Fedwire Settlements Clearance & Claims Processing, AVP (Jacksonville, FL)

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U.S. Debt Securities Operations

Interagency Paper on Sound Practices to Strengthen the Resilience of the U.S. Financial System - “FED White Paper”

 

?             The Securities and Exchange Commission, the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System have jointly issued a “white paper” aimed at guiding the financial-services industry - specifically ”Firms that Play Significant Roles in Critical Financial Markets” - through instituting comprehensive business-continuity plans.

?             ”Firms that play significant roles in the critical financial markets." are defined as "those that participate in sufficient volume or value such that their failure to perform critical activities by the end of the business day could present systemic risk." [to the market place].

?             The “White Paper” defines guidelines for establishing primary and secondary backup-data centers, time frames for instituting BCP measures, and the need for sufficient geographic dispersion of technology and operational processing.

?             As a result of industry response and participation, the final “White Paper” was published in April 2003 with revisions addressing measures that ensure “sound practices to strengthen the resilience of the U.S. financial system”, which focus on the minimizing the immediate effects of a wide-scale disruption on critical financial markets.  Industry consensus, although not mandated, is to establish a “split-processing” operational and supporting IT model greater than 100 miles apart.

?             A wide scale disruption is defined within the “White Paper” as “an event that causes a severe disruption or destruction of transportation, telecommunications, power, or other critical infrastructure components across a metropolitan or other geographical area and the adjacent communities that are economically integrated with it; or that results in a wide-scale evacuation or inaccessibility of the population within the normal commuting range of the disruption’s origin.”

?             Deutsche Bank, by definition, is categorized as a “Significant” clearing and settlement organization in the U.S. Government and Agency Securities market, and therefore is expected to recover in 4 hours (Complete current day settlement activities).  “Significant” is defined as a clearing and settlement organization that consistently clears / settles at least five percent of the value of transactions in the Government and Agency Securities market.

 

In order to satisfy the above requirement from geographic dispersion of operational processing Deutsche Bank Securities Inc (DBSI) Fedwire Operations is supported in two (2) locations, Jacksonville, Florida Toronto, Canada.  These sites are not only used to satisfy the White Paper requirements in the event of a wide scale disaster, but work in normal production collaboratively to support following functions and responsibilities:

 

•             US Treasury/Agency Settlements

•             Mortgage-Backed (MBS) Settlements

•             Fixed Income Clearing Corp (FICC) Comparison Reconciliations

•             Claims processing

This candidate will be a member of the FI Operations Management team responsible for the Fedwire Settlements, FICC/GSCC Clearance and Claims processing groups.  He/She will work closely with management and senior leadership in Securities Services to support (1) Operations Risk Management, Controls, management reporting, planning and analysis, (2) Business Continuity Planning (3) Partnering with Technology to drive technical enhancements and strategic solutions. In addition to the following key /critical responsibilities:

 

•             Supervising a team of approximately twelve (12) in all aspects of operational service including efficient processing of the day to day Fedwire business and effective control over the Fed wire clearance and settlement flows. Effective teamwork within the Fedwire settlement sites (Toronto Jacksonville FL) is critical to the success of the department.

•             The role demands heavy involvement in the focus of day to day objectives and providing clear guidance to staff.

•             The candidate will be required to interface with the Front office (Repo Trading, Trading, Sales, Global Trade Services (GTS), and other support partners; as well as external clients to ensure timely and accurate processing of Fed wire settlements and FICC Clearance.

•             The candidate will be responsible for supervising the Jacksonville, team encompassing all managerial duties related to efficient people management: making decisions on staffing to deliver cost effective service while maintaining/improving staff quality by mentoring/coaching.

•             The candidate will be required to play a pivotal role in the realization of the Firm’s Client Satisfaction Program, delivering against specific client service targets.

 

Fedwire Settlement/ FICC/GSCC Clearance team provides a dedicated operational service to the Firm’s Fedwire businesses for CBS Rates and Global Finance. This includes Fedwire service for other DB foreign affiliates (London, Frankfurt, Tokyo, Singapore and Sydney:

 

US Treasury/Agency Settlement Clearance

Mortgage-Backed (MBS) Settlements.

 

•             Reconcile FICC Obligation Orders between BONY (Bank of New York/Fedwire Account) and ICI (Books and Records System)

•             Ensure all settlement instructions are entered properly into the Bank of New York Clearance System

•             Ensure that all MBS Financing Transactions at BONY are process into Repo Collateral Protection

•             Optimize Delivery opportunities through the use of partials, pair-off’s and Inter-day securities borrowings

•             Resolve settlement discrepancies by monitoring exception queues inter-day

•             Perform position reconciliations between internal and external systems

•             Confirm Fails and report discrepancies

•             Manage, track and report daylight overdrafts at BONY

•             Participates in DR tests (internal and external)

•             Participates in system upgrades/enhancements.

 

Fixed Income Clearance Corp (FICC) Government Securities Division’s  Comparison Reconciliations

 

This area is responsible for Reconciliation, Balancing, Break Reporting of Financing products (Repurchase Agreements) and other functions supported by the FICC.

 

•             Reconcile FICC Un-compared Repo Report – (Breaks)

•             Manage FICC Collateral Substitution Process

•             Reconcile the FICC GL/Wash Account

•             Monitoring of FICC RTTM (Real Time Trade Match) system

•             Manage FICC Obligations and Blind Broker Fails

•             Manage GCF (General Collateral Finance) Processing

•             DOD (Daylight Over-Draft)

•             Manage BONY (Bank of New York) and FICC-GSD Monthly Billing

•             Prepare funds wire payment Instructions from GFS

•             Prepare Department’s MIS pack.

 

Claims processing

 

•             Support end to end processes for incoming and outgoing claims.

 

System Utilized:

 

•             Broadridge/ICI’s IMPACT Back-Office system (Books and Records and settlement engine)

•             The Bank of New York (BONY) GSCX Clearance system

•             Magellan Repo Front Office system.

•             Fixed Income Clearing Corp (FICC) system for Government Securities Division’s (GSCC) Real time Trade Match (RTTM)

•             Merit Claims Manager

 

Transaction Types:

•             Out-rights: (Purchases and Sells)

•             Finance: (Repurchase agreements, Reverse Repurchases,  FICC’s GCF)

 

Minimum College degree: BA, BS degree in Brokerage/Financial accounting

•             Six (6) plus years of FI Securities Operations experience in the Fedwire products.

•             Job knowledge: (Candidate must have knowledge of the firm’s markets, products, business and regulations) specific to Fedwire products (US Treasuries, Agencies and Mortgage Backed Securities)

•             In-depth knowledge of Fedwire Products Clearance and Settlements procedures include the industry rules and regulations.

•             Operations managerial experience is a must.

•             A strong client servicing personality is essential. The candidate will be required to interface with external and internal clients.

•             This person will need to be able to own drive process improvement and projects.

•             It is essential that the person is a dynamic self-starter with excellent communication skills.

•             Proficient in Brokerage/Financial accounting

•             Strong analytical skills: (ability to utilize different techniques to resolved problems transactions

•             Solid operational skills: (Solid understanding of trade processing and settlement procedures)

•             Excellent technical skills: (Candidate must have Fed wire clearance system experience and Fixed Income Clearing Corp (FICC) system for US Treasury/Agency products.  Candidate must be proficient in PC desk-top applications; i.e., Microsoft office suite Excel, Words, Powerpoint and Access

•             Excellent Interpersonal skills: (Candidate must have excellent communication/oral skills and interacts well with other team members; i.e., Clients, Sales, Trading, Ops, GTS, GFS, GT, counterparts’ back and middle office ops, Legal, Compliance, Business managers, etc.). Candidate must be able to work in a high pressure environment due to the fact that a significant portion of the transactions are process/settle real time, on-line with critical dead-line

•             Project management skills

•             Strong sense of accountability and ownership

•             Change agent/ adaptable to change

•             Strong team player

 

The opportunity to work for a world class Global Operations and to be a part of the evolution that will enhance their careers by better preparing them for other potential growth opportunities within Deutsche Bank.

** At Deutsche Bank, we are proud to be an Equal Opportunity/Affirmative Action (M/F/D/V) employer **

August 14, 2013 • Tags: , • Posted in: Financial

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