LOB Specific Description:
The Fixed Income, Currency and Commodities (FICC) & Derivative Core Operations (FDCO) team perform end to end trade control, confirmation and settlements processes across FICC businesses and provides utility OTC derivative confirmation and settlement services for non FICC businesses.
Within FDCO, the teams provide multiple services such as FICC trade control, Foreign Exchange (FX) electronic matching and settlement, Over the Counter (OTC) derivative confirmation and settlement, and commodities operations. Job Description
FDCO organization (formerly known as Middle Office Trade Support) is seeking a qualified individual to support the trade-control workflow for the Central Funding Desk (CFD) within Global CPM (Counterparty Portfolio Management) Business, with a focus on Structured Notes and related hedge products. The CFD desk is responsible for the issuance and risk management of the bank’s Structured Notes portfolio.
The CFD desk issues structured notes with underlying exposure across multiple asset classes – Equities, Credit, FX, Rates, and Commodities. The role of a Trade Control professional supporting this business primarily consists of: assisting the business with trade bookings of complex derivative products across multiple trade capture systems, understanding trade capture risk and underlying drivers of PnL, enhancing current support infrastructure, and performing reconciliation between front-office risk systems and back-office sub-ledgers. The role works closely with multiple business partners, including Front Office, Market Risk, Technology, Finance, and Compliance.
The desired candidate should possess an operational understanding of derivatives products. These would include Structured Notes, IR Swaps, Swaptions, FX Options, Equity Futures etc. The candidate must have excellent MS Excel skills (especially those related to reporting and data validation) and must be an excellent written and verbal communicator. The role is fast-paced and often has simultaneous competing priorities and as such, the applicant must be able to properly prioritize their time and be comfortable in a fast-paced work environment. The role requires all trade issues to be monitored, escalated as necessary, and resolved in a timely and efficient manner. An associate in this role is an escalation point for the various downstream operation teams and support partners on transaction related issues. Cross training with team members supporting other products will be required for coverage purposes. Position Description:
Enterprise Role Overview:
- Work in a fast-paced environment with direct communications to CFD Trading Desk
- Monitor transaction flow in various trade capture systems
- Apply independent judgment and discretion when resolving trade discrepancies to ensure that the correct risk is always reflected in Front-Office Trading systems and Back Office Risk Systems
- Based on product, system and subject-matter knowledge, identify and resolve risk issues in the trade capture systems, eg. Booking errors leading to fee discrepancies.
- Primary point of contact for the Front Office, Operations, and Finance on topics relating to trade capture.
- Understand various idiosyncrasies and conventions of Structured Notes and their related hedges in order to provide SME(Subject-Matter Expertise) support.
- Ensure internal risk positions are appropriately reflected to mitigate any risk to the firm’s capital
- Ensure initial trade bookings, trade amendments, allocations and novations occur in a timely manner to meet Transaction Reporting requirements
- Ensure trade bookings are compliant within existing regulatory frameworks such as Volcker CFTR, UMR, etc..
- Responsible for global connectivity and communication with counterparts across various Line-of-Business to ensure consistency and alignment to target Control Standards within Trade Control
- Resolution and escalation of matched and unmatched trades for our business partners across our five asset classes (Equities, CIRO, CFXO, Commodities, & Credit)
- Timely response to business partner queries regarding the settlement or booking of trades
- Breaks/Fails Reporting
- Liaising with other internal departments to ensure timely resolution of Client fails
- Involvement in ad hoc projects for new processes or industry initiatives
- Breaks investigation and resolution
Supports sales and/or trading desks. Responsible for trade capture and resolving trade discrepancies. Liaises between trading, trade support, sales, counterparties, counterparty credit, operations, and compliance. Participates in the introduction and UAT of new initiatives, systems, and process improvements to increase efficiency and enhance controls. Handles ad hoc requests from clients and the desk. Requires product knowledge of financial instruments relevant to the area supported and across related asset classes. Key Responsibilities:
Supervises support provided by the TA/SA function to FO desks. Responsible for trade capture and reporting, advising Front Office of position adjustments and/or discrepancies. Supports ongoing trade maintenance and reporting.
Performs a liaison function between multiple business partners and the trading desk.
Provides analyses when required by the desk. Provides general team guidance, will provide input on recruiting and be part of performance management process. Will typically have 7+ years of trading floor experience and an in depth knowledge of supported business. Required Skills:
(Must have these skills to be minimally qualified)
- 3+ years of experience in Middle Office / Trade Control / Trading Assistant / Fixed Income Operations.
- Solid understanding of basic financial concepts such as time value of money, interest rate, mark-to-market, and time series modeling.
- Excellent Excel reporting-related skills
- Detail-oriented to operation trade flow, data entry, and data reconciliation
- Ability to liaise across multiple functional teams to resolve issues
- Ability to operate autonomously without direct supervision
- Ability to quickly analyze and make decisions in the event of a problem
- Ability to quickly grasp new industry practices and create/document new processes
- Strong organizational skills and ability to effectively prioritize multiple tasks
- Must be client focused with proven track record of excellent communications and interpersonal skills with the ability to present to an audience
- Ability to successfully navigate and connect within a matrix work environment
- Must be self-motivated and able to work independently
- Must be able to operate successfully in a fast paced environment
- Macro/VBA Knowledge
- Experience in supporting rates, FX, and credit derivative trading
- Knowledge of financial processing systems and accounting
- Understanding of the “Best Practices” and front-to-back transaction flow to manage Operational Risk
- Proactive thought leadership to identify and deliver process improvements and efficiencies
- Knowledge of industry regulatory frameworks such as Volcker Reporting and DTCC Real-Time Reporting
- Knowledge of Operational Risk, Finance interaction, Risk & PnL support
- Strives to bring new thoughts and ideas to teams in order to drive innovation and unique solutions.
- Excels in working among diverse viewpoints to determine the best path forward.
- Experience in connecting with a diverse set of clients to understand future business needs – is a continuous learner.
- Commitment to challenging the status quo and promoting positive change.
- Participate in and drive collaborative efforts to advance tools, technology, and ways of working to better serve an evolving client base.
- Believes in value of diversity so we can reflect, connect and meet the diverse needs of our clients and employees around the world.