SECURITIES LENDING ACCOUNT MANAGER recruitment
SECURITIES LENDING ACCOUNT MANAGER required for 3 month rolling contract
PURPOSE
The Bank of America Merrill Lynch Securities Lending Middle Office is seeking to hire an account manager in London
DEPARTMENT SUMMARY
The Securities Lending Account Management team is responsible for the day to day running of our client accounts. We handle all collateral, fails management and relationship advancement for the SL client base in Europe, providing risk management for the stock loan trading desk by managing client’s positions and ensuring that they are collateralising new borrows, loans pre-pay trades and mark to market calls.
The team work closely with the front, middle and back office and the position provides an excellent learning opportunity across a number of products including Securities Lending, Dividend Arbitrage, Swaps and Prime Brokerage.
Each member of the account management team is responsible for ensuring that all credit risk is covered on a daily basis, this involves reconciling all settlements with their client and reporting back to the main settlements team in Dublin. It is therefore vital that the Account Manager builds strong relationships with their client base to ensure timely settlement of all trades whilst having experience to understand market risks and the ability to resolve complex booking and settlement queries in a time manner.
KEY RESPONSIBILITIES
Fails Management for external client base with the requirement to be in constant regular contact with Dublin Settlements Team.
Monitor, agree and process daily cash / non-cash exposures on the International Stock Loan book whilst adhering to specific client and market deadlines.
Issue appropriate margin calls in order to cover exposure making most efficient use of non cash inventory. Escalate disputed differences in a timely manner to management.
Assess and review client borrow and loan activity and instruct accurately all associated daily collateral trades in Janus (Front end system).
Manage and maintain accuracy of client portfolio (rates, cash pool balances, security positions) using internal and external comparison utilities. (Equilend, Pirum)
Process payments and pre-advises in Cash manager and perform daily cash reconciliation support to the control team.
Perform daily reconciliation of client security positions using internal systems (EBAR, CBAR, JANUS) to resolve differences and escalate any anomalies.
Daily reporting of outstanding issues across client base to Management.
Interaction with Street counterparts; Stock Loan traders; Settlements; Corporate Actions; MLPFS and other ML departments. Articulate concisely detail of trading activity and underlying risks whilst engaging all parties to ensure timely resolution of disputes.
Maintain accurate static data for clients ensuring timely corrections are processed within market timeframes.
Provide consistent support to Stock Loan Trading and Equity Finance desk.
SKILLS / EXPERIENCE
Essential:
Skill
Level
Description
Microsoft Office Literate
Medium
Excel – Advanced
General Equity market knowledge
High
Understanding of how the Equity markets works, i.e. cut-off times for DVP/FOP Trading cycles, dividend rules etc.
Communication
High
Strong communication and interpersonal skills. Ability to converse at all levels and deal with conflict on a daily basis.
Education
A-Level
Stock Loan Experience
Specialist
Strong understanding of the securities lending market and associated collateral practices. Ideally have worked in a collateral management operations team in a top tier investment banking environment.