Director – Head of Fixed Income, Currencies and Commodities
The team is comprised of over 1,200 employees located on five continents, with key offices in London, New York, Glasgow, Singapore, Tokyo, Chennai, and Johannesburg.
FICC Operations strives to work closely with the businesses to deliver exceptional Client Service in a controlled environment as efficiently as possible. The majority of the team is in a role aligned to the Operations Delivery Model supporting the trading of Rates, Credit, FX, Loans, Commodities, and Securitised Products. Additionally, FICC Operations supports the Emerging Markets business, Asia-Pacific Branches, and Americas Branches. Other core functions include Change Management and Risk and Control. In addition to supporting trading, FICC Operations has been instrumental in driving the regulatory and industry reforms impacting many of the products. The team has become an important voice in industry working groups addressing the significant market reform efforts underway.
Main Function:
The Head of Fixed Income, Currencies and Commodities (FICC)will be responsible for managing all FICC Offshore Operations in India. This will comprise of operational teams based in the firm’s captive sites in Mumbai and Chennai, as well as managing the relationship with strategic vendors performing FICC Operations.
Key Accountabilities approximate time split (%)
(Ideally 4-10 points, or headings with sub-points. Quantify where possible e.g. cost/income budget, no of subordinates, likely no of yrs/mths to complete longest task. Could note key external/internal lateral relationships)
Director’s Main Duties
• Ownership and accountability for the phased migration of a wide variety of cross-asset Derivative Operations functions from multiple donor locations to the captive sites in Chennai and Mumbai;
- Oversight of recruitment, training and ongoing development of staff. Team size will be over 100 FTE by the end of 2013 spread across Mumbai and Chennai with a broadly similar scale in the 3rd party providers. These numbers are expected to grow throughout 2014.
- Development and implementation of department wide policies and procedures, and responsibility for directing day-to-day operations
- Management oversight of all KRI’s and KPI’s
- Ensure all applicable governance, compliance, risk policies and procedures are adhered to and a mechanism exists to promote escalation by staff where appropriate.
Migrations are planned through to the end of 2014 and the expectation is that all phases will be delivered on or ahead of schedule.
• Continual review of existing processes to ensure exceptional performance, efficiency andrisk management. Carry out complex analysis to identify innovative ways to improve straight-through processing, client experience, performance against regulatory targets and the firm’s standing against its peers.
• Key member of the India Offshore Operations team, helping deliver a resilient, best-in-class operational offering to the global businesses through a blended captive and 3rd party provider approach in country.
• Active member of the FICC Global Senior Management team. Full participation in discussions regarding the global footprint, and the strategic direction of the group as a whole. Leadership and involvement in firm wide people initiatives, with particular focus on the development and replication of these initiatives in Chennai.
• Active participation in external market developments and initiatives. Detailed understanding of changes within the regulatory environment and the expected impact on the functions under management. Firm representation or leader of relative industry forums; ensure the firm is viewed as the leader amongst its peers and driving change within the industry.
• Effective management of operational costs to ensure the function is performed within budget. Proactively identify opportunities to lower operating costs, whilst maintaining performance.
• Foster strong working relationships with both internal (i.e. FO, Audit, Compliance, Legal and Finance) and external counterparts (i.e. Regulators, External Audit and Vendors). Confident communication (written, verbal / presentations) and the ability to effectively negotiate favourable terms for the team and firm when required. Effective management of key client relationships and promotion of the firms operations as a differentiating factor from its peers.
Key Operations Functions
• Business Transaction Services
Provides Sales and trading with real-time support to ensure completeness and accuracy of risk and downstream feeds. These teams are responsible for trade capture assistance, amendments, end of day (EOD) risk and PLtie out, plus other direct desk support functions.
• Trade Control
Ensures the accuracy and integrity of the front-to-back systems by precise execution of trade controls functions. Responsibilities include trade reconciliations, exceptions processing, intraday expiries and reset controls, trade review and validation.
• Post Trade Services
Confirmations - Responsible forconfirming the economic details and legal terms of the full population of non-electronically executed trades. Teams draft and dispatch confirmations to clients, as well as reviewing incoming client confirmations. The group is also responsible for ensuring all trades are affirmed within ISDA Best Practices and that the bank continues to meet its regulatory targets including FED commitments on outstanding confirmations and CFTC and EMIR dispatch and execution rules.
Settlements – The team ensures timely and accurate settlement of all FICC Derivative cash flows. This includes making and receiving payments, investigating discrepancies, calculating credit events, fees and coupon payments and maintaining relationships with clients.
Event Management – This includes managing part of the Rates Reset process as well as ensuring adherence to strict Client Money regulations.
Reconciliations - Daily reconciliation of internal trades and reconciliation of projected cash flows against external sources (i.e. LCH CLS).
Person Specification
(Personal attributes essential to performing role: e.g. skills, competencies, expertise, knowledge, experience. Note: experience not to be time-bound) • 10-15years experience in a banking operations
• 4-6 years in a Senior Operations Manager role
• Degree educated
• Proven track record at managing diverse teams
• Strong communication skills, fluent in English
• Strong Risk and Control focus
• A high level of focus on strategic vision
• Strong understanding of relevant and up-to-date technical knowledge, applications and techniques.
• Strong understanding of the changing regulatory environment and its impact on Operations.
• Excellent project management skills and a proven track record of implementing change
• Ability to liaise effectively with internal and external clients.
• Insight into external market developments and initiatives
• Highly numerate with analytical problem solving ability.
• Results driven.
• Commitment and loyalty to the brand.
• Self Starter / Ambitious
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