Manager Product Control
A multinational winning team
Scotiabank is a leading multinational financial services provider and Canada's most international bank. Since welcoming our first customers in Halifax, Nova Scotia, in 1832, Scotiabank has continued to expand its global reach. Today, through our team of more than 83,000 employees, Scotiabank and its affiliates offer a broad range of products and services, including personal, commercial, corporate and investment banking, to over 19 million customers in more than 55 countries around the world.
Corporate Social Responsibility
Scotiabank helps to build bright futures worldwide through ethical banking practices, environmental awareness and a commitment to communities.
This key position is part of the Product Control team with Bank-wide responsibility. Located in Lower Manhattan, the individual will be responsible for providing Profit Loss / Valuation oversight of the growing Energy and Agriculture Commodities business, and for developing and maintaining the required control processes.
Business Coverage: Crude oil, refined products, natural gas and liquids, emission credits, agriculture and power trading businesses. Products include financial derivatives (OTC and exchange-traded swaps, options, futures) as well as physical products (storage and transportation).
KEY ACCOUNTABILITIES:
1. Profit Loss Reporting
Manage Profit and loss from Energy trading activities, and evaluate the accuracy of trader supplied valuations. It includes calculating and analyzing PL be able to explain PL movements based on attributions such as Delta, Gamma, Vega, Cross Sensitivities Etc. Liase closely with multiple groups such as Operations, technology, Market Risk to resolve issues.
2. Accounting
Responsible for the proper accounting treatment of trading activity including preparing journal entries and performing the month end general ledger accounting close
3. IPV Valuation Reserves
Obtain independent quotes for the trading portfolio from third party energy commodity valuations for linear and non linear products and revalue portfolio. Perform calculation of various valuation reserves.
4. System Specifications
Assist in formulation of system specifications for new products. Support process and system improvements through leading and participating in various project initiatives.
5. Audit / Regulatory Requirements
Ensure Compliance with Internal / external audits
6. Management Reporting
Identify issues that require escalation to senior management and provide recommendations for resolution. Act as a source of knowledge for energy business within Business Unit Control and provide required support to other areas e.g. Operations, Technical Support, Market Risk Etc.
QUALIFICATIONS:
3 to 5 years of experience in Commodities trading business with direct experience in energy derivative products and heavy focus on Non-Linear products (Swaptions, Options) and valuation.
Strong knowledge of US / Canadian energy markets related to crude oil and refined products, natural gas, power, storage and transportation
Strong analytical and financial modeling skills
Solid communication and interpersonal skills
Leadership skills - ability to promote Control culture in a front office environment
Scotiabank is an equal opportunity employer and welcomes applications from all interested parties. We thank you for your interest, however, only those candidates selected for an interview will be contacted. No agencies please.
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