Requisition ID: 196723
Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.
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 primarily for the Cash FI Business but will have responsibility for the FI Derivatives business via the FI Derivatives Middle Office Manager. 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. 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 – Support the Collateral Management and Funding team with any post execution activities for their ongoing lifecycle events.
Is this role right for you? In this role, you will:
- Champions a customer focused culture to deepen client relationships and leverage broader Bank relationships, systems, and knowledge.
- 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.
- Responsible primarily for middle office functions for both FI Derivative and FI Cash business.
- 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 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 deliver these improvements.
- Ability to prioritize 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.
- Ensures and seeks to maintain delivery of high-quality client service and contributes to promoting an overall excellent client experience.
- Effective mitigation of operational risks inherent in the Middle Office by managing the business line activities and ensuring processes are defined, understood and controlled.
- Co-ordinates, executes and influences internally and externally initiated change upon and by the FI Middle Office.
- Projects work closely with FI Senior Manager to ensure all requirements for FI MO are met globally by all initiatives.
- 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.
Do you have the skills that will enable you to succeed in this role? – We’d love to work with you if you have:
- Detail orientated SME with broad experience of supporting FICC products, including detailed knowledge of the front to back processing flows and life-cycle events; specifically, execution & trade capture, pre-settlement, clearing and custody, swap resets and options expiration.
- Strong working knowledge of cross product asset classes including Fixed Income, Repo and Repurchase Agreements, Interest Rate Swaps traded across major regions and markets.
- Extensive knowledge of regulations associated with the various derivative product offerings.
- Strong understanding of settlement conventions of various markets in multiple geographic locations leveraging clearing agents and central clearing depositories, specifically Depository Trust Clearing Company, Canadian Depository for Securities, CREST, Euroclear and Clearstream. In addition, knowledge of risk mitigation practices and conventions.
- Strong analytical, problem solving, and metrics management skills demonstrating initiative to drive, as required and navigate change, enhance process controls, and deliver workable solutions for both the business and clients.
- Demonstrated ability to promote change and maintain a high standard of client service and satisfaction.
- Ability to act decisively, calmly and demonstrate good judgement under tight deadlines within a dynamically changing, highly regulated environment, while equally demonstrating tact and diplomacy in completing work activities by demonstrating sensitivity to client concerns and interests.
- Ability to demonstrate good judgement and sound decision making when faced with complex or ambiguous situations as well as the understanding of when escalation is appropriate.
- Excellent interpersonal skills and the ability to develop collaborative working partnerships with regional business partners and across infrastructure functions to help present and project a single face to the clients in the delivery of operational services.
- Good presentation and communication skills (both written and verbal) with all levels of infrastructure, business and external clients stressing the ability to convey complex issues and solutions in simple terms.
- Effective time management skills with the ability to meeting deadlines and working to defined targets with satisfactory outcomes for a ever changing and demanding global client base
- Effective organizational and prioritization skills, and the ability to quickly recognize and deliver solutions from conception to implementation within a deadline driven environment.
- Demonstrated understanding of related systems/platforms currently deployed in the operating environment including Markit Wire, K2, MMI, TOMS, Bloomberg, CTM, Anvil, Clearstream, Euroclear, DTC
- Extensive knowledge of regulations associated with the FICC products 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, Exchange Traded Options, Interest Rate Swaps, Repo, Reverse Repo and Futures traded across major regions and markets.
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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