AVP - DFX Settlements - BFSI

About DFX

DFX trade services is responsible for ensuring all asset classes of OTC Derivatives, namely Interest Rate, Credit, Equity and Foreign Exchange are controlled and settled in an efficient and cost effective manner. Departmental functions include payment and funding procedures, rate resetting, nostro and brokerage reconciliation, and strategic product support.

About DFX Settlements

The department is proactive in implementing state of the art systems and procedures to support our OTC Derivative asset classes globally, participating in leading edge industry initiatives. Our goal is to lead our peer group in implementing straight through processing for the OTC Derivative business while maintaining a low cost centre of excellence to support our global client base.

We are an equal opportunity employer and we are opposed to discrimination on any grounds.

Overall purpose of role

Managing Pre and Post settlement for OTC Derivative trades

Develop and manage operational relationships with our clients through pro-active reconciliation of pre-settlement and post-settlement of payments/receipts with each client. Provide management support and oversight for process and act as escalation point for day to day operations

Key Accountabilities

- Responsible for recruitment of staff and ensuring that all new joiners undergo standard training on derivatives products and processes

- Setting staff objectives for ongoing staff development and conducting appraisals

- Responsible for directing the day-to-day operations for the team, including:

Allocation and oversight of daily tasks.

Production of team MIS with detailed commentary for management reporting

Management oversight of all KRI's and KPI's and addressing all high-risk metrics promptly

Extensive knowledge of derivative products and the front-to-back processes within Post Trade Services, and ensuring that the knowledge is shared across the team

Ensuring all applicable governance, compliance, risk policies and procedures are adhered to

Oversight of UAT to ensure that quality testing is completed and all issues for the team are resolved

- First level management escalation point for all high priority issues

- Key representative from the department to engage in strategic initiatives discussions with colleagues globally and communicate the expected requirements and impact for the team.

Teams- Main Duties

- Pre-confirm Derivatives settlements with internal and external counterparties

- Source and request for SSI setup / amend of clients

- Perform matching of statements against ledgers

- Investigate Nostro breaks where ledgers/statements are unmatched

- Responsible for the effective management and resolution of discrepancies of payments/receipts with clients.

- Investigate and resolve all differences in a timely manner with clients.

- Liaise with the Desk, Sales team, Trade Support, Confirmations and other departments to resolve client queries.

- Manage and effectively resolve all incoming queries from clients within a pre-agreed time-frame.

- Contribute to the specification and testing of improvements for all systems and processes.

- Uphold the controls and procedures for the team, review and update as necessary.

- Prepare Local and Global MIS

- Cross train on all functions performed within the team and across the department.

Stakeholder Management and Leadership

- Continual assessment of existing processes to identify innovative ways of improving team efficiency and client service

Spearhead the process improvement initiative and carry out complex analysis to identify innovative solutions to deliver financial benefits for the firm

Confident communication and presentation skills required to present the business case to senior management. Justify the initiative with cost savings to ensure management buy-in and ultimately the implementation of change.

- Work closely with the Risk & Control function to address any control gaps identified and implement controls to mitigate the risk

Foster good working relationships with internal counterparts (i.e. Desk, Sales team, Trade Support, Confirmations, Legal, Finance) and external clients

Decision-making and Problem Solving

- Highly organized and structured

- Ability to multi-task and execute tasks with a sense of urgency and with ultimate goal of delivering tasks on time

- Able to work independently on tasked assignments, and provide regular updates as and when required

- Proactive in execution of priorities and goals

- Ability and confidence to make business critical decisions

Risk and Control Objective [This section is mandatory for all role profiles and must not be deleted]

- Ensure that all activities and duties are carried out in full compliance with regulatory requirements, Enterprise Wide Risk Management Framework and internal Policies and Policy Standards

Person Specification

- Relevant experience in banking operations.

- 2-3 years of management experience with proven track record at managing diverse teams. Degree Educated

- Strong communication and negotiation skills, to liaise effectively with internal and external clients.

- Fluent in English.

- Strong Risk and Control focus

- Extensive knowledge of the Derivatives front to back process across multiple Asset Classes.

- Highly numerate with analytical problem solving ability.

- Results Driven.

- Commitment and loyalty to the brand.

- Self Starter / Ambitious

- Innovative with a proven track record of implementing change to drive process improvements