Derivatives Operations Analyst
To provide post trade support to the Rates and Derivatives dealing desk. This involves internal operational processes as well as monitoring chosen outsourced middle and back office provider to ensure expected service levels are adhered to.
How this role fits into the business
This role sits within the Derivatives Operations team under the wider Operations business area. This team and department contributes to the overall success of the business by working closely with both Rates & Derivatives Portfolio Managers and an outsourced middle & back office provider, providing post trade support by ensuring executed trades are successfully captured, affirmed against the counterparty’s position, collateralised and reported to the regulator under EMIR. Additionally, assisting with middle office functions by providing reporting to the business in respect of financial accounting, liquidity management, risk reporting, collateral management and cash flow analysis.
- Oversight of all daily outsourced providers routines to ensure the service levels are as expected e.g. daily c/p recs, clearing reports, collateral movement & cash balance reports, new trades, trade & settlement matching, contract affirmations.
- Work with and build on existing relationships with Custodians, outsource providers and third-party investment service providers - specifically JP Morgan and Northern Trust.
- Conduit for swap valuation queries and collateral disputes raised by Northern Trust from market with ALM.
- Providing Investment Operations team with daily sign off of swaps positions and valuation reports oversight.
- Checking trade blotters match trading activity and front office reconciliation reports. Trading systems are to be reconciled against the outsource providers daily reporting.
- Monitor service levels from providers. Reviewing monthly MI and attending Quarterly Service Reviews.
- Working with the Investment team and external trading counterparties in relation to swap novations and planning for intraday collateral exchanges for new business.
- Perform daily liquidity management processes. Ensuring accurate and timely information is available for the Portfolio Managers.
- Review cash and stock reconciliations to ensure accuracy.
- Monitor loaned security valuations to ensure sufficient collateral tolerances are in place.
- If required advise internal asset mobilization teams to post collateral respectively.
- Perform weekly collateral process for specialised ringfenced structures working closely with Actuarial analysts.
- Manage operational reinsurance collateral process by daily monitoring and instructing collateral top ups if required.
- Referencing terms of the CSAs and contact counterparties to assist in the resolution of collateral disputes.
- Act in a technical advisory capacity when helping resolve failed trades between the Front Office traders and outsourced middle office provider.
- To understand and work within Pension Insurance Corporation’s guidelines on treating customers fairly.
- To assist and take direction from the Senior Derivatives Operations Analyst and Head of Investment & Derivatives Operations in any other Derivatives Operations related tasks when required to do so.
- Manage team queries and ensure appropriate responses are provided to a high quality and in a timely manner.
- Assist the Compliance department in any internal and external audit processes.
- Defining business processes, procedures & control sheets.
- Project involvement in UMR Reg IM, SFTR and other change initiaitives with outsourced provider; specifically around design of new BAU processes and ensuring efficiency is retained.
- Look to review and improve all existing Derivative Operations procedures and processes where there is scope for improvement to efficiency, opportunites to add value or reduce risk.
Knowledge, experience, skills and abilities (technical competencies)
- Knowledge of fixed income and derivative products used for hedging purposes, particularly gilts, corporate bonds, interest rate, inflation, cross currency, total return and asset swaps along with an understanding of the trade lifecycle (collateral, interest settlements, confirmations etc.).
- An appreciation of legal regulatory and industry requirements e.g. EMIR protocols.
- Ability to learn. Develop the operational, technical knowledge and skills to perform the role successfully on an on-going basis within a dynamic work environment.
- Demonstrates proficiency in written and oral communication skills.
- Experience of following business processes, standards, policies and procedures.
- Strong operational experience with at least 3-4 years’ worth of relevant experience working in the finance industry.
- Have a sound understanding of financial asset groups and general operational processes (i.e. Fund Accounting, Settlements and general processes performed by a Custodian).
- Strong problem solving skills with the ability to take ownership from investigation through to resolution.
- Strong Excel, advantageous VBA skills.
- Understanding of derivative related regulatory regimes.
- A keen interest in the investment industry.
- An appetitie for innovation and collaboration.
- Displays integrity, professionalism & enterprise.
- Be self-driven with a desire to develop professionally whilst continuously improving personal performance and contributing to the team equally.
- Experience in working on change initiatives alongside BAU processes.