaborating with internal support functions and GWO to ensure service expectations are clearly communicated, understood and adhered to in accordance with agreed operating procedures/guidelines.
- Building and reinforcing consistency in the service delivery model in accordance with best practices (leveraging internal and competitor offerings), anticipating client issues, identifying trends and root causes with the objective of developing and executing solutions to strengthen business confidence and increasing client satisfaction.
- Use Metrics and KPI’s to identify and eliminate bottle necks and processing issues to improve STP.
- Champion a culture of continuous operational improvement by independently resolving highly complex, multi-faceted problems to meet the business needs of FICC MO with a specific focus on creating tangible / measurable operational efficiencies through the application of business, financial, and process engineering knowledge.
- Actively pursues effective and efficient operations of his/her respective areas, while ensuring the adequacy, adherence to and effectiveness of day-to-day business controls to meet obligations with respect to operational risk, regulatory compliance risk, AML/ATF risk and conduct risk, including but not limited to responsibilities under the Operational Risk Management Framework.
Effective mitigation of operational risks inherent in the Middle Office by managing the business line activities and ensuring processes are defined, understood and controlled. This includes:
- Daily Reconciliations across FI Derivatives and FI business.
- Co-ordinating with GWO with regard to trade matching, confirmations and settlement in adherence with local market regulations and internal Bank policies. Ensuring discrepancies are accurately documented and escalated in a timely fashion and resolved while minimising opportunities for losses.
- Developing a detailed understanding of each client’s/trader’s activity, actively monitoring the client/traders behaviour as it relates to operational activity and escalating appropriately where conditions exist that are considered out of the norm.
- Understand how the Bank’s risk appetite and risk culture should be considered in day-to-day activities and decisions.
- Co-ordinates, executes and influences internally and externally initiated change upon and by the FI Middle Office by:
- Staying abreast of local industry/regulatory changes and internal initiatives and anticipating the impact upon the function and overall client service delivery.
- Be aware of local and globally instigated change management strategies ensuring any pertinent issues are communicated to direct management.
Projects, work closely with EMEA Head of Middle Office and Head of FICC to ensure all requirements for FI MO are met globally by all initiatives:
- Manage FI MO initiatives aimed at implementing solutions for business problems. This involves opportunity identification, preparing proposals, defining business requirements and processes, developing, testing, conversion and implementation strategies, developing detailed project plans, monitoring progress against planned objectives, and securing consensus and co-operations from users and senior management.
- Understand how the Bank’s risk appetite and risk culture should be considered in day-to-day activities and decisions.
- Creates an environment in which his/her team pursues effective and efficient operations of his/her respective areas, while ensuring the adequacy, adherence to and effectiveness of day-to-day business controls to meet obligations with respect to operational risk, regulatory compliance risk, AML/ATF risk and conduct risk, including but not limited to responsibilities under the Operational Risk Management Framework, Regulatory Compliance Risk Management Framework, AML/ATF Global Handbook and the Code of Conduct.
- Builds a high-performance environment and implements a people strategy that attracts, retains, develops and motivates their team by fostering an inclusive work environment, communicating vison/values/business strategy and managing succession and development planning for the team.
Experience/Education
- Extensive knowledge of regulations associated with the various Fixed Income products, platforms and services (i.e. exchanges; depositories, markets and regulatory compliance); in multiple geographic locations.
- Strong working knowledge of cross product asset classes including Fixed Income Cash Bonds, Futures, Interest Rate Derivatives, Repo and Reverse Repos across major regions and markets.
- Detail orientated SME with broad experience of supporting Fixed Income Cash Bonds, Futures, Interest Rate Derivatives, Repo and Reverse Repo’s. This will include the detailed knowledge of the front to back processing flows and life-cycle events; specifically, execution & trade capture, pre-settlement, clearing and custody, swap calculations and resets, futures expiry process, bond maturity and coupon processing, controls and reporting services typically seen within the FICC landscape.
- Understanding of Fixed Income legal frameworks and relevant product documentation i.e., GMRA, ISDA/CSA.
Location(s): England : Greater London : London
Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.
At Scotiabank, we value the unique skills and experiences each individual brings to the Bank, and are committed to creating and maintaining an inclusive and accessible environment for everyone. If you require accommodation (including, but not limited to, an accessible interview site, alternate format documents, ASL Interpreter, or Assistive Technology) during the recruitment and selection process, please let our Recruitment team know. If you require technical assistance, please click here. Candidates must apply directly online to be considered for this role. We thank all applicants for their interest in a career at Scotiabank; however, only those candidates who are selected for an interview will be contacted.
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