OTC Derivatives Trade Support Manager (Vanilla & Exotics/ Complex) – VP Level
The RoleOTC Derivatives Trade Support Manager (Vanilla & Exotics/ Complex Derivatives) - Vice President/ VP Level
FJR Finance are representing a global, but mid-sized Investment Bank to hire a permanent OTC Vanilla & Exotic Derivatives Trade Support Manager at VP Level.
**OTC VANILLA & EXOTIC DERIVATIVES TRADE SUPPORT MANAGER (VP Level) - paying up to circa £100 k pa on the base salary plus great bonus scheme too**.
- VP of OTC Vanilla & Exotic Derivatives Trade Support.
- Managing a Team of Derivative Trade Support staff in both London and in India, but must be senior/ SME level product knowledge within OTC Derivative Trade Support/ Middle Office.
- Part of their Senior Management Strategy change committee, having input into a range of new technological change initiatives and projects.
- £80 k pa - £100 k pa, possibly higher for the right person, plus great bonuses and overall package.
The opportunity is for an enthusiastic and intelligent OTC Derivatives Trade Support Manager, to join and manage their to Middle Office Derivatives Trade Support team within Operations, responsible for providing control and support for multiple trading desks.
The will be managing x 2 OTC Derivatives Trade Support teams, x 1 in London (circa x 8) and offshored in India (circa x 13). You will also be part of their Senior Management Strategy change committee, having input into a range of new technological change initiatives and projects. You must have strong OTC Derivative Trade Support experience as well as having proven aptitude either as a supervisor, manager, or Head of (Derivative) Trade Support, gained from a reputable, global Investment Bank, Hedge Fund, or Asset Manager.
The desks are engaged in pricing and trading of vanilla and structured derivative products across multiple assets classes including rates, equity, commodity, credit and FX.
The team provides trader support to facilitate the accurate and timely booking and post execution care of all trades executed. Acting as a vital intermediary between Trading, Sales, Structuring and various back office areas, the Derivatives Trade Support team has a pivotal role in BAU whilst contributing to the planning and development of new product offerings on a regular basis.
The successful candidate will spend time learning the day-to-day processes, interactions and many relationships managed by the team, helping to provide continuous development ideas and driving through required improvements. The role will focus on supporting flow derivative products, therefore a very strong understanding of the trading infrastructure, pricing inputs and lifecycle management mechanics of these products is critical. The position will require daily face off to the business, performing real time validation control routines across the platform, and running daily reconciliations to identify discrepancies and ensuring they are fully understood, explained and communicated to relevant stakeholders. A detailed understanding of the front to back process is essential since daily interaction with internal and external stakeholders is required to ensure relevant updates are processed in a timely manner.
This is a demanding role which requires the candidate to undertake a multitude of disciplines, and has existing multi-asset derivatives experience in flow products.KEY RESPONSIBILITIES
Management of the Derivatives Trade Support team across the company’s banking arm and securities business under a dual-hat arrangement.
- Define prioritisation of the STR BAU activity and book of work ensuring sustainability and robustness of the operational control framework and implementing effective and timely remedial actions to enhance second LoD controls in accordance with SII requirements and Audit findings.
- Project management and delivery of key development for Derivative Trade Support with focus on the reduction of operational risks associated to people, systems and processes, e.g. key person dependency risk mitigation via implementation of cross-training programmes, acquisition of sponsorship from stakeholders and partnership with the Tec department for the implementation of strategic solutions, e.g. automated processes for workflow, deal reviews and upstream bookings.
- Present management information, reporting, monthly and periodical submissions to Business / Branch recipients as required. Leverage metrics to proactively manage activity and identify challenges, constraints or underlying control issues.
- Direct coverage and contributions to daily controls for Derivative Trade Support and Structured Trade Review.
- Implement and productionise fully integrated operational controls between the offshore STR function and onshore Derivatives Trade Support team, including EUC as tactical solutions for daily DTS monitoring activity.
- Support Derivative Trade Support, wider Operations functions and teams across the firm as and when required in aligned areas of work, providing market, process and product expertise and information in order to meet the needs of their Business / Clients, to deliver the appropriate services and lead operational change.
- Develop talent, provide guidance, train and mentor junior members in DTS, promote full engagement on deliverables, motivate and empower junior members and lead the group with focus on strategic objectives.
- Implementation of Operations strategy under the guidance of Markets Operations management. Contribute to the development of the relevant Business’ expansion strategy. Define and implement solutions commercially beneficial for the organization.
- Collaborate with internal stakeholders to maintain and drive improvements in service levels and deliver first class client experience ensuring effective inter-departmental collaboration.
- Drive and assist the implementation of efficiency improvements and new business initiatives. Leverage operational expertise to reduce complexity of processes and identify opportunities to enhance system infrastructure, processing inefficiencies and end to end control.
- Build relationships throughout the company to establish a peer network and help to ensure effective inter-departmental collaboration.
- Review, and comment on, bespoke Business requirements to ensure Operation delivery in partnership with Processing teams, accuracy and to confirm compliance with bank policy and market requirements.
- Responsible for the maintenance of procedures, deal libraries, governance documentation and related policies relating to STR processes and allocated activity and align processes, where required, to Market and Regulatory initiatives requirement.
SKILLS AND EXPERIENCEFunctional / Technical Competencies:
- Experience in management of Trade Support/Middle Office function or similar roles
- Strong understanding of structured, exotic and flow products or equivalent, with focus on KPI/KRI and functional operational risk management and with proven ability of coordination and relationship management of offshore vendors.
- Coordination and delivery of strategic projects for the department with management of complex requirements and process implementation.
- Experience in stakeholders management building positive relationships and influencing decision making process.
- Technical multi-asset experience supporting flow and exotic derivative products either in a trade support or product control capacity.
- Strong track record of creating efficiencies and streamlining processes.
- Experience of implementing and improving the operational control environment.
- Experience in using market data platforms and risk management systems including vendor services such as MarkitWire, Murex, Apex, Bloomberg, Reuters, etc.
Education / Qualifications:
- Strong understanding of derivative products, complex booking methodologies and payoff features including risk profile analysis across different asset classes particularly rates, credit, equity and FX derivatives.
- Excellent understanding of Operational Risk and Control.
- Strong understanding of the various lifecycle events and associated risks
- Infrastructure knowledge of electronic trading platforms including MarkitWire, TradeWeb, Bloomberg TOMS, ICE Link, etc.
- Understanding and experience in clearing mechanics and compression optimization
- Good working knowledge of the regulatory environment e.g. mandatory clearing, Dodd Frank, etc.
- Excellent Microsoft Office skills, including strong functional use of excel/VBA.
- Murex system knowledge (preferred)
- Familiar with running robust reconciliations
- Understanding of the ISDA swap definitions
- Knowledge of collateral processes, Initial Margin, Variation Margin, general CSA familiarity
- Accounting knowledge, ability to identify impacts to P&L and Balance Sheet from trade bookings
- Appreciation of risk sensitivity measures/Greeks, term structure of projection/discount curves and swap pricing
- Understand the cash flows and dynamics of a banking business such as funding requirements and their importance
- Understand the key elements of the front to back process flow including other infrastructure groups i.e. Market Risk, Credit Risk, Finance, Product Control, Legal, Compliance, etc.
- Financial Math knowledge
- Fundamentals of P&L substantiation
- Bachelor or Master’s Degree in a technical or appropriate field of study (Economics, Mathematics, Finance, Engineering, etc.)
- A strategic approach, with the ability to articulate and implement vision/strategy. Leadership qualities and ability to inspire and ignite change.
- Excellent interpersonal and communication skills with proven ability to influence decision-making process and build consensus. Ability to demonstrate strong and independent decision making skills.
- Effective conflict management with ability to de-escalate disagreements and orchestrate resolutions.
- Proven ability to develop and promote talent and bolster the abilities of team members through feedback and guidance
- Exceptional accuracy and attention to detail.
- Results driven, with a strong sense of accountability.
- Ability to operate well under pressure, with urgency and prioritise work deliverables accordingly.
- Ability to collaborate and partner across the firm.
- Strong numerical problem solving skills with a structured and logical approach to addressing business problems.
£80 k pa - £100 k pa, possibly higher, plus great bonus potential, pension, healthcare etc.